Osterweis Growth and Income Fund
Schedule of Investments
June 30, 2026 (Unaudited)
COMMON STOCKS - 59.3%									Shares						Value
Aerospace & Defense - 3.9%
Airbus SE - ADR									64,305						$        3,575,358
Boeing Co. (a)									9,450						2,045,642
L3Harris Technologies, Inc.									6,229						1,810,085
															7,431,085
Banks - 3.4%
Bank of America Corp.									39,270						2,237,604
JPMorgan Chase & Co.									12,790						4,186,551
															6,424,155
Biotechnology - 1.5%
AbbVie, Inc.									10,996						2,767,033
Broadline Retail - 2.6%
Amazon.com, Inc. (a)									20,966						4,997,036
Chemicals - 2.0%
Air Products and Chemicals, Inc.									4,959						1,453,880
Linde PLC									4,460						2,314,472
															3,768,352
Commercial Services & Supplies - 2.0%
Waste Connections, Inc.									22,725						3,788,030
Computers & Peripherals - 1.9%
Apple, Inc.									12,603						3,646,804
Consumer Staples Distribution & Retail - 1.5%
Southeastern Grocers, Inc. (a)(b)									7,928						1
Tops Securities Litigation Trust (a)(b)									2,292,000						1,721
US Foods Holding Corp. (a)									27,960						2,858,910
															2,860,632
Electrical Equipment - 1.2%
AMETEK, Inc.									9,494						2,296,978
Electronic Equipment, Instruments & Components - 0.6%
Keysight Technologies, Inc. (a)									3,361						1,176,585
Energy Equipment & Services - 0.8%
SLB Ltd.									30,875						1,435,379
Financial Services - 2.4%
Visa, Inc. - Class A									13,170						4,518,495
Ground Transportation - 1.1%
Canadian Pacific Kansas City Ltd.									24,535						2,125,958
Health Care Equipment & Supplies - 1.2%

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Boston Scientific Corp. (a)									52,820						2,254,358
Health Care Providers & Services - 1.0%
Labcorp Holdings, Inc.									6,975						1,953,000
Hotels, Restaurants & Leisure - 1.4%
Compass Group PLC - ADR									82,835						2,696,279
Household Durables - 1.2%
NVR, Inc. (a)									328						2,234,795
Insurance - 2.2%
Arthur J Gallagher & Co.									7,748						1,778,708
Progressive Corp.									10,817						2,362,974
															4,141,682
Interactive Media & Services - 5.0%
Alphabet, Inc. - Class C									26,606						9,400,698
Life Sciences Tools & Services - 1.6%
Danaher Corp.									16,002						3,048,061
Machinery - 1.1%
Deere & Co.									3,281						2,081,237
Metals & Mining - 0.3%
Real Alloy Equity (a)(b)									9						539,523
Pharmaceuticals - 3.7%
Eli Lilly & Co.									2,984						3,579,099
Novartis AG - ADR									22,195						3,478,401
															7,057,500
Semiconductors & Semiconductor Equipment - 8.2%
Analog Devices, Inc.									11,190						4,444,332
Applied Materials, Inc.									6,744						4,875,912
Broadcom, Inc.									11,425						4,315,794
NVIDIA Corp.									9,696						1,940,073
															15,576,111
Software - 3.2%
Microsoft Corp.									11,212						4,182,300
Synopsys, Inc. (a)									4,068						1,814,613
															5,996,913
Specialty Retail - 1.7%
AutoZone, Inc. (a)									990						3,163,981
Trading Companies & Distributors - 1.2%
Ferguson Enterprises, Inc.									9,683						2,298,066
Water Utilities - 1.4%
American Water Works Co., Inc.									19,985						2,629,626
TOTAL COMMON STOCKS (Cost $67,442,958)															112,308,352

