UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-05037)
Professionally Managed Portfolios
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Jason Hadler
Professionally Managed Portfolios
c/o U.S. Bank Global Fund Services
777 E. Wisconsin Avenue
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1523
Registrant’s telephone number, including area code
Date of fiscal year end: March 31
Date of reporting period: September 30, 2024
Item 1. Report to Stockholders.
| (a) |
 | Osterweis FundInvestor Class |  |
| OSTFX | ||
| Semi-Annual Shareholder Report | September 30, 2024 |
Fund Name | Costs of a $10,000 investment | Annualized costs paid as a percentage of a $10,000 investment |
| Osterweis Fund | $49 | 0.95% |
Net Assets | $155,687,356 |
Number of Holdings | 37 |
Portfolio Turnover | 21% |
Top Holdings | (% of net assets) |
Microsoft Corp. | 6.7% |
Alphabet, Inc. - Class C | 6.5% |
Amazon.com, Inc. | 5.4% |
Airbus SE | 4.0% |
Visa, Inc. - Class A | 3.3% |
Accenture PLC - Class A | 3.2% |
Becton Dickinson & Co. | 3.2% |
Waste Connections, Inc. | 3.1% |
Adobe, Inc. | 3.1% |
Boston Scientific Corp. | 3.0% |
| Osterweis Fund | PAGE 1 | TSR-SAR-742935406 |
 | Osterweis Growth & Income FundInvestor Class |  |
| OSTVX | ||
| Semi-Annual Shareholder Report | September 30, 2024 |
Fund Name | Costs of a $10,000 investment | Annualized costs paid as a percentage of a $10,000 investment |
| Osterweis Growth & Income Fund | $45 | 0.88% |
Net Assets | $187,592,944 |
Number of Holdings | 158 |
Portfolio Turnover | 22% |
Top Holdings | (% of net assets) |
Federated Hermes US Treasury Cash Reserves | 7.6% |
Microsoft Corp. | 4.2% |
Alphabet, Inc. - Class C | 3.6% |
Amazon.com, Inc. | 2.7% |
Airbus SE | 2.4% |
Visa, Inc. - Class A | 2.2% |
EastGroup Properties, Inc. | 2.1% |
Accenture PLC - Class A | 2.0% |
Becton Dickinson & Co. | 2.0% |
The Progressive Corp. | 1.9% |
| Osterweis Growth & Income Fund | PAGE 1 | TSR-SAR-74316J771 |
 | Osterweis Opportunity FundInvestor Class |  |
| OSTGX | ||
| Semi-Annual Shareholder Report | September 30, 2024 |
Fund Name | Costs of a $10,000 investment | Annualized costs paid as a percentage of a $10,000 investment |
| Osterweis Opportunity Fund | $58 | 1.08% |
Net Assets | $387,848,141 |
Number of Holdings | 41 |
Portfolio Turnover | 57% |
Top Holdings | (% of net assets) |
Federated Hermes US Treasury Cash Reserves | 8.0% |
FirstService Corp. | 3.9% |
Guidewire Software, Inc. | 3.8% |
Skechers USA, Inc. - Class A | 3.5% |
Cavco Industries, Inc. | 3.3% |
Modine Manufacturing Co. | 3.2% |
FTAI Aviation Ltd. | 3.1% |
Generac Holdings, Inc. | 3.1% |
Agilysys, Inc. | 3.0% |
Boot Barn Holdings, Inc. | 3.0% |
| Osterweis Opportunity Fund | PAGE 1 | TSR-SAR-74316P744 |
 | Osterweis Strategic Income FundInvestor Class |  |
| OSTIX | ||
| Semi-Annual Shareholder Report | September 30, 2024 |
Fund Name | Costs of a $10,000 investment | Annualized costs paid as a percentage of a $10,000 investment |
| Osterweis Strategic Income Fund | $41 | 0.81% |
Net Assets | $5,730,393,262 |
Number of Holdings | 180 |
Portfolio Turnover | 23% |
Top Holdings | (% of net assets) |
MSILF Treasury Securities Portfolio | 2.7% |
Federated Hermes US Treasury Cash Reserves | 2.7% |
United States Treasury Bill | 1.7% |
Delta Air Lines, Inc. | 1.3% |
Pegasystems, Inc. | 1.3% |
Conduent Business Services LLC / Conduent State & Local Solutions, Inc. | 1.3% |
Blackstone Private Credit Fund | 1.1% |
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc. | 1.1% |
Coeur Mining, Inc. | 1.1% |
Ford Motor Credit Co. LLC | 1.1% |
| Osterweis Strategic Income Fund | PAGE 1 | TSR-SAR-742935489 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a)
Page | |||
Shares | Value | |||||
COMMON STOCKS - 93.0% | ||||||
Aerospace & Defense - 6.3% | ||||||
Airbus SE - ADR | 171,535 | $6,266,174 | ||||
L3Harris Technologies, Inc. | 14,728 | 3,503,349 | ||||
9,769,523 | ||||||
Broadline Retail - 5.4% | ||||||
Amazon.com, Inc.(a) | 45,085 | 8,400,688 | ||||
Chemicals - 3.3% | ||||||
Air Products & Chemicals, Inc. | 11,250 | 3,349,575 | ||||
Linde PLC | 3,729 | 1,778,211 | ||||
5,127,786 | ||||||
Commercial Services & Supplies - 3.1% | ||||||
Waste Connections, Inc. | 27,340 | 4,888,939 | ||||
Consumer Staples Distribution & Retail - 1.5% | ||||||
Target Corp. | 15,450 | 2,408,037 | ||||
Electrical Equipment - 1.9% | ||||||
AMETEK, Inc. | 17,015 | 2,921,646 | ||||
Electronic Equipment, Instruments & Components - 2.7% | ||||||
Keysight Technologies, Inc.(a) | 26,370 | 4,190,984 | ||||
Financial Services - 3.3% | ||||||
Visa, Inc. - Class A | 18,730 | 5,149,813 | ||||
Food Products - 2.5% | ||||||
The Hershey Co. | 20,550 | 3,941,079 | ||||
Ground Transportation - 1.7% | ||||||
Old Dominion Freight Line, Inc. | 13,230 | 2,628,007 | ||||
Health Care Equipment & Supplies - 6.2% | ||||||
Becton Dickinson & Co. | 20,460 | 4,932,906 | ||||
Boston Scientific Corp.(a) | 56,175 | 4,707,465 | ||||
9,640,371 | ||||||
Health Care Providers & Services - 2.3% | ||||||
UnitedHealth Group, Inc. | 6,135 | 3,587,012 | ||||
Insurance - 5.8% | ||||||
Brown & Brown, Inc. | 41,985 | 4,349,646 | ||||
The Progressive Corp. | 18,503 | 4,695,321 | ||||
9,044,967 | ||||||
Interactive Media & Services - 6.5% | ||||||
Alphabet, Inc. - Class C | 60,645 | 10,139,238 | ||||
IT Services - 3.2% | ||||||
Accenture PLC - Class A | 14,197 | 5,018,356 | ||||
Shares | Value | |||||
Life Sciences Tools & Services - 6.9% | ||||||
Agilent Technologies, Inc. | 20,055 | $2,977,766 | ||||
Danaher Corp. | 11,871 | 3,300,376 | ||||
Thermo Fisher Scientific, Inc. | 7,242 | 4,479,684 | ||||
10,757,826 | ||||||
Machinery - 1.6% | ||||||
Deere & Co. | 6,021 | 2,512,744 | ||||
Semiconductors & Semiconductor Equipment - 9.9% | ||||||
Advanced Micro Devices, Inc.(a) | 21,221 | 3,481,942 | ||||
Analog Devices, Inc. | 14,403 | 3,315,138 | ||||
Applied Materials, Inc. | 8,305 | 1,678,025 | ||||
Broadcom, Inc. | 21,720 | 3,746,700 | ||||
Micron Technology, Inc. | 30,580 | 3,171,452 | ||||
15,393,257 | ||||||
Software - 13.3% | ||||||
Adobe, Inc.(a) | 9,285 | 4,807,587 | ||||
Intuit, Inc. | 4,986 | 3,096,306 | ||||
Microsoft Corp. | 24,239 | 10,430,042 | ||||
Salesforce, Inc. | 8,586 | 2,350,074 | ||||
20,684,009 | ||||||
Specialty Retail - 5.6% | ||||||
AutoZone, Inc.(a) | 1,301 | 4,098,202 | ||||
Ross Stores, Inc. | 30,510 | 4,592,060 | ||||
8,690,262 | ||||||
TOTAL COMMON STOCKS (Cost $89,318,397) | 144,894,544 | |||||
REAL ESTATE INVESTMENT TRUSTS - 4.4% | ||||||
EastGroup Properties, Inc. | 23,835 | 4,452,855 | ||||
Lamar Advertising Co. - Class A | 17,705 | 2,365,388 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,422,890) | 6,818,243 | |||||
SHORT-TERM INVESTMENTS - 2.5% | ||||||
Money Market Funds - 2.5% | ||||||
Federated Hermes US Treasury Cash Reserves - Class Institutional, 4.86%(b) | 3,850,326 | 3,850,326 | ||||
TOTAL SHORT-TERM INVESTMENT (Cost $3,850,326) | 3,850,326 | |||||
TOTAL INVESTMENTS - 99.9% (Cost $98,591,613) | $155,563,113 | |||||
Other Assets in Excess of Liabilities - 0.1% | 124,243 | |||||
TOTAL NET ASSETS - 100.0% | $155,687,356 | |||||
1 |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
2 |
Shares | Value | |||||
COMMON STOCKS - 58.0% | ||||||
Aerospace & Defense - 3.8% | ||||||
Airbus SE - ADR | 122,710 | $4,482,596 | ||||
L3Harris Technologies, Inc. | 11,322 | 2,693,164 | ||||
7,175,760 | ||||||
Broadline Retail - 2.7% | ||||||
Amazon.com, Inc.(a) | 27,315 | 5,089,604 | ||||
Chemicals - 2.2% | ||||||
Air Products & Chemicals, Inc. | 6,870 | 2,045,474 | ||||
Linde PLC | 4,460 | 2,126,795 | ||||
4,172,269 | ||||||
Commercial Services & Supplies - 1.9% | ||||||
Waste Connections, Inc. | 19,755 | 3,532,589 | ||||
Consumer Staples Distribution & Retail - 1.0% | ||||||
Southeastern Grocers, Inc.(a)(b) | 7,928 | 5,133 | ||||
Target Corp. | 11,630 | 1,812,652 | ||||
Tops Holding, Litigation Trust Proceeds(a)(b) | 2,292,000 | 1,721 | ||||
1,819,506 | ||||||
Electrical Equipment - 1.1% | ||||||
AMETEK, Inc. | 12,285 | 2,109,457 | ||||
Electronic Equipment, Instruments & Components - 1.7% | ||||||
Keysight Technologies, Inc.(a) | 20,105 | 3,195,288 | ||||
Financial Services - 2.2% | ||||||
Visa, Inc. - Class A | 15,040 | 4,135,248 | ||||
Food Products - 1.9% | ||||||
The Hershey Co. | 18,660 | 3,578,615 | ||||
Ground Transportation - 1.4% | ||||||
Old Dominion Freight Line, Inc. | 13,280 | 2,637,939 | ||||
Health Care Equipment & Supplies - 2.0% | ||||||
Becton Dickinson & Co. | 15,247 | 3,676,052 | ||||
Health Care Providers & Services - 1.4% | ||||||
UnitedHealth Group, Inc. | 4,553 | 2,662,048 | ||||
Insurance - 3.8% | ||||||
Brown & Brown, Inc. | 34,290 | 3,552,444 | ||||
The Progressive Corp. | 14,332 | 3,636,888 | ||||
7,189,332 | ||||||
Interactive Media & Services - 3.6% | ||||||
Alphabet, Inc. - Class C | 39,915 | 6,673,389 | ||||
IT Services - 2.0% | ||||||
Accenture PLC - Class A | 10,419 | 3,682,908 | ||||
Shares | Value | |||||
Life Sciences Tools & Services - 4.4% | ||||||
Agilent Technologies, Inc. | 16,160 | $ 2,399,437 | ||||
Danaher Corp. | 9,024 | 2,508,852 | ||||
Thermo Fisher Scientific, Inc. | 5,566 | 3,442,961 | ||||