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CORPORATE BONDS - 31.3%									Par						Value
Automobile Components - 1.7%
Adient Global Holdings Ltd.
7.00%, 04/15/2028 (c)									350,000						355,858
7.50%, 02/15/2033 (c)									400,000						412,858
American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (c)									750,000						741,132
Dorman Products, Inc., 6.25%, 06/15/2034 (c)									500,000						506,250
Goodyear Tire & Rubber Co.
6.63%, 07/15/2030									500,000						483,347
8.88%, 07/15/2032									700,000						706,016
															3,205,461
Automobiles - 0.3%
Ford Motor Co., 9.63%, 04/22/2030									500,000						567,279
Banks - 0.3%
Bancorp, Inc., 7.38%, 09/01/2030									500,000						513,316
Beverages - 0.2%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029 (c)									300,000						293,029
Building Products - 0.5%
Advanced Drainage Systems, Inc., 5.38%, 03/01/2034 (c)									500,000						489,805
Griffon Corp., 5.75%, 03/01/2028									500,000						500,313
															990,118
Chemicals - 0.6%
Consolidated Energy Finance SA
5.63%, 10/15/2028 (c)									400,000						384,500
12.00%, 02/15/2031 (c)									250,000						259,023
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 (c)									500,000						469,965
															1,113,488
Commercial Services & Supplies - 1.1%
Deluxe Corp., 8.13%, 09/15/2029 (c)									750,000						777,451
GFL Environmental Holdings US, Inc., 5.50%, 02/01/2034 (c)									500,000						489,656
Pitney Bowes, Inc., 7.25%, 03/15/2029 (c)									725,000						735,684
															2,002,791
Computers & Peripherals - 0.6%
CPI CG, Inc., 10.00%, 07/15/2029 (c)									750,000						789,386
Xerox Corp., 10.25%, 10/15/2030 (c)									500,000						442,500
															1,231,886
Construction & Engineering - 1.6%
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 (c)									750,000						749,944
Granite Construction, Inc., 6.38%, 06/15/2034 (c)									250,000						254,837
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 (c)									500,000						498,561
Tutor Perini Corp.
11.88%, 04/30/2029 (c)									1,000,000						1,089,953
6.63%, 07/15/2033 (c)									500,000						503,615
															3,096,910
Consumer Finance - 1.5%
Atlanticus Holdings Corp., 9.75%, 09/01/2030 (c)									500,000						506,452
Enova International, Inc.
11.25%, 12/15/2028 (c)									400,000						421,810

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9.13%, 08/01/2029 (c)									350,000						366,557
EZCORP, Inc., 7.38%, 04/01/2032 (c)									500,000						525,366
FirstCash, Inc.
5.63%, 01/01/2030 (c)									500,000						497,439
6.88%, 03/01/2032 (c)									500,000						514,456
															2,832,080
Consumer Staples Distribution & Retail - 1.7%
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (c)									750,000						711,329
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.
9.00%, 02/15/2029 (c)									750,000						786,082
7.13%, 04/30/2033 (c)									250,000						254,811
Performance Food Group, Inc., 5.63%, 03/01/2034 (c)									500,000						491,100
United Natural Foods, Inc., 6.75%, 10/15/2028 (c)									481,000						481,416
US Foods, Inc., 4.75%, 02/15/2029 (c)									470,000						464,198
															3,188,936
Containers & Packaging - 0.8%
Canpack Group, Inc. / CANPACK SA, 6.00%, 05/15/2031 (c)									500,000						503,173
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026									500,000						500,144
Owens-Brockway Glass Container, Inc., 9.50%, 06/01/2033 (c)									500,000						512,563
															1,515,880
Diversified Consumer Services - 0.1%
Carriage Services, Inc., 4.25%, 05/15/2029 (c)									200,000						192,006
Energy Equipment & Services - 0.7%
HMH Holding BV, 7.88%, 12/17/2028 (c)									600,000						614,264
Tidewater, Inc., 9.13%, 07/15/2030 (c)									750,000						804,029
															1,418,293
Entertainment - 0.5%
Banijay Entertainment SAS, 8.13%, 05/01/2029 (c)									1,000,000						1,025,686
Financial Services - 1.1%
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (c)									250,000						247,156
HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031 (b)(c)									642,000						402,847
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 7.75%, 05/15/2031 (c)									600,000						595,744
United Wholesale Mortgage LLC, 5.50%, 04/15/2029 (c)									430,000						400,292
UWM Holdings LLC, 6.25%, 03/15/2031 (c)									500,000						446,284
															2,092,323
Food Products - 0.5%
Chobani LLC / Chobani Finance Corp., Inc., 6.38%, 04/15/2034 (c)									500,000						507,786
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (c)									494,000						477,521
															985,307
Ground Transportation - 0.5%
RXO, Inc., 6.38%, 05/15/2031 (c)									1,000,000						1,016,044
Health Care Providers & Services - 0.9%
Accendra Health, Inc.
9.00%, 06/15/2032 (c)									754,907						703,249
9.75%, 06/15/2033 (c)									596,000						408,000
AMN Healthcare, Inc., 6.50%, 01/15/2031 (c)									500,000						503,306
															1,614,555