8,351,250 | ||||||
Machinery - 1.0% | ||||||
Deere & Co. | 4,585 | 1,913,458 | ||||
Metals & Mining - 0.4% | ||||||
Real Alloy Equity(a)(b) | 10 | 673,371 | ||||
Pharmaceuticals - 1.5% | ||||||
Novartis AG - ADR | 24,480 | 2,815,690 | ||||
Semiconductors & Semiconductor Equipment - 6.4% | ||||||
Advanced Micro Devices, Inc.(a) | 15,985 | 2,622,819 | ||||
Analog Devices, Inc. | 10,898 | 2,508,393 | ||||
Applied Materials, Inc. | 6,247 | 1,262,206 | ||||
Broadcom, Inc. | 19,110 | 3,296,475 | ||||
Micron Technology, Inc. | 23,315 | 2,417,998 | ||||
12,107,891 | ||||||
Software - 8.1% | ||||||
Adobe, Inc.(a) | 5,821 | 3,013,997 | ||||
Intuit, Inc. | 3,799 | 2,359,179 | ||||
Microsoft Corp. | 18,415 | 7,923,975 | ||||
Salesforce, Inc. | 6,735 | 1,843,437 | ||||
15,140,588 | ||||||
Specialty Retail - 3.5% | ||||||
AutoZone, Inc.(a) | 979 | 3,083,889 | ||||
Ross Stores, Inc. | 23,075 | 3,473,018 | ||||
6,556,907 | ||||||
TOTAL COMMON STOCKS (Cost $72,579,028) | 108,889,159 | |||||
Par | ||||||
CORPORATE BONDS - 26.5% | ||||||
Aerospace & Defense - 0.3% | ||||||
Rolls-Royce PLC, 3.63%, 10/14/2025(c) | $572,000 | 564,163 | ||||
Automobile Components - 1.4% | ||||||
Adient Global Holdings Ltd., 7.00%, 04/15/2028(c) | 350,000 | 360,806 | ||||
American Axle & Manufacturing, Inc. | ||||||
6.25%, 03/15/2026 | 18,000 | 18,094 | ||||
6.50%, 04/01/2027 | 300,000 | 300,964 | ||||
Patrick Industries, Inc., 7.50%, 10/15/2027(c) | 500,000 | 502,086 | ||||
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029(c) | 600,000 | 521,900 | ||||
3 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Automobile Components - (Continued) | ||||||
The Goodyear Tire & Rubber Co. | ||||||
9.50%, 05/31/2025 | $468,000 | $470,198 | ||||
5.00%, 07/15/2029 | 500,000 | 460,323 | ||||
2,634,371 | ||||||
Automobiles - 0.6% | ||||||
Ford Motor Co., 9.63%, 04/22/2030 | 500,000 | 592,709 | ||||
Ford Motor Credit Co. LLC, 2.30%, 02/10/2025 | 500,000 | 494,449 | ||||
1,087,158 | ||||||
Banks - 0.5% | ||||||
Wells Fargo & Co., 2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026 | 1,000,000 | 983,798 | ||||
Beverages - 0.2% | ||||||
Primo Water Holdings, Inc., 4.38%, 04/30/2029(c) | 300,000 | 288,162 | ||||
Building Products - 0.5% | ||||||
Griffon Corp., 5.75%, 03/01/2028 | 500,000 | 494,037 | ||||
Masterbrand, Inc., 7.00%, 07/15/2032(c) | 500,000 | 524,797 | ||||
1,018,834 | ||||||
Capital Markets - 0.8% | ||||||
Ares Capital Corp., 4.25%, 03/01/2025 | 250,000 | 248,937 | ||||
Blackstone Private Credit Fund, 2.35%, 11/22/2024 | 500,000 | 497,578 | ||||
Oppenheimer Holdings, Inc., 5.50%, 10/01/2025 | 750,000 | 752,082 | ||||
1,498,597 | ||||||
Chemicals - 0.7% | ||||||
Consolidated Energy Finance SA | ||||||
6.50%, 05/15/2026(c) | 100,000 | 98,929 | ||||
5.63%, 10/15/2028(c) | 400,000 | 337,365 | ||||
12.00%, 02/15/2031(c) | 250,000 | 251,662 | ||||
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029(c) | 500,000 | 535,955 | ||||
1,223,911 | ||||||
Commercial Services & Supplies - 0.5% | ||||||
GFL Environmental, Inc., 5.13%, 12/15/2026(c) | 220,000 | 219,660 | ||||
Pitney Bowes, Inc., 7.25%, 03/15/2029(c) | 725,000 | 712,902 | ||||
932,562 | ||||||
Computers & Peripherals - 0.7% | ||||||
CPI CG, Inc., 10.00%, 07/15/2029(c) | 600,000 | 632,058 | ||||
Par | Value | |||||
Xerox Holdings Corp. | ||||||
5.50%, 08/15/2028(c) | $250,000 | $212,842 | ||||
8.88%, 11/30/2029(c) | 500,000 | 464,440 | ||||
1,309,340 | ||||||
Construction & Engineering - 1.2% | ||||||
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029(c) | 750,000 | 736,615 | ||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(c) | 600,000 | 558,949 | ||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(c) | 500,000 | 489,098 | ||||
Tutor Perini Corp., 11.88%, 04/30/2029(c) | 500,000 | 558,000 | ||||
2,342,662 | ||||||
Consumer Finance - 1.2% | ||||||
Bread Financial Holdings, Inc., 7.00%, 01/15/2026(c) | 146,000 | 145,532 | ||||
Enova International, Inc. | ||||||
11.25%, 12/15/2028(c) | 250,000 | 269,327 | ||||
9.13%, 08/01/2029(c) | 350,000 | 359,492 | ||||
FirstCash, Inc. | ||||||
5.63%, 01/01/2030(c) | 500,000 | 495,913 | ||||
6.88%, 03/01/2032(c) | 500,000 | 515,234 | ||||
Synchrony Financial, 4.50%, 07/23/2025 | 500,000 | 497,011 | ||||
2,282,509 | ||||||
Consumer Staples Distribution & Retail - 1.6% | ||||||
C&S Group Enterprises LLC, 5.00%, 12/15/2028(c) | 500,000 | 426,385 | ||||
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029(c) | 750,000 | 780,731 | ||||
Performance Food Group, Inc., 5.50%, 10/15/2027(c) | 750,000 | 748,860 | ||||
United Natural Foods, Inc., 6.75%, 10/15/2028(c) | 625,000 | 597,521 | ||||
US Foods, Inc., 4.75%, 02/15/2029(c) | 470,000 | 458,688 | ||||
3,012,185 | ||||||
Diversified Consumer Services - 0.1% | ||||||
Carriage Services, Inc., 4.25%, 05/15/2029(c) | 200,000 | 185,488 | ||||
Electronic Equipment, Instruments & Components - 0.4% | ||||||
CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025 | 750,000 | 745,179 | ||||
Entertainment - 0.3% | ||||||
Banijay Entertainment SAS, 8.13%, 05/01/2029(c) | 500,000 | 520,082 | ||||
4 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Financial Services - 1.1% | ||||||
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(c) | $250,000 | $249,733 | ||||
HAS Capital Income Opportunity Fund II LLC, 0.00%, 08/31/2031(b)(c) | 642,000 | 366,792 | ||||
Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026(c) | 250,000 | 248,997 | ||||
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(c) | 750,000 | 749,345 | ||||
United Wholesale Mortgage LLC | ||||||
5.50%, 11/15/2025(c) | 320,000 | 319,694 | ||||
5.50%, 04/15/2029(c) | 180,000 | 175,455 | ||||
2,110,016 | ||||||
Food Products - 0.2% | ||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029(c) | 494,000 | 468,489 | ||||
Ground Transportation - 0.5% | ||||||
RXO, Inc., 7.50%, 11/15/2027(c) | 500,000 | 516,120 | ||||
Uber Technologies, Inc., 8.00%, 11/01/2026(c) | 500,000 | 501,102 | ||||
1,017,222 | ||||||
Health Care Providers & Services - 0.4% | ||||||
Owens & Minor, Inc., 4.50%, 03/31/2029(c) | 750,000 | 678,805 | ||||
Hotels, Restaurants & Leisure - 1.1% | ||||||
Aramark Services, Inc., 5.00%, 04/01/2025(c) | 100,000 | 100,012 | ||||
Carnival Corp. | ||||||
5.75%, 03/01/2027(c) | 500,000 | 506,882 | ||||
6.00%, 05/01/2029(c) | 250,000 | 253,404 | ||||
Las Vegas Sands Corp., 2.90%, 06/25/2025 | 500,000 | 491,590 | ||||
MGM Resorts International, 5.75%, 06/15/2025 | 500,000 | 501,961 | ||||
NCL Corp. Ltd., 3.63%, 12/15/2024(c) | 220,000 | 219,815 | ||||
2,073,664 | ||||||
Household Durables - 1.0% | ||||||
Adams Homes, Inc., 9.25%, 10/15/2028(c) | 500,000 | 533,905 | ||||
Empire Communities Corp., 9.75%, 05/01/2029(c) | 500,000 | 534,372 | ||||
STL Holding Co. LLC, 8.75%, 02/15/2029(c) | 250,000 | 266,188 | ||||
The New Home Co., Inc., 9.25%, 10/01/2029(c) | 500,000 | 527,009 | ||||
1,861,474 | ||||||
Par | Value | |||||
Industrial Conglomerates - 0.2% | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | $300,000 | $297,916 | ||||
IT Services - 0.3% | ||||||
Unisys Corp., 6.88%, 11/01/2027(c) | 500,000 | 481,063 | ||||
Machinery - 0.6% | ||||||
The Manitowoc Co., Inc., 9.25%, 10/01/2031(c) | 500,000 | 513,125 | ||||
Wabash National Corp., 4.50%, 10/15/2028(c) | 750,000 | 688,032 | ||||
1,201,157 | ||||||
Media - 0.4% | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/2027(c) | 700,000 | 688,077 | ||||
Metals & Mining - 1.6% | ||||||
Century Aluminum Co., 7.50%, 04/01/2028(c) | 750,000 | 765,268 | ||||
Coeur Mining, Inc., 5.13%, 02/15/2029(c) | 600,000 | 582,998 | ||||
Hecla Mining Co., 7.25%, 02/15/2028 | 500,000 | 510,323 | ||||
Perenti Finance Pty Ltd. | ||||||
6.50%, 10/07/2025(c) | 234,321 | 234,699 | ||||
7.50%, 04/26/2029(c) | 500,000 | 521,274 | ||||
SunCoke Energy, Inc., 4.88%, 06/30/2029(c) | 500,000 | 453,923 | ||||
3,068,485 | ||||||
Mortgage Real Estate Investment Trusts - REITS - 0.6% | ||||||
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027(c) | 500,000 | 497,151 | ||||
Starwood Property Trust, Inc., 3.75%, 12/31/2024(c) | 600,000 | 597,071 | ||||
1,094,222 | ||||||
Oil, Gas & Consumable Fuels - 1.2% | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp. | ||||||
11.00%, 04/15/2025(c) | 500,000 | 499,493 | ||||
9.75%, 07/15/2028(c) | 250,000 | 246,028 | ||||
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/2028 | 450,000 | 455,960 | ||||
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027 | 500,000 | 504,127 | ||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029(c) | 500,000 | 513,071 | ||||
2,218,679 | ||||||
5 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Passenger Airlines - 1.9% | ||||||
Allegiant Travel Co., 7.25%, 08/15/2027(c) | $750,000 | $740,915 | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(c) | 777,583 | 777,094 | ||||
Delta Air Lines, Inc., 2.90%, 10/28/2024 | 500,000 | 498,847 | ||||
JetBlue Airways Corp. / JetBlue Loyalty L.P., 9.88%, 09/20/2031(c) | 850,000 | 895,663 | ||||
United Airlines, Inc., 4.38%, 04/15/2026(c) | 750,000 | 739,171 | ||||
3,651,690 | ||||||
Professional Services - 0.3% | ||||||