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Hotels, Restaurants & Leisure - 0.7%
Travel + Leisure Co., 6.00%, 04/01/2027 (d)									500,000						500,980
Viking Cruises Ltd., 7.00%, 02/15/2029 (c)									750,000						752,956
															1,253,936
Household Durables - 1.9%
Adams Homes, Inc., 9.25%, 10/15/2028 (c)									750,000						775,357
Empire Communities Corp., 9.75%, 05/01/2029 (c)									500,000						517,766
Installed Building Products, Inc., 5.63%, 02/01/2034 (c)									500,000						493,532
K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031 (c)									500,000						516,318
Risewell Homes, Inc.
9.25%, 10/01/2029 (c)									750,000						776,656
8.50%, 11/01/2030 (c)									250,000						256,347
STL Holding Co. LLC, 8.75%, 02/15/2029 (c)									250,000						261,177
															3,597,153
Industrial Power & Renewable Electricity Products - 0.4%
Vistra Operations Co. LLC
5.05%, 12/30/2026 (c)									500,000						500,758
5.00%, 07/31/2027 (c)									250,000						249,921
															750,679
IT Services - 0.5%
Unisys Corp., 10.63%, 01/15/2031 (c)									1,000,000						941,693
Life Sciences Tools & Services - 0.3%
IQVIA, Inc., 5.00%, 10/15/2026 (c)									500,000						499,993
Machinery - 0.9%
Enpro, Inc., 6.13%, 06/01/2033 (c)									500,000						507,799
Manitowoc Co., Inc., 9.25%, 10/01/2031 (c)									500,000						538,145
Wabash National Corp., 4.50%, 10/15/2028 (c)									750,000						697,262
															1,743,206
Media - 0.4%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/2028 (c)									750,000						740,991
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (c)									44,000						43,971
															784,962
Metals & Mining - 1.6%
Century Aluminum Co., 6.88%, 08/01/2032 (c)									500,000						514,574
Champion Iron Canada, Inc., 7.88%, 07/15/2032 (c)									250,000						258,958
Coeur Mining, Inc., 5.13%, 02/15/2029 (c)									600,000						595,399
Commercial Metals Co., 5.75%, 11/15/2033 (c)									250,000						248,645
IAMGOLD Corp., 5.75%, 10/15/2028 (c)									250,000						249,381
Perenti Finance Pty Ltd., 7.50%, 04/26/2029 (c)									500,000						515,178
SunCoke Energy, Inc., 4.88%, 06/30/2029 (c)									600,000						567,984
															2,950,119
Mortgage Real Estate Investment Trusts - REITS - 0.3%
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029 (c)									500,000						518,518
Oil, Gas & Consumable Fuels - 2.5%
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 07/15/2028 (c)									250,000						256,469
Genesis Energy LP / Genesis Energy Finance Corp., 6.75%, 03/15/2034									500,000						496,486

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Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033 (c)									800,000						810,074
Neo Next+ Energy Consolidated Holdings Ltd., 6.63%, 06/11/2031 (c)									600,000						591,095
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (c)									1,000,000						1,034,406
Serica Energy PLC, 7.88%, 05/12/2031									600,000						604,988
SM Energy Co.
8.75%, 07/01/2031 (c)									500,000						522,499
6.63%, 04/15/2034 (c)									250,000						246,328
Sunoco LP, 5.38%, 07/15/2031 (c)									250,000						246,740
															4,809,085
Passenger Airlines - 1.3%
Air Canada 2020-1 Class C Pass Through Trust, Series 2020-1, 10.50%, 07/15/2026 (c)									500,000						500,170
Allegiant Travel Co., 7.13%, 07/01/2031 (c)									750,000						759,724
American Airlines, Inc., 7.25%, 02/15/2028 (c)									500,000						506,501
JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (c)									850,000						771,019
															2,537,414
Pharmaceuticals - 0.4%
Harrow, Inc., 8.63%, 09/15/2030 (c)									750,000						760,500
Professional Services - 1.0%
CACI International, Inc., 6.38%, 06/15/2033 (c)									500,000						507,411
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (c)									750,000						633,074
KBR, Inc., 4.75%, 09/30/2028 (c)									750,000						741,041
															1,881,526
Software - 0.1%
NCR Voyix Corp., 5.00%, 10/01/2028 (c)									175,000						170,759
Specialized REITs - 0.9%
Iron Mountain, Inc., 7.00%, 02/15/2029 (c)									750,000						764,564
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (c)									1,000,000						998,171
															1,762,735
Specialty Retail - 1.1%
Advance Auto Parts, Inc., 7.00%, 08/01/2030 (c)									250,000						256,543
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (c)									500,000						495,541
Sonic Automotive, Inc., 4.63%, 11/15/2029 (c)									500,000						490,884
Upbound Group, Inc., 6.38%, 02/15/2029 (c)									850,000						843,150
															2,086,118
Textiles, Apparel & Luxury Goods - 0.4%
William Carter Co., 7.38%, 02/15/2031 (c)									700,000						724,091
Trading Companies & Distributors - 1.2%
Herc Holdings, Inc.
7.00%, 06/15/2030 (c)									1,250,000						1,293,187
5.75%, 03/15/2031 (c)									500,000						499,604
6.00%, 03/15/2034 (c)									500,000						497,071
															2,289,862
Transportation Infrastructure - 0.2%
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 (c)									400,000						380,000
TOTAL CORPORATE BONDS (Cost $59,562,215)															59,337,737
REAL ESTATE INVESTMENT TRUSTS - 3.7%									Shares						Value