Conduent Business Services LLC/ Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(c) | 600,000 | 578,663 | ||||
Software - 0.3% | ||||||
Fair Isaac Corp., 5.25%, 05/15/2026(c) | 250,000 | 250,471 | ||||
NCR Voyix Corp., 5.00%, 10/01/2028(c) | 250,000 | 245,897 | ||||
496,368 | ||||||
Specialty Retail - 1.2% | ||||||
Ken Garff Automotive LLC, 4.88%, 09/15/2028(c) | 500,000 | 484,729 | ||||
Penske Automotive Group, Inc., 3.50%, 09/01/2025 | 750,000 | 738,016 | ||||
Sonic Automotive, Inc., 4.63%, 11/15/2029(c) | 500,000 | 469,966 | ||||
Upbound Group, Inc., 6.38%, 02/15/2029(c) | 600,000 | 581,397 | ||||
2,274,108 | ||||||
Trading Companies & Distributors - 2.4% | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/2024 | 1,000,000 | 997,221 | ||||
Air Lease Corp., 2.30%, 02/01/2025 | 500,000 | 495,059 | ||||
Aviation Capital Group LLC, 5.50%, 12/15/2024(c) | 750,000 | 749,403 | ||||
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027(c) | 500,000 | 503,087 | ||||
GGAM Finance Ltd., 7.75%, 05/15/2026(c) | 500,000 | 512,098 | ||||
Herc Holdings, Inc., 5.50%, 07/15/2027(c) | 500,000 | 499,775 | ||||
Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/2028(c) | 500,000 | 526,615 | ||||
Par | Value | |||||
WESCO Distribution, Inc., 7.25%, 06/15/2028(c) | $250,000 | $256,200 | ||||
4,539,458 | ||||||
Transportation Infrastructure - 0.2% | ||||||
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028(c) | 400,000 | 360,274 | ||||
TOTAL CORPORATE BONDS (Cost $49,784,320) | 49,788,831 | |||||
Shares | ||||||
REAL ESTATE INVESTMENT TRUSTS - 3.7% | ||||||
EastGroup Properties, Inc. | 20,750 | 3,876,515 | ||||
Lamar Advertising Co. - Class A - Class A | 22,320 | 2,981,952 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,279,240) | 6,858,467 | |||||
Par | ||||||
CONVERTIBLE BONDS - 2.6% | ||||||
Air Freight & Logistics - 0.4% | ||||||
Air Transport Services Group, Inc., 1.13%, 10/15/2024 | $750,000 | 752,433 | ||||
Automobiles - 0.1% | ||||||
Ford Motor Co., 0.00%, 03/15/2026(d) | 100,000 | 98,250 | ||||
Consumer Finance - 0.5% | ||||||
EZCORP, Inc. | ||||||
2.38%, 05/01/2025 | 250,000 | 247,215 | ||||
3.75%, 12/15/2029(c) | 240,000 | 290,880 | ||||
LendingTree, Inc., 0.50%, 07/15/2025 | 500,000 | 470,575 | ||||
1,008,670 | ||||||
Health Care Equipment & Supplies - 0.1% | ||||||
Haemonetics Corp., 0.00%, 03/01/2026(d) | 250,000 | 231,250 | ||||
IT Services - 0.5% | ||||||
BigBear.ai Holdings, Inc., 6.00%, 12/15/2026(c) | 650,000 | 484,842 | ||||
Wix.com Ltd., 0.00%, 08/15/2025(d) | 500,000 | 478,750 | ||||
963,592 | ||||||
Machinery - 0.1% | ||||||
John Bean Technologies Corp., 0.25%, 05/15/2026 | 250,000 | 235,425 | ||||
Passenger Airlines - 0.1% | ||||||
Southwest Airlines Co., 1.25%, 05/01/2025 | 200,000 | 202,236 | ||||
6 |
Par | Value | |||||
CONVERTIBLE BONDS - (Continued) | ||||||
Pharmaceuticals - 0.2% | ||||||
Jazz Investments I Ltd., 2.00%, 06/15/2026 | $350,000 | $350,087 | ||||
Software - 0.6% | ||||||
Pegasystems, Inc., 0.75%, 03/01/2025 | 750,000 | 736,875 | ||||
Tyler Technologies, Inc., 0.25%, 03/15/2026 | 250,000 | 307,750 | ||||
1,044,625 | ||||||
TOTAL CONVERTIBLE BONDS (Cost $4,950,021) | 4,886,568 | |||||
SHORT-TERM INVESTMENTS - 8.7% | ||||||
Commercial Paper - 1.1% | ||||||
Chemicals - 0.6% | ||||||
FMC Corp., 5.93%, 10/09/2024(e) | 1,000,000 | $998,610 | ||||
Industrial Power & Renewable Electricity Products - 0.5% | ||||||
Brookfield Renewable Partners L.P., 5.83%, 10/22/2024(e) | 1,000,000 | 996,958 | ||||
Total Commercial Paper (Cost $1,995,317) | 1,995,568 | |||||
Shares | ||||||
Money Market Funds - 7.6% | ||||||
Federated Hermes US Treasury Cash Reserves - Class Institutional, 4.86%(f) | 14,273,674 | 14,273,674 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $16,268,991) | 16,269,242 | |||||
TOTAL INVESTMENTS - 99.5% (Cost $148,861,600) | $186,692,267 | |||||
Other Assets in Excess of Liabilities - 0.5% | 900,677 | |||||
TOTAL NET ASSETS - 100.0% | $187,592,944 | |||||
(a) | Non-income producing security. |
(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 $1,047,017 or 0.6% of net assets as of September 30, 2024. |
(c) | 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 September 30, 2024, the value of these securities total $38,518,174 or 20.5% of the Fund’s net assets. |
(d) | Zero coupon bonds make no periodic interest payments. |
(e) | The rate shown is the effective yield as of September 30, 2024. |
(f) | The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
7 |
Shares | Value | |||||
COMMON STOCKS - 92.8% | ||||||
Aerospace & Defense - 2.4% | ||||||
Axon Enterprise, Inc.(a) | 23,061 | $9,215,176 | ||||
Automobile Components - 3.2% | ||||||
Modine Manufacturing Co.(a) | 92,325 | 12,259,837 | ||||
Biotechnology - 5.9% | ||||||
Amicus Therapeutics, Inc.(a) | 745,460 | 7,961,513 | ||||
Natera, Inc.(a) | 63,915 | 8,114,009 | ||||
Viking Therapeutics, Inc.(a) | 106,055 | 6,714,342 | ||||
22,789,864 | ||||||
Diversified Consumer Services - 2.3% | ||||||
Duolingo, Inc.(a) | 32,053 | 9,039,587 | ||||
Electrical Equipment - 5.6% | ||||||
Generac Holdings, Inc.(a) | 74,630 | 11,857,215 | ||||
Sensata Technologies Holding PLC | 278,640 | 9,992,030 | ||||
21,849,245 | ||||||
Food Products - 2.5% | ||||||
Freshpet, Inc.(a) | 71,670 | 9,802,306 | ||||
Health Care Equipment & Supplies - 9.1% | ||||||
CONMED Corp. | 81,475 | 5,859,682 | ||||
PROCEPT BioRobotics Corp.(a) | 114,910 | 9,206,589 | ||||
RxSight, Inc.(a) | 163,745 | 8,093,916 | ||||
TransMedics Group, Inc.(a) | 32,815 | 5,151,955 | ||||
UFP Technologies, Inc.(a) | 22,539 | 7,138,101 | ||||
35,450,243 | ||||||
Health Care Providers & Services - 2.6% | ||||||
The Ensign Group, Inc. | 69,360 | 9,975,355 | ||||
Health Care Technology - 1.9% | ||||||
Evolent Health, Inc. - Class A(a) | 262,160 | 7,413,885 | ||||
Hotels, Restaurants & Leisure - 2.7% | ||||||
Sweetgreen, Inc. - Class A(a) | 295,545 | 10,477,070 | ||||
Household Durables - 3.3% | ||||||
Cavco Industries, Inc.(a) | 30,296 | 12,973,959 | ||||
Life Sciences Tools & Services - 4.7% | ||||||
Bio-Techne Corp. | 143,169 | 11,443,498 | ||||
Repligen Corp.(a) | 45,160 | 6,720,711 | ||||
18,164,209 | ||||||
Oil, Gas & Consumable Fuels - 2.4% | ||||||
Magnolia Oil & Gas Corp. - Class A | 375,255 | 9,163,727 | ||||
Personal Care Products - 1.9% | ||||||
elf Beauty, Inc.(a) | 66,548 | 7,255,729 | ||||
Shares | Value | |||||
Professional Services - 4.5% | ||||||
KBR, Inc. | 144,960 | $9,441,245 | ||||
Verra Mobility Corp.(a) | 286,250 | 7,960,612 | ||||
17,401,857 | ||||||
Real Estate Management & Development - 3.9% | ||||||
FirstService Corp. | 83,923 | 15,312,591 | ||||
Semiconductors & Semiconductor Equipment - 4.7% | ||||||
ACM Research, Inc. - Class A(a) | 241,000 | 4,892,300 | ||||
MACOM Technology Solutions Holdings, Inc.(a) | 59,175 | 6,583,810 | ||||
Onto Innovation, Inc.(a) | 32,698 | 6,786,797 | ||||
18,262,907 | ||||||
Software - 18.0% | ||||||
Agilysys, Inc.(a) | 106,780 | 11,635,817 | ||||
Clearwater Analytics Holdings, Inc. - Class A(a) | 244,640 | 6,177,160 | ||||
Guidewire Software, Inc.(a) | 81,495 | 14,908,695 | ||||
Klaviyo, Inc. - Class A(a) | 223,455 | 7,905,838 | ||||
Manhattan Associates, Inc.(a) | 27,909 | 7,853,034 | ||||
Monday.com Ltd.(a) | 35,611 | 9,891,668 | ||||
SentinelOne, Inc. - Class A(a) | 254,445 | 6,086,324 | ||||
Zeta Global Holdings Corp. - Class A(a) | 180,920 | 5,396,844 | ||||
69,855,380 | ||||||
Specialty Retail - 4.6% | ||||||
Abercrombie & Fitch Co. - Class A(a) | 44,170 | 6,179,383 | ||||
Boot Barn Holdings, Inc.(a) | 69,350 | 11,600,868 | ||||
17,780,251 | ||||||
Textiles, Apparel & Luxury Goods - 3.5% | ||||||
Skechers USA, Inc. - Class A(a) | 204,510 | 13,685,809 | ||||
Trading Companies & Distributors - 3.1% | ||||||
FTAI Aviation Ltd. | 90,360 | 12,008,844 | ||||
TOTAL COMMON STOCKS (Cost $288,204,582) | 360,137,831 | |||||
SHORT-TERM INVESTMENTS - 8.0% | ||||||
Money Market Funds - 8.0% | ||||||
Federated Hermes US Treasury Cash Reserves - Class Institutional, 4.86%(b) | 30,984,407 | 30,984,407 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $30,984,407) | 30,984,407 | |||||
TOTAL INVESTMENTS - 100.8% (Cost $319,188,989) | $391,122,238 | |||||
Liabilities in Excess of Other Assets - (0.8)% | (3,274,097) | |||||
TOTAL NET ASSETS - 100.0% | $387,848,141 | |||||
8 |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
9 |
Par | Value | |||||
CORPORATE BONDS - 73.5% | ||||||
Aerospace & Defense - 0.4% | ||||||
Rolls-Royce PLC, 3.63%, 10/14/2025(a) | $23,935,000 | $23,607,059 | ||||
Automobile Components - 4.1% | ||||||
Adient Global Holdings Ltd., 7.00%, 04/15/2028(a) | 12,650,000 | 13,040,569 | ||||
American Axle & Manufacturing, Inc. | ||||||
6.25%, 03/15/2026 | 2,182,000 | 2,193,349 | ||||
6.50%, 04/01/2027 | 9,260,000 | 9,289,771 | ||||
6.88%, 07/01/2028 | 44,500,000 | 44,476,055 | ||||
Patrick Industries, Inc., 7.50%, 10/15/2027(a) | 51,339,000 | 51,553,238 | ||||
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029(a) | 54,702,000 | 47,581,577 | ||||
The Goodyear Tire & Rubber Co. | ||||||
9.50%, 05/31/2025 | 55,335,000 | 55,594,908 | ||||
5.00%, 07/15/2029 | 14,500,000 | 13,349,358 | ||||