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Industrial REITs - 1.2%
Terreno Realty Corp.									34,410						2,228,736
Specialized REITs - 2.5%
Lamar Advertising Co. - Class A									21,030						3,280,259
Public Storage									4,712						1,499,877
															4,780,136
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,960,657)															7,008,872
CONVERTIBLE BONDS - 1.5%									Par						Value
Financial Services - 0.4%
Affirm Holdings, Inc., 0.00%, 11/15/2026 (e)									750,000						738,750
Hotel & Resort REITs - 0.3%
Pebblebrook Hotel Trust, 1.75%, 12/15/2026									521,000						517,405
Hotels, Restaurants & Leisure - 0.4%
Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027									750,000						737,625
Real Estate Management & Development - 0.2%
Redfin Corp., 0.50%, 04/01/2027									500,000						482,500
Software - 0.2%
Workiva, Inc., 1.13%, 08/15/2026									500,000						497,525
TOTAL CONVERTIBLE BONDS (Cost $2,961,140)															2,973,805
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 2.8%									Shares						Value
Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.52% (f)									5,331,372						5,331,372
TOTAL MONEY MARKET FUNDS (Cost $5,331,372)															5,331,372
COMMERCIAL PAPER - 1.1%									Par						Value
Chemicals - 0.6%
Sherwin-Williams Co., 3.91%, 07/14/2026 (c)(g)									1,000,000						998,509
Electric Utilities - 0.5%
Brookfield Infrastructure Holdings Canada, Inc., 4.11%, 07/28/2026 (g)									1,000,000						996,782
TOTAL COMMERCIAL PAPER (Cost $1,995,528)															1,995,291
TOTAL INVESTMENTS - 99.7% (Cost $142,253,870)															188,955,429
Other Assets in Excess of Liabilities - 0.3%												0.00273			516,550
TOTAL NET ASSETS - 100.0%															$        189,471,979
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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(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 $944,092 or 0.5% of net assets as of June 30, 2026.
(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 June 30, 2026, the value of these securities total $55,463,377 or 29.3% of the Fund’s net assets.
(d)						Step coupon bond. The rate disclosed is as of June 30, 2026.
(e)						Zero coupon bonds make no periodic interest payments.
(f)						The rate shown represents the 7-day annualized yield as of June 30, 2026.
(g)						The rate shown is the annualized yield as of June 30, 2026.

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Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)

 

Osterweis Growth and Income Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2026:

			Level 1						Level 2						Level 3						Total
Investments:
Common Stocks			$        111,767,107						$        –						$        541,245						$        112,308,352
Corporate Bonds			–						58,934,890						402,847						59,337,737
Real Estate Investment Trusts			7,008,872						–						–						7,008,872
Convertible Bonds			–						2,973,805						–						2,973,805
Money Market Funds			5,331,372						–						–						5,331,372
Commercial Paper			–						1,995,291						–						1,995,291
Total Investments			$        124,107,351						$        63,903,986						$        944,092						$        188,955,429

						Refer to the Schedule of Investments for further disaggregation of investment categories.

Fair Value Measurement Using Significant Unobservable Inputs						Level 3
Beginning balance as of March 31, 2026						$        932,313
Change in unrealized appreciation/depreciation						11,779
Amortization/(Accretion)						0
Ending balance as of June 30, 2026						$        944,092
						$0
Change in unrealized appreciation/depreciation still held as of June 30, 2026						$        11,779
						0

Description

Fair Value as of June 30, 2026

Valuation Technique

Unobservable Inputs

Input Values (Ranges)

Corporate Bonds

$        402,847

Discounted Cash Flow

Adjustment to yield

300 bps

Common Stocks

541,245

Market Data

Last Trade Price

$63,250.00

Estimated Proceeds

Future Proceeds from Equity Take-Out

0.0001

Estimated Proceeds

Future Proceeds from the Litigation Trust

0.0007514

$        944,092