237,078,825 | ||||||
Automobiles - 1.6% | ||||||
Ford Motor Co., 9.63%, 04/22/2030 | 9,000,000 | 10,668,758 | ||||
Ford Motor Credit Co. LLC | ||||||
2.30%, 02/10/2025 | 64,741,000 | 64,022,310 | ||||
4.69%, 06/09/2025 | 10,000,000 | 9,965,604 | ||||
Thor Industries, Inc., 4.00%, 10/15/2029(a) | 10,000,000 | 9,323,709 | ||||
93,980,381 | ||||||
Banks - 1.1% | ||||||
Wells Fargo & Co., 2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026 | 65,073,000 | 64,018,707 | ||||
Beverages - 0.4% | ||||||
Primo Water Holdings, Inc., 4.38%, 04/30/2029(a) | 25,728,000 | 24,712,789 | ||||
Biotechnology - 0.9% | ||||||
AbbVie, Inc., 3.80%, 03/15/2025 | 51,823,000 | 51,635,231 | ||||
Building Products - 1.1% | ||||||
Griffon Corp., 5.75%, 03/01/2028 | 60,288,000 | 59,568,933 | ||||
Masterbrand, Inc., 7.00%, 07/15/2032(a) | 4,500,000 | 4,723,175 | ||||
64,292,108 | ||||||
Capital Markets - 2.5% | ||||||
Ares Capital Corp., 4.25%, 03/01/2025 | 26,487,000 | 26,374,434 | ||||
Blackstone Private Credit Fund, 2.35%, 11/22/2024 | 65,206,000 | 64,890,102 | ||||
Par | Value | |||||
Oppenheimer Holdings, Inc., 5.50%, 10/01/2025 | $50,650,000 | $50,790,616 | ||||
142,055,152 | ||||||
Chemicals - 1.3% | ||||||
Consolidated Energy Finance SA | ||||||
6.50%, 05/15/2026(a) | 7,050,000 | 6,974,500 | ||||
5.63%, 10/15/2028(a) | 31,700,000 | 26,736,183 | ||||
12.00%, 02/15/2031(a) | 19,750,000 | 19,881,276 | ||||
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029(a) | 17,500,000 | 18,758,425 | ||||
72,350,384 | ||||||
Commercial Services & Supplies - 1.3% | ||||||
GFL Environmental, Inc., 5.13%, 12/15/2026(a) | 11,100,000 | 11,082,812 | ||||
Pitney Bowes, Inc., 7.25%, 03/15/2029(a) | 62,645,000 | 61,599,668 | ||||
72,682,480 | ||||||
Computers & Peripherals - 1.9% | ||||||
CPI CG, Inc., 10.00%, 07/15/2029(a) | 31,400,000 | 33,077,702 | ||||
Xerox Holdings Corp. | ||||||
5.00%, 08/15/2025(a) | 31,001,000 | 30,764,940 | ||||
5.50%, 08/15/2028(a) | 22,339,000 | 19,018,692 | ||||
8.88%, 11/30/2029(a) | 28,000,000 | 26,008,668 | ||||
108,870,002 | ||||||
Construction & Engineering - 3.1% | ||||||
APi Group DE, Inc., 4.13%, 07/15/2029(a) | 26,650,000 | 25,084,363 | ||||
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029(a) | 51,157,000 | 50,244,047 | ||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a) | 30,747,000 | 28,643,330 | ||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a) | 46,500,000 | 45,486,119 | ||||
Tutor Perini Corp., 11.88%, 04/30/2029(a) | 24,500,000 | 27,341,976 | ||||
176,799,835 | ||||||
Consumer Finance - 3.1% | ||||||
Bread Financial Holdings, Inc., 7.00%, 01/15/2026(a) | 9,870,000 | 9,838,347 | ||||
Enova International, Inc. | ||||||
11.25%, 12/15/2028(a) | 11,750,000 | 12,658,392 | ||||
9.13%, 08/01/2029(a) | 43,950,000 | 45,141,957 | ||||
FirstCash, Inc. | ||||||
4.63%, 09/01/2028(a) | 15,000,000 | 14,449,924 | ||||
5.63%, 01/01/2030(a) | 19,500,000 | 19,340,595 | ||||
6.88%, 03/01/2032(a) | 24,500,000 | 25,246,481 | ||||
Synchrony Financial, 4.50%, 07/23/2025 | 52,948,000 | 52,631,440 | ||||
179,307,136 | ||||||
10 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Consumer Staples Distribution & Retail - 4.0% | ||||||
C&S Group Enterprises LLC, 5.00%, 12/15/2028(a) | $45,765,000 | $39,027,042 | ||||
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029(a) | 62,250,000 | 64,800,662 | ||||
Performance Food Group, Inc., 5.50%, 10/15/2027(a) | 57,195,000 | 57,108,045 | ||||
United Natural Foods, Inc., 6.75%, 10/15/2028(a) | 50,549,000 | 48,326,517 | ||||
US Foods, Inc., 4.75%, 02/15/2029(a) | 23,384,000 | 22,821,215 | ||||
232,083,481 | ||||||
Containers & Packaging - 0.3% | ||||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(a) | 17,000,000 | 16,359,874 | ||||
Diversified Consumer Services - 0.1% | ||||||
Carriage Services, Inc., 4.25%, 05/15/2029(a) | 7,800,000 | 7,234,035 | ||||
Electronic Equipment, Instruments & Components - 0.7% | ||||||
CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025 | 40,138,000 | 39,879,969 | ||||
Entertainment - 0.4% | ||||||
Banijay Entertainment SAS, 8.13%, 05/01/2029(a) | 19,500,000 | 20,283,179 | ||||
Financial Services - 4.1% | ||||||
Burford Capital Global Finance LLC, 6.25%, 04/15/2028(a) | 25,489,000 | 25,461,757 | ||||
HAS Capital Income Opportunity Fund II LLC, 0.00%, 08/31/2031(a)(b) | 21,807,000 | 12,458,950 | ||||
Nationstar Mortgage Holdings, Inc. | ||||||
5.00%, 02/01/2026(a) | 23,250,000 | 23,156,700 | ||||
5.50%, 08/15/2028(a) | 24,680,000 | 24,449,955 | ||||
5.13%, 12/15/2030(a) | 9,500,000 | 9,116,633 | ||||
5.75%, 11/15/2031(a) | 18,000,000 | 17,652,305 | ||||
PennyMac Financial Services, Inc., 5.38%, 10/15/2025(a) | 62,580,000 | 62,525,380 | ||||
United Wholesale Mortgage LLC | ||||||
5.50%, 11/15/2025(a) | 30,655,000 | 30,625,669 | ||||
5.75%, 06/15/2027(a) | 7,000,000 | 6,960,571 | ||||
5.50%, 04/15/2029(a) | 20,820,000 | 20,294,286 | ||||
232,702,206 | ||||||
Par | Value | |||||
Food Products - 0.5% | ||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029(a) | $27,438,000 | $26,021,033 | ||||
Ground Transportation - 1.5% | ||||||
RXO, Inc., 7.50%, 11/15/2027(a) | 24,500,000 | 25,289,880 | ||||
Uber Technologies, Inc., 8.00%, 11/01/2026(a) | 61,236,000 | 61,371,025 | ||||
86,660,905 | ||||||
Health Care Providers & Services - 1.0% | ||||||
AMN Healthcare, Inc., 4.63%, 10/01/2027(a) | 9,500,000 | 9,294,258 | ||||
Owens & Minor, Inc., 4.50%, 03/31/2029(a) | 52,310,000 | 47,344,353 | ||||
56,638,611 | ||||||
Hotels, Restaurants & Leisure - 2.7% | ||||||
Carnival Corp. | ||||||
7.63%, 03/01/2026(a) | 48,616,000 | 49,117,474 | ||||
5.75%, 03/01/2027(a) | 9,500,000 | 9,630,749 | ||||
6.00%, 05/01/2029(a) | 19,750,000 | 20,018,935 | ||||
Las Vegas Sands Corp., 2.90%, 06/25/2025 | 23,400,000 | 23,006,421 | ||||
MGM Resorts International, 5.75%, 06/15/2025 | 18,934,000 | 19,008,278 | ||||
NCL Corp. Ltd. | ||||||
3.63%, 12/15/2024(a) | 9,347,000 | 9,339,120 | ||||
5.88%, 03/15/2026(a) | 12,000,000 | 12,019,944 | ||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a) | 12,447,000 | 12,483,905 | ||||
154,624,826 | ||||||
Household Durables - 3.2% | ||||||
Adams Homes, Inc., 9.25%, 10/15/2028(a) | 34,500,000 | 36,839,445 | ||||
Empire Communities Corp., 9.75%, 05/01/2029(a) | 48,250,000 | 51,566,947 | ||||
Installed Building Products, Inc., 5.75%, 02/01/2028(a) | 6,750,000 | 6,734,962 | ||||
Mattamy Group Corp., 5.25%, 12/15/2027(a) | 24,500,000 | 24,380,940 | ||||
STL Holding Co. LLC, 8.75%, 02/15/2029(a) | 7,750,000 | 8,251,820 | ||||
The New Home Co., Inc., 9.25%, 10/01/2029(a) | 52,500,000 | 55,335,945 | ||||
183,110,059 | ||||||
Industrial Conglomerates - 0.6% | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 34,863,000 | 34,620,793 | ||||
11 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
IT Services - 1.1% | ||||||
Unisys Corp., 6.88%, 11/01/2027(a) | $66,074,000 | $63,571,533 | ||||
Leisure Products - 0.1% | ||||||
Acushnet Co., 7.38%, 10/15/2028(a) | 3,000,000 | 3,165,429 | ||||
Machinery - 1.2% | ||||||
The Manitowoc Co., Inc., 9.25%, 10/01/2031(a) | 24,500,000 | 25,143,125 | ||||
Wabash National Corp., 4.50%, 10/15/2028(a) | 46,750,000 | 42,887,305 | ||||
68,030,430 | ||||||
Media - 0.9% | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/2027(a) | 55,300,000 | 54,358,092 | ||||
Metals & Mining - 3.9% | ||||||
Century Aluminum Co., 7.50%, 04/01/2028(a) | 35,905,000 | 36,635,918 | ||||
Coeur Mining, Inc., 5.13%, 02/15/2029(a) | 66,150,000 | 64,275,481 | ||||
Hecla Mining Co., 7.25%, 02/15/2028 | 61,347,000 | 62,613,632 | ||||
Perenti Finance Pty Ltd. | ||||||
6.50%, 10/07/2025(a) | 8,516,978 | 8,530,711 | ||||
7.50%, 04/26/2029(a) | 12,000,000 | 12,510,588 | ||||
SunCoke Energy, Inc., 4.88%, 06/30/2029(a) | 42,674,000 | 38,741,390 | ||||
223,307,720 | ||||||
Mortgage Real Estate Investment Trusts - REITS - 2.5% | ||||||
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026(a) | 35,570,000 | 34,469,121 | ||||
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027(a) | 44,341,000 | 44,088,385 | ||||
Starwood Property Trust, Inc., 3.75%, 12/31/2024(a) | 63,058,000 | 62,750,170 | ||||
141,307,676 | ||||||
Oil, Gas & Consumable Fuels - 2.9% | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp. | ||||||
11.00%, 04/15/2025(a) | 28,151,000 | 28,122,472 | ||||
9.75%, 07/15/2028(a) | 29,232,000 | 28,767,504 | ||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||
7.75%, 02/01/2028 | 51,550,000 | 52,232,780 | ||||
8.88%, 04/15/2030 | 10,000,000 | 10,521,430 | ||||
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027 | 30,750,000 | 31,003,810 | ||||
Par | Value | |||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029(a) | $14,030,000 | $14,396,772 | ||||
165,044,768 | ||||||
Passenger Airlines - 5.5% | ||||||
Allegiant Travel Co., 7.25%, 08/15/2027(a) | 62,975,000 | 62,212,202 | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(a) | 61,475,641 | 61,436,967 | ||||
Delta Air Lines, Inc., 2.90%, 10/28/2024 | 72,793,000 | 72,625,103 | ||||
JetBlue Airways Corp. / JetBlue Loyalty L.P., 9.88%, 09/20/2031(a) | 53,650,000 | 56,532,162 | ||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027(a) | 11,000,000 | 11,145,200 | ||||
United Airlines, Inc., 4.38%, 04/15/2026(a) | 40,581,000 | 39,995,043 | ||||
United Airlines Holdings, Inc., 4.88%, 01/15/2025 | 9,134,000 | 9,124,759 | ||||
313,071,436 | ||||||
Professional Services - 1.6% | ||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(a) | 74,500,000 | 71,850,698 | ||||
KBR, Inc., 4.75%, 09/30/2028(a) | 20,000,000 | 19,140,882 | ||||
90,991,580 | ||||||
Software - 1.2% | ||||||
Fair Isaac Corp., 5.25%, 05/15/2026(a) | 13,885,000 | 13,911,145 | ||||
NCR Voyix Corp. | ||||||
5.00%, 10/01/2028(a) | 5,750,000 | 5,655,637 | ||||
5.13%, 04/15/2029(a) | 2,913,000 | 2,853,170 | ||||
Oracle Corp. | ||||||
2.95%, 11/15/2024 | 19,110,000 | 19,059,869 | ||||
2.95%, 05/15/2025 | 30,000,000 | 29,674,961 | ||||
71,154,782 | ||||||
Specialized REITs - 1.0% | ||||||
GLP Capital LP / GLP Financing II, Inc., 5.25%, 06/01/2025 | 35,700,000 | 35,698,580 | ||||
Iron Mountain, Inc., 5.25%, 03/15/2028(a) | 20,000,000 | 19,937,830 | ||||
55,636,410 | ||||||
Specialty Retail - 3.4% | ||||||
Advance Auto Parts, Inc., 5.90%, 03/09/2026 | 15,000,000 | 15,160,276 | ||||
Ken Garff Automotive LLC, 4.88%, 09/15/2028(a) | 54,664,000 | 52,994,458 | ||||
12 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Specialty Retail - (Continued) | ||||||
Penske Automotive Group, Inc., 3.50%, 09/01/2025 | $41,156,000 | $40,498,368 | ||||
Sonic Automotive, Inc., 4.63%, 11/15/2029(a) | 34,500,000 | 32,427,678 | ||||
Upbound Group, Inc., 6.38%, 02/15/2029(a) | 57,600,000 | 55,814,054 | ||||
196,894,834 | ||||||
Textiles, Apparel & Luxury Goods - 0.2% | ||||||
The William Carter Co., 5.63%, 03/15/2027(a) | 10,727,000 | 10,714,029 | ||||
Trading Companies & Distributors - 5.7% | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||
1.65%, 10/29/2024 | 36,816,000 | 36,713,678 | ||||
1.75%, 10/29/2024 | 31,260,000 | 31,174,071 | ||||
Air Lease Corp., 2.30%, 02/01/2025 | 57,428,000 | 56,860,506 | ||||
Aviation Capital Group LLC, 5.50%, 12/15/2024(a) | 29,063,000 | 29,039,878 | ||||
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027(a) | 52,500,000 | 52,824,135 | ||||
GGAM Finance Ltd., 7.75%, 05/15/2026(a) | 41,500,000 | 42,504,093 | ||||
Herc Holdings, Inc., 5.50%, 07/15/2027(a) | 32,823,000 | 32,808,246 | ||||
Macquarie Airfinance Holdings Ltd. | ||||||
8.38%, 05/01/2028(a) | 19,500,000 | 20,538,004 | ||||
8.13%, 03/30/2029(a) | 7,000,000 | 7,421,764 | ||||
WESCO Distribution, Inc., 7.25%, 06/15/2028(a) | 16,750,000 | 17,165,383 | ||||
327,049,758 | ||||||
Transportation Infrastructure - 0.4% | ||||||
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028(a) | 25,600,000 | 23,057,536 | ||||
TOTAL CORPORATE BONDS (Cost $4,229,466,552) | 4,208,965,073 | |||||
CONVERTIBLE BONDS - 5.5% | ||||||
Air Freight & Logistics - 0.5% | ||||||
Air Transport Services Group, Inc., 1.13%, 10/15/2024 | 28,961,000 | 29,054,947 | ||||
Automobiles - 0.1% | ||||||
Ford Motor Co., 0.00%, 03/15/2026(c) | 2,900,000 | 2,849,250 | ||||
Broadline Retail - 0.1% | ||||||
Etsy, Inc., 0.25%, 06/15/2028 | 7,750,000 | 6,354,496 | ||||
Par | Value | |||||
Consumer Finance - 0.9% | ||||||
EZCORP, Inc. | ||||||
2.38%, 05/01/2025 | $12,500,000 | $12,360,761 | ||||
3.75%, 12/15/2029(a) | 9,445,000 | 11,447,340 | ||||
LendingTree, Inc., 0.50%, 07/15/2025 | 27,517,000 | 25,897,625 | ||||
49,705,726 | ||||||
Financial Services - 0.4% | ||||||
Block, Inc., 0.13%, 03/01/2025 | 25,000,000 | 24,531,250 | ||||
Health Care Equipment & Supplies - 0.3% | ||||||
Haemonetics Corp., 0.00%, 03/01/2026(c) | 21,050,000 | 19,471,250 | ||||
IT Services - 1.2% | ||||||
BigBear.ai Holdings, Inc., 6.00%, 12/15/2026(a) | 28,350,000 | 21,146,550 | ||||
Wix.com Ltd., 0.00%, 08/15/2025(c) | 51,443,000 | 49,256,672 | ||||
70,403,222 | ||||||
Machinery - 0.2% | ||||||
John Bean Technologies Corp., 0.25%, 05/15/2026 | 9,450,000 | 8,899,065 | ||||
Passenger Airlines - 0.1% | ||||||
Southwest Airlines Co., 1.25%, 05/01/2025 | 7,675,000 | 7,760,793 | ||||
Pharmaceuticals - 0.1% | ||||||
Jazz Investments I Ltd., 2.00%, 06/15/2026 | 6,650,000 | 6,651,663 | ||||
Software - 1.6% | ||||||
Jamf Holding Corp., 0.13%, 09/01/2026 | 11,600,000 | 10,503,203 | ||||
Pegasystems, Inc., 0.75%, 03/01/2025 | 73,750,000 | 72,459,375 | ||||
Tyler Technologies, Inc., 0.25%, 03/15/2026 | 6,750,000 | 8,309,250 | ||||
91,271,828 | ||||||
TOTAL CONVERTIBLE BONDS (Cost $324,580,458) | 316,953,490 | |||||
Shares | ||||||
COMMON STOCKS - 0.9% | ||||||
Consumer Staples Distribution & Retail - 0.0%(d) | ||||||
Southeastern Grocers, Inc.(b)(e) | 4,649,942 | 3,010,373 | ||||
Tops Holding, Litigation Trust Proceeds(b)(e) | 61,582,000 | 46,248 | ||||
3,056,621 | ||||||
Metals & Mining - 0.9% | ||||||
Real Alloy Equity(b)(e) | 705 | 49,783,507 | ||||
TOTAL COMMON STOCKS (Cost $46,422,668) | 52,840,128 | |||||
13 |
Par | Value | |||||
SHORT-TERM INVESTMENTS - 20.6% | ||||||
Commercial Paper - 13.4% | ||||||
Automobile Components - 0.9% | ||||||
Magna International, Inc., 5.45%, 10/17/2024(f) | $50,000,000 | $49,882,999 | ||||
Automobiles - 2.8% | ||||||
General Motors Financial Co., Inc., 5.56%, 10/31/2024(f) | 30,000,000 | 29,869,197 | ||||
General Motors Financial Co., Inc., 5.56%, 10/30/2024(f) | 20,000,000 | 19,915,583 | ||||
Harley-Davidson Corp., 5.91%, 10/18/2024(f) | 35,000,000 | 34,910,776 | ||||
Harley-Davidson Corp., 5.87%, 10/21/2024(f) | 25,000,000 | 24,925,275 | ||||
VW Credit, Inc., 5.04%, 11/08/2024(f) | 50,000,000 | 49,730,684 | ||||
159,351,515 | ||||||
Beverages - 0.2% | ||||||
Constellation Brands, Inc., 5.33%, 10/04/2024(f) | 10,000,000 | 9,994,215 | ||||
Broadline Retail - 1.5% | ||||||
Canadian Tire Corp., 4.96%, 10/09/2024(f) | 25,000,000 | 24,969,181 | ||||
Canadian Tire Corp., 5.19%, 10/03/2024(f) | 10,000,000 | 9,995,905 | ||||
Dollarama, Inc., 5.12%, 10/24/2024(f) | 50,000,000 | 49,780,417 | ||||
84,745,503 | ||||||
Building Products - 0.8% | ||||||
Fortune Brands Innovations, Inc., 4.93%, 10/02/2024(f) | 44,400,000 | 44,387,326 | ||||
Chemicals - 1.4% | ||||||
FMC Corp., 5.93%, 10/09/2024(f) | 49,000,000 | 48,931,868 | ||||
Nutrien Ltd., 5.39%, 10/04/2024(f) | 30,000,000 | 29,983,479 | ||||
78,915,347 | ||||||
Distributors - 0.5% | ||||||
Bacardi-Martini BV, 5.88%, 10/10/2024(f) | 30,000,000 | 29,956,498 | ||||
Diversified Telecommunication Services - 1.3% | ||||||
Bell Canada, 5.02%, 10/21/2024(f) | 50,000,000 | 49,856,529 | ||||
Bell Canada, 5.03%, 11/04/2024(f) | 25,000,000 | 24,880,943 | ||||
Electronic Equipment, Instruments & Components - 0.4% | ||||||
Jabil, Inc., 5.34%, 10/04/2024(f) | 23,500,000 | 23,485,473 | ||||
Food Products - 0.8% | ||||||
McCormick & Co., Inc., 5.46%, 10/25/2024(f) | 50,000,000 | 49,826,814 | ||||
Par | Value | |||||
Industrial Power & Renewable Elecricity Products - 0.3% | ||||||
Brookfield Renewable Partners L.P., 5.43%, 10/17/2024(f) | $20,000,000 | $19,953,156 | ||||
Industrial Power & Renewable Electricity Products - 0.4% | ||||||
Brookfield Renewable Partners L.P., 5.83%, 10/22/2024(f) | 26,000,000 | 25,920,914 | ||||
Metals & Mining - 0.9% | ||||||
Glencore LLC, 5.31%, 10/16/2024(f) | 50,000,000 | 49,889,144 | ||||
Semiconductors & Semiconductor Equipment - 0.9% | ||||||
Microchip Technology, Inc., 5.41%, 10/10/2024(f) | 50,000,000 | 49,929,360 | ||||
Specialized REITs - 0.3% | ||||||
Crown Castle International Corp., 10/31/2024 | 18,000,000 | 17,918,765 | ||||
Total Commercial Paper (Cost $768,952,790) | 768,894,501 | |||||
Shares | ||||||
Money Market Funds - 5.4% | ||||||
Federated Hermes US Treasury Cash Reserves - Class Institutional, 4.86%(g) | 155,617,965 | 155,617,964 | ||||
MSILF Treasury Securities Portfolio - Class Institutional, 4.89%(g) | 155,617,965 | 155,617,965 | ||||
311,235,929 | ||||||
Par | ||||||
U.S. Treasury Bills - 1.8% | ||||||
5.26%, 10/17/2024(f) | $99,000,000 | 98,794,300 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,178,960,139) | 1,178,924,730 | |||||
TOTAL INVESTMENTS - 100.5% (Cost $5,779,429,817) | $5,757,683,421 | |||||
Liabilities in Excess of Other Assets - (0.5)% | (27,290,159) | |||||
TOTAL NET ASSETS - 100.0% | $5,730,393,262 | |||||
14 |
(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 September 30, 2024, the value of these securities total $3,165,704,807 or 55.2% 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 $65,299,078 or 1.1% of net assets as of September 30, 2024. |
(c) | Zero coupon bonds make no periodic interest payments. |
(d) | Represents less than 0.05% of net assets. |
(e) | Non-income producing security. |
(f) | The rate shown is the effective yield as of September 30, 2024. |
(g) | The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
15 |
Osterweis Fund | Osterweis Growth and Income Fund | Osterweis Opportunity Fund(a) | Osterweis Strategic Income Fund | |||||||||
ASSETS: | ||||||||||||
Investments, at value | $155,563,113 | $186,692,267 | $391,122,238 | $5,757,683,421 | ||||||||
Receivable for investments sold | 2,519,515 | 1,780,119 | 373,449 | — | ||||||||
Dividends receivable | 89,984 | 139,942 | 57,513 | — | ||||||||
Interest receivable | 17,520 | 959,204 | 113,955 | 70,999,275 | ||||||||
Receivable for fund shares sold | 471 | 1,419 | 96,503 | 3,132,842 | ||||||||
Prepaid expenses and other assets | 17,460 | 19,565 | 5,435 | 69,385 | ||||||||
Total assets | 158,208,063 | 189,592,516 | 391,769,093 | 5,831,884,923 | ||||||||
LIABILITIES: | ||||||||||||
Payable for investments purchased | 2,333,141 | 1,830,154 | 3,550,115 | 94,849,530 | ||||||||
Payable to adviser | 101,507 | 111,135 | 294,865 | 3,296,807 | ||||||||
Payable for capital shares redeemed | 49,848 | 26,978 | 51,194 | 2,216,045 | ||||||||
Payable for distribution and shareholder servicing fees | 12,763 | 5,051 | 13,204 | 809,216 | ||||||||
Payable for fund administration and accounting fees | 10,365 | 12,674 | 7,161 | 242,382 | ||||||||
Payable for transfer agent fees and expenses | 4,864 | 4,623 | 5,922 | 70,035 | ||||||||
Payable for compliance fees | 1,439 | 1,438 | 1,438 | 1,438 | ||||||||
Payable for custodian fees | 1,125 | 3,579 | 847 | 27,180 | ||||||||
Payable for expenses and other liabilities | 5,655 | 3,940 | (3,794) | (20,972) | ||||||||
Total liabilities | 2,520,707 | 1,999,572 | 3,920,952 | 101,491,661 | ||||||||
NET ASSETS | $ 155,687,356 | $187,592,944 | $387,848,141 | $5,730,393,262 | ||||||||
Net Assets Consists of: | ||||||||||||
Paid-in capital | $80,351,186 | $138,207,099 | $318,995,840 | $6,175,894,952 | ||||||||
Total distributable earnings/(accumulated losses) | 75,336,170 | 49,385,845 | 68,852,301 | (445,501,690) | ||||||||
Total net assets | $ 155,687,356 | $187,592,944 | $387,848,141 | $5,730,393,262 | ||||||||
Net assets | $155,687,356 | $187,592,944 | $387,848,141 | $5,730,393,262 | ||||||||
Shares issued and outstanding | 7,244,506 | 10,611,344 | 21,619,668 | 510,603,866 | ||||||||
Net asset value per share | $21.49 | $17.68 | $17.94 | $11.22 | ||||||||
Cost: | ||||||||||||
Investments, at cost | $98,591,613 | $148,861,600 | $319,188,989 | $5,779,429,817 | ||||||||
(a) | Effective June 30, 2024, the Osterweis Emerging Opportunity Fund changed its name to the Osterweis Opportunity Fund. |
16 |
Osterweis Fund | Osterweis Growth and Income Fund | Osterweis Opportunity Fund(a) | Osterweis Strategic Income Fund | |||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income | $769,650 | $620,618 | $356,819 | $— | ||||||||
Less: Dividend withholding taxes | (18,653) | (13,413) | (6,030) | — | ||||||||
Less: Issuance fees | (7,309) | (5,314) | — | — | ||||||||
Interest income | 160,702 | 2,151,031 | 647,334 | 171,173,136 | ||||||||
Other income | 699 | 711 | 753 | 4,198 | ||||||||
Total investment income | 905,089 | 2,753,633 | 998,876 | 171,177,334 | ||||||||
EXPENSES: | ||||||||||||
Investment advisory fee | 574,088 | 662,930 | 1,652,048 | 19,500,490 | ||||||||
Fund administration and accounting fees | 28,473 | 39,322 | 41,618 | 759,659 | ||||||||
Transfer agent fees | 21,007 | 24,405 | 107,275 | 1,867,628 | ||||||||
Trustees’ fees | 13,207 | 13,372 | 14,250 | 63,213 | ||||||||
Federal and state registration fees | 11,481 | 10,884 | 15,106 | 52,042 | ||||||||
Legal fees | 6,187 | 5,694 | 5,747 | 5,689 | ||||||||
Compliance fees | 5,501 | 5,501 | 5,501 | 5,501 | ||||||||
Custodian fees | 3,477 | 5,423 | 9,430 | 128,481 | ||||||||
Reports to shareholders | 2,204 | 1,232 | 5,218 | 101,307 | ||||||||
Audit fees | 482 | 595 | 563 | 716 | ||||||||
Other expenses and fees | 9,287 | 7,892 | 9,072 | 58,678 | ||||||||
Total expenses | 675,394 | 777,250 | 1,865,828 | 22,543,404 | ||||||||
Expense (reimbursement) recoupment by Adviser | 51,784 | — | (48,980) | — | ||||||||
Net expenses | 727,178 | 777,250 | 1,816,848 | 22,543,404 | ||||||||
Net investment income/(loss) | 177,911 | 1,976,383 | (817,972) | 148,633,930 | ||||||||
REALIZED AND UNREALIZED GAIN | ||||||||||||
Net realized gain/(loss) from: | ||||||||||||
Investments | 14,636,643 | 8,079,248 | 29,391,122 | (13,221,468) | ||||||||
Net realized gain/(loss) | 14,636,643 | 8,079,248 | 29,391,122 | (13,221,468) | ||||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||
Investments | (9,314,023) | (2,736,254) | 13,294,425 | 92,125,741 | ||||||||
Net change in unrealized appreciation/(depreciation) | (9,314,023) | (2,736,254) | 13,294,425 | 92,125,741 | ||||||||
Net realized and unrealized gain | 5,322,620 | 5,342,994 | 42,685,547 | 78,904,273 | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 5,500,531 | $7,319,377 | $41,867,575 | $227,538,203 | ||||||||
(a) | Effective June 30, 2024, the Osterweis Emerging Opportunity Fund changed its name to the Osterweis Opportunity Fund. |
17 |
Osterweis Fund | Osterweis Growth and Income Fund | |||||||||||
Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, 2024 | Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, 2024 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income | $177,911 | $519,574 | $1,976,383 | $4,519,429 | ||||||||
Net realized gain | 14,636,643 | 9,808,527 | 8,079,248 | 5,880,512 | ||||||||
Net change in unrealized appreciation/ (depreciation) | (9,314,023) | 24,327,626 | (2,736,254) | 16,430,274 | ||||||||
Net increase in net assets from operations | 5,500,531 | 34,655,727 | 7,319,377 | 26,830,215 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Distributions to shareholders | — | (5,682,977) | (2,095,524) | (6,867,616) | ||||||||
Total distributions to shareholders | — | (5,682,977) | (2,095,524) | (6,867,616) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Subscriptions | 2,116,094 | 3,821,751 | 11,455,204 | 14,274,648 | ||||||||
Reinvestments | — | 5,424,422 | 1,619,475 | 5,204,393 | ||||||||
Redemptions | (9,402,058) | (20,471,855) | (5,318,521) | (16,720,231) | ||||||||
Net increase (decrease) in net assets from capital transactions | (7,285,964) | (11,225,682) | 7,756,158 | 2,758,810 | ||||||||
Net increase (decrease) in net assets | (1,785,433) | 17,747,068 | 12,980,011 | 22,721,409 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of the period | 157,472,789 | 139,725,721 | 174,612,933 | 151,891,524 | ||||||||
End of the period | $155,687,356 | $157,472,789 | $187,592,944 | $174,612,933 | ||||||||
SHARES TRANSACTIONS | ||||||||||||
Subscriptions | 14,574 | 203,932 | 356,928 | 924,251 | ||||||||
Reinvestments | — | 293,210 | 41,505 | 326,971 | ||||||||
Redemptions | (35,366) | (1,121,015) | (43,265) | (1,062,122) | ||||||||
Total increase/(decrease) in shares outstanding | (20,792) | (623,873) | 355,168 | 189,100 | ||||||||
18 |
Osterweis Opportunity Fund(a) | Osterweis Strategic Income Fund | |||||||||||
Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, 2024 | Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, 2024 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income/(loss) | $(817,972) | $(943,863) | $148,633,930 | $288,428,542 | ||||||||
Net realized gain/(loss) | 29,391,122 | 9,935,983 | (13,221,468) | (3,077,616) | ||||||||
Net change in unrealized appreciation | 13,294,425 | 44,268,071 | 92,125,741 | 276,312,886 | ||||||||
Net increase in net assets from operations | 41,867,575 | 53,260,191 | 227,538,203 | 561,663,812 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Distributions to shareholders | — | — | (147,981,016) | (286,670,985) | ||||||||
Total distributions to shareholders | — | — | (147,981,016) | (286,670,985) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Subscriptions | 97,738,727 | 41,115,310 | 654,975,728 | 1,301,839,419 | ||||||||
Reinvestments | — | — | 128,953,623 | 250,919,868 | ||||||||
Redemptions | (16,083,703) | (28,085,210) | (489,388,392) | (1,164,592,939) | ||||||||
Net increase in net assets from capital transactions | 81,655,024 | 13,030,100 | 294,540,959 | 388,166,348 | ||||||||
Net increase in net assets | 123,522,599 | 66,290,291 | 374,098,146 | 663,159,175 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of the period | 264,325,542 | 198,035,251 | 5,356,295,116 | 4,693,135,941 | ||||||||
End of the period | $387,848,141 | $264,325,542 | $5,730,393,262 | $5,356,295,116 | ||||||||
SHARES TRANSACTIONS | ||||||||||||
Subscriptions | 315,687 | 3,002,932 | 9,742,525 | 120,948,817 | ||||||||
Reinvestments | — | — | 5,774,240 | 23,360,000 | ||||||||
Redemptions | (276,306) | (2,111,662) | (7,963,307) | (108,756,268) | ||||||||
Total increase in shares outstanding | 39,381 | 891,270 | 7,553,458 | 35,552,549 | ||||||||
(a) | Effective June 30, 2024, the Osterweis Emerging Opportunity Fund changed its name to the Osterweis Opportunity Fund. |
19 |
Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, | |||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||
PER SHARE DATA: | ||||||||||||||||||
Net asset value, beginning of period | $20.72 | $16.99 | $20.36 | $21.34 | $14.68 | $16.25 | ||||||||||||
INVESTMENT OPERATIONS: | ||||||||||||||||||
Net investment income (loss)(a) | 0.02 | 0.07 | 0.06 | (0.02) | 0.03 | 0.04 | ||||||||||||
Net realized and unrealized gain (loss) on investments(b) | 0.75 | 4.42 | (2.18) | 1.33 | 7.75 | (0.31) | ||||||||||||
Total from investment operations | 0.77 | 4.49 | (2.12) | 1.31 | 7.78 | (0.27) | ||||||||||||
LESS DISTRIBUTIONS FROM: | ||||||||||||||||||
Net investment income | — | (0.12) | — | (0.19) | (0.10) | (0.07) | ||||||||||||
Net realized gains | — | (0.64) | (1.25) | (2.10) | (1.02) | (1.23) | ||||||||||||
Total distributions | — | (0.76) | (1.25) | (2.29) | (1.12) | (1.30) | ||||||||||||
Net asset value, end of period | $21.49 | $20.72 | $16.99 | $20.36 | $21.34 | $14.68 | ||||||||||||
TOTAL RETURN(c) | 3.72% | 26.94% | −10.12% | 5.49% | 53.48% | −2.88% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||
Net assets, end of period (in thousands) | $155,687 | $157,473 | $139,726 | $176,962 | $168,912 | $110,843 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||
Before expense reimbursement/recoupment(d) | 0.88% | 0.93% | 0.92% | 0.96% | 1.19% | 1.19% | ||||||||||||
After expense reimbursement/recoupment(d) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | ||||||||||||
Ratio of net investment income (loss) to average net assets(d) | 0.23% | 0.37% | 0.36% | (0.07)% | 0.16% | 0.22% | ||||||||||||
Portfolio turnover rate(c) | 21% | 22% | 54% | 38% | 37% | 35% | ||||||||||||
(a) | Net investment income per share has been calculated based on average shares outstanding during the year. |
(b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
20 |
Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, | |||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||
PER SHARE DATA: | ||||||||||||||||||
Net asset value, beginning of period | $17.17 | $15.22 | $17.89 | $17.98 | $13.02 | $14.30 | ||||||||||||
INVESTMENT OPERATIONS: | ||||||||||||||||||
Net investment income(a) | 0.19 | 0.44 | 0.33 | 0.27 | 0.23 | 0.23 | ||||||||||||
Net realized and unrealized gain (loss) on investments(b) | 0.52 | 2.18 | (1.68) | 1.10 | 5.35 | (0.96) | ||||||||||||
Total from investment operations | 0.71 | 2.62 | (1.35) | 1.37 | 5.58 | (0.73) | ||||||||||||
LESS DISTRIBUTIONS FROM: | ||||||||||||||||||
Net investment income | (0.20) | (0.44) | (0.31) | (0.54) | (0.11) | (0.18) | ||||||||||||
Net realized gains | — | (0.23) | (1.01) | (0.92) | (0.51) | (0.37) | ||||||||||||
Total distributions | (0.20) | (0.67) | (1.32) | (1.46) | (0.62) | (0.55) | ||||||||||||
Net asset value, end of period | $17.68 | $17.17 | $15.22 | $17.89 | $17.98 | $13.02 | ||||||||||||
TOTAL RETURN(c) | 4.19% | 17.60% | −7.33% | 7.46% | −43.15% | −5.67% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||
Net assets, end of period (in thousands) | $187,593 | $174,613 | $151,892 | $171,037 | $157,277 | $110,004 | ||||||||||||
Ratio of expenses to average net assets(d) | 0.88% | 0.91% | 0.93% | 0.97% | 1.19% | 1.20% | ||||||||||||
Ratio of net investment income to average net assets(d) | 2.23% | 2.78% | 2.07% | 1.44% | 1.44% | 1.57% | ||||||||||||
Portfolio turnover rate(c) | 22% | 32% | 33% | 34% | 51% | 51% | ||||||||||||
(a) | Net investment income per share has been calculated based on average shares outstanding during the year. |
(b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
21 |
Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, | |||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||
PER SHARE DATA: | ||||||||||||||||||
Net asset value, beginning of period | $15.94 | $12.62 | $14.04 | $19.99 | $10.48 | $12.06 | ||||||||||||
INVESTMENT OPERATIONS: | ||||||||||||||||||
Net investment loss(b) | (0.04) | (0.06) | (0.07) | (0.19) | (0.18) | (0.10) | ||||||||||||
Net realized and unrealized gain (loss) on investments(c) | 2.04 | 3.38 | (1.35) | (2.08) | 11.81 | (0.70) | ||||||||||||
Total from investment operations | 2.00 | 3.32 | (1.42) | (2.27) | 11.63 | (0.80) | ||||||||||||
LESS DISTRIBUTIONS FROM: | ||||||||||||||||||
Net realized gains | — | — | — | (3.68) | (2.12) | (0.78) | ||||||||||||
Total distributions | — | — | — | (3.68) | (2.12) | (0.78) | ||||||||||||
Net asset value, end of period | $17.94 | $15.94 | $12.62 | $14.04 | $19.99 | $10.48 | ||||||||||||
TOTAL RETURN(d) | 12.55% | 26.31% | −10.18% | −14.14% | 111.27% | 7.60% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||
Net assets, end of period (in thousands) | $387,848 | $264,326 | $198,035 | $194,165 | $231,715 | $90,220 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||
Before expense reimbursement/recoupment(e) | 1.11% | 1.18% | 1.22% | 1.17% | 1.19% | 1.24% | ||||||||||||
After expense reimbursement/recoupment(e) | 1.08% | 1.10% | 1.10% | 1.10% | 1.10% | 1.13% | ||||||||||||
Ratio of net investment loss to average net assets(e) | (0.49)% | (0.45)% | (0.58)% | (0.98)% | (0.99)% | (0.77)% | ||||||||||||
Portfolio turnover rate(d) | 57% | 110% | 124% | 133% | 111% | 213% | ||||||||||||
(a) | Effective June 30, 2024, the Osterweis Emerging Opportunity Fund changed its name to the Osterweis Opportunity Fund. |
(b) | Net investment income per share has been calculated based on average shares outstanding during the year. |
(c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
(d) | Not annualized for periods less than one year. |
(e) | Annualized for periods less than one year. |
22 |
Period Ended September 30, 2024 (Unaudited) | Year Ended March 31, | |||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||||
PER SHARE DATA: | ||||||||||||||||||
Net asset value, beginning of period | $11.06 | $10.46 | $11.15 | $11.37 | $9.97 | $11.05 | ||||||||||||
INVESTMENT OPERATIONS: | ||||||||||||||||||
Net investment income(a) | 0.30 | 0.63 | 0.50 | 0.47 | 0.45 | 0.47 | ||||||||||||
Net realized and unrealized gain (loss) on investments(b) | 0.16 | 0.60 | (0.68) | (0.22) | 1.40 | (1.06) | ||||||||||||
Total from investment operations | 0.46 | 1.23 | (0.18) | 0.25 | 1.85 | (0.59) | ||||||||||||
LESS DISTRIBUTIONS FROM: | ||||||||||||||||||
Net investment income | (0.30) | (0.63) | (0.51) | (0.47) | (0.45) | (0.49) | ||||||||||||
Total distributions | (0.30) | (0.63) | (0.51) | (0.47) | (0.45) | (0.49) | ||||||||||||
Net asset value, end of period | $11.22 | $11.06 | $10.46 | $11.15 | $11.37 | $9.97 | ||||||||||||
TOTAL RETURN(c) | 4.19% | 12.10% | −1.49% | 2.13% | 18.73% | −5.63% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||
Net assets, end of period (in thousands) | $5,730,393 | $5,356,295 | $4,693,136 | $5,390,062 | $5,203,890 | $3,995,606 | ||||||||||||
Ratio of expenses to average net assets(d) | 0.81% | 0.86% | 0.85% | 0.84% | 0.86% | 0.86% | ||||||||||||
Ratio of net investment income to average net assets(d) | 5.36% | 5.91% | 4.74% | 4.10% | 4.14% | 4.32% | ||||||||||||
Portfolio turnover rate(c) | 23% | 24% | 10% | 49% | 60% | 40% | ||||||||||||
(a) | Net investment income per share has been calculated based on average shares outstanding during the year. |
(b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
23 |
| A. | Security Valuation. All equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”) and Master Limited Partnerships (“MLPs”), that are traded on U.S. national or foreign securities exchanges are valued either at the last reported sale price on the exchange on which the security is principally traded or the exchange’s official closing price. If, on a particular day, an exchange-traded security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities which may include REITs, BDCs and MLPs that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. |
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
24 |
| 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 Funds’ 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. |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Common Stocks | $144,894,544 | $— | $— | $144,894,544 | ||||||||
Real Estate Investment Trusts | 6,818,243 | — | — | 6,818,243 | ||||||||
Money Market Funds | 3,850,326 | — | — | 3,850,326 | ||||||||
Total Assets: | $155,563,113 | $— | $— | $155,563,113 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Corporate Bonds | $— | $4,196,506,123 | $12,458,950 | $4,208,965,073 | ||||||||
Convertible Bonds | — | 316,953,490 | — | 316,953,490 | ||||||||
Common Stocks | — | — | 52,840,128 | 52,840,128 | ||||||||
Commercial Paper | — | 768,894,501 | — | 768,894,501 | ||||||||
Money Market Funds | 311,235,929 | — | — | 311,235,929 | ||||||||
U.S. Treasury Bills | — | 98,794,300 | — | 98,794,300 | ||||||||
Total Assets: | $311,235,929 | $5,381,148,414 | $65,299,078 | $5,757,683,421 | ||||||||
25 |
Common Stocks | Private Mortgage Backed Obligations | Total | |||||||
Balance as of March 31, 2024 | $54,944,691 | $11,741,456 | $66,686,147 | ||||||
Acquisitions | — | — | — | ||||||
Dispositions | (2,109,468) | — | (2,109,468) | ||||||
Accrued discounts/premiums | — | — | — | ||||||
Realized gain (loss) | — | — | — | ||||||
Change in unrealized appreciation/depreciation | 4,905 | 717,494 | 722,399 | ||||||
Transfer in and/or out of Level 3 | — | — | — | ||||||
Balance as of September 30, 2024 | $52,840,128 | $12,458,950 | $65,299,078 | ||||||
Change in unrealized appreciation/depreciation for Level 3 investments held at September 30, 2024 | $4,905 | $717,494 | $722,399 | ||||||
Type of Security | Fair Value at 9/30/24 | Valuation Techniques | Unobservable Input | Input Value(s) | ||||||||
Common Stocks | Market Comparable Approach | Discount Rate, EBITDA Multiple | 3.0%/5.5x | |||||||||
Broker Quotes | Market Data | $ 1.1000 | ||||||||||
$52,840,128 | Estimated Proceeds | Market Data | $0.0007514 | |||||||||
Private Mortgage Backed Obligations | $12,458,950 | Discounted Cash Flow | Adjustment to yield | 344 bps | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Common Stocks | $108,208,935 | $— | $680,224 | $108,889,159 | ||||||||
Corporate Bonds | — | 49,422,038 | 366,793 | 49,788,831 | ||||||||
Real Estate Investment Trusts | 6,858,467 | — | — | 6,858,467 | ||||||||
Convertible Bonds | — | 4,886,568 | — | 4,886,568 | ||||||||
Commercial Paper | — | 1,995,568 | — | 1,995,568 | ||||||||
Money Market Funds | 14,273,674 | — | — | 14,273,674 | ||||||||
Total Assets: | $129,341,076 | $56,304,174 | $1,047,017 | $186,692,267 | ||||||||
26 |
Common Stocks | Private Mortgage Backed Obligations | Total | |||||||
Balance as of March 31, 2024 | $683,813 | $ 345,669 | $1,029,482 | ||||||
Acquisitions | (3,597) | — | (3,597) | ||||||
Dispositions | — | — | — | ||||||
Accrued discounts/premiums | — | — | — | ||||||
Realized gain (loss) | — | — | — | ||||||
Change in unrealized appreciation/depreciation | 8 | 21,123 | 21,131 | ||||||
Transfer in and/or out of Level 3 | — | — | — | ||||||
Balance as of September 30, 2024 | $680,224 | $ 366,793 | $1,047,017 | ||||||
Change in unrealized appreciation/depreciation for Level 3 investments held at September 30, 2024 | $8 | $21,123 | $21,131 | ||||||
Type of Security | Fair Value at 9/30/24 | Valuation Techniques | Unobservable Input | Input Value(s) | ||||||||
Common Stocks | Market Comparable Approach | Discount Rate, EBITDA Multiple | 3.0%/5.5x | |||||||||
Broker Quotes | Market Data | $ 1.1000 | ||||||||||
$680,224 | Estimated Proceeds | Market Data | $0.0007514 | |||||||||
Private Mortgage Backed Obligations | $366,793 | Discounted Cash Flow | Adjustment to yield | 344 bps | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Common Stocks | $360,137,831 | $— | $— | $360,137,831 | ||||||||
Money Market Funds | 30,984,407 | — | — | 30,984,407 | ||||||||
Total Assets: | $391,122,238 | $— | $— | $391,122,238 | ||||||||
| B. | Foreign Currency. Foreign currency amounts, other than the cost of investments, are translated into U.S. dollar values based upon the spot exchange rate prior to the close of regular trading. The cost of investments is translated at the rates of exchange prevailing on the dates the portfolio securities were acquired. The Funds include foreign exchange gains and losses from dividends receivable, interest receivable and other foreign currency denominated payables and receivables in Change in net unrealized appreciation/depreciation on foreign currency translation and Net realized gain (loss) on foreign currency translation. The Funds do not isolate that portion of realized and unrealized gain (loss) on investments |
27 |
| C. | Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made. |
Capital Loss Carryovers | ||||||
Short-Term | Long-Term | |||||
Osterweis Fund | $— | $— | ||||
Osterweis Strategic Income Fund | (6,597,369) | (417,917,683) | ||||
Osterweis Growth & Income Fund | — | — | ||||
Osterweis Opportunity Fund | (30,161,081) | (40,023) | ||||
| D. | Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on an identified cost basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs and MLPs are generally comprised of ordinary income, capital gains and may include return of capital. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. |
| E. | Distributions to Shareholders. Distributions to shareholders from net investment income and net realized gains on securities for the Osterweis Fund and Osterweis Opportunity Fund normally are declared and paid on an annual basis. Distributions to shareholders from net investment income for the Osterweis Growth & Income Fund normally are declared and paid on a quarterly basis, and distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis. Distributions to shareholders from net investment income for the Osterweis Strategic Income Fund normally are declared and paid on a monthly basis, and distributions to shareholders from net realized gains on securities are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date. |
28 |
| F. | Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
| G. | Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange is closed for trading. The offering and redemption price per share for each Fund is equal to each Fund’s net asset value per share. |
| H. | Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. |
| I. | Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management program that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| J. | Restricted Cash. Restricted cash represents amounts that are held by third parties under certain of the Fund’s derivative transactions. Such cash is excluded from cash and equivalents in the Statements of Assets and Liabilities. Interest income earned on restricted cash is recorded in other income on the Statements of Operations. |
| K. | Recently Issued Accounting Pronouncements. In June 2022, the FASB issued Accounting Standards Update 2022- 03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. |
| L. | Subsequent Events. In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds’ financial statements. |
29 |
March 31, 2025 | March 31, 2026 | March 31, 2027 | September 30, 2028 | Total | |||||||||||
Osterweis Fund | $— | $— | $16 | $— | $16 | ||||||||||
Osterweis Opportunity Fund | 104,824 | 222,867 | 168,962 | 48,980 | 545,633 | ||||||||||
30 |
Purchases | Sales | |||||
Osterweis Fund | $30,481,468 | $35,035,547 | ||||
Osterweis Strategic Income Fund | 860,473,917 | 1,025,918,544 | ||||
Osterweis Growth & Income Fund | 39,691,422 | 33,223,502 | ||||
Osterweis Opportunity Fund | 244,786,307 | 175,469,949 | ||||
September 30, 2024 | March 31, 2024 | |||||
Osterweis Fund | $— | $908,153 | ||||
Osterweis Strategic Income Fund | 147,981,016 | 286,670,985 | ||||
Osterweis Growth & Income Fund | 2,095,524 | 4,704,178 | ||||
Osterweis Opportunity Fund | — | — | ||||
September 30, 2024 | March 31, 2024 | |||||
Osterweis Fund | $— | $4,774,824 | ||||
Osterweis Strategic Income Fund | — | — | ||||
Osterweis Growth & Income Fund | — | 2,163,438 | ||||
Osterweis Emerging Opportunity Fund | — | — | ||||
1 | Designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3). |
31 |
Osterweis Fund | Strategic Income Fund | Growth & Income Fund | Opportunity Fund | |||||||||
Cost of investments | $91,186,598 | $5,464,806,193 | $133,587,101 | $209,566,669 | ||||||||
Gross tax unrealized appreciation | 66,450,810 | 42,128,084 | 42,701,957 | 60,830,009 | ||||||||
Gross tax unrealized depreciation | (165,287) | (156,263,570) | (2,136,064) | (3,294,219) | ||||||||
Gross tax unrealized appreciation/ depreciation | 66,285,523 | (114,135,486) | 40,565,893 | 57,535,790 | ||||||||
Undistributed ordinary income | 132,443 | 13,591,659 | 339,380 | — | ||||||||
Undistributed long-term capital gain | 3,417,673 | — | 3,256,720 | — | ||||||||
Total distributable earnings | 3,550,116 | 13,591,659 | 3,596,100 | — | ||||||||
Other accumulated gain/(loss) | — | (424,515,052) | — | (30,551,065) | ||||||||
Total distributable (accumulated) earnings (losses) | $69,835,639 | $(525,058,879) | $44,161,993 | $26,984,725 | ||||||||
Convertible Preferred Stocks | Share Balance September 30, 2024 | Value March 31, 2024 | Acquisitions | Dispositions | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Value September 30, 2024 | Dividend Income | ||||||||||||||||
Daseke, Inc., 7.625% | — | $ 49,000,000 | $ — | $(49,000,000) | $ — | $ — | $ — | $ — | ||||||||||||||||
Convertible Preferred Stocks | Share Balance September 30, 2024 | Value March 31, 2024 | Acquisitions | Dispositions | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Value September 30, 2024 | Dividend Income | ||||||||||||||||
Daseke, Inc., 7.625% | — | $1,000,000 | $ — | $(1,000,000) | $ — | $ — | $ — | $ — | ||||||||||||||||
32 |
Osterweis Fund | Osterweis Strategic Income Fund | Osterweis Growth & Income Fund | Osterweis Opportunity Fund | |||||||||
Maximum available credit | $20,000,000 | $300,000,000 | $20,000,000 | $15,000,000 | ||||||||
Largest amount outstanding on an individual day | — | — | — | — | ||||||||
Average balance when in use | — | — | — | — | ||||||||
Credit facility outstanding as of September 30, 2024 | — | — | — | — | ||||||||
Average interest rate when in use | — | — | — | — | ||||||||
33 |
34 |
35 |
36 |
37 |
(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
| (5) | Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies. |
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Professionally Managed Portfolios |
| By (Signature and Title) | /s/ Jason Hadler | ||
| Jason Hadler, President/Principal Executive Officer |
| Date | December 5, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Jason Hadler | ||
| Jason Hadler, President/Principal Executive Officer |
| Date | December 5, 2024 |
| By (Signature and Title) | /s/ Craig Benton | ||
| Craig Benton, Treasurer/Principal Financial Officer |
| Date | December 5, 2024 |
* Print the name and title of each signing officer under his or her signature.
