Osterweis Opportunity Fund
Schedule of Investments
June 30, 2026 (Unaudited)

COMMON STOCKS - 94.3%

Shares  

Value  
Aerospace & Defense - 6.3%

Loar Holdings, Inc. (a)

            144,335

    $        11,634,844
VSE Corp.

            54,704

             12,499,864




             24,134,708






Banks - 3.2%

Axos Financial, Inc. (a)

            126,480

             12,317,887






Biotechnology - 8.0%

Arrowhead Pharmaceuticals, Inc. (a)

            38,470

             3,135,690
Cogent Biosciences, Inc. (a)

            131,530

             5,090,211
Twist Bioscience Corp. (a)

            85,150

             8,760,232
Vericel Corp. (a)

            304,115

             13,530,076




             30,516,209






Capital Markets - 1.1%

Galaxy Digital, Inc. - Class A (a)

            148,365

             4,056,299






Commercial Services & Supplies - 2.4%

Casella Waste Systems, Inc. - Class A (a)

            93,600

             9,076,392






Construction & Engineering - 3.4%

Cardinal Infrastructure Group, Inc. - Class A (a)

            137,020

             12,907,284






Consumer Finance - 1.3%

Dave, Inc. (a)

            13,491

             5,026,612






Electrical Equipment - 1.8%

Nextpower, Inc. - Class A (a)

            56,820

             6,769,535






Electronic Equipment, Instruments & Components - 4.4%

Fabrinet (a)

            6,553

             3,683,310
Novanta, Inc. (a)

            80,270

             13,023,005




             16,706,315






Financial Services - 3.2%

Affirm Holdings, Inc. (a)

            120,220

             9,803,941
Chime Financial, Inc. - Class A (a)

            125,805

             2,576,486




             12,380,427






Health Care Equipment & Supplies - 6.7%

AtriCure, Inc. (a)

            382,700

             10,707,946
Glaukos Corp. (a)

            30,955

             4,326,271
Kestra Medical Technologies Ltd. (a)

            308,020

             7,836,029
Procept Biorobotics Corp. (a)

            127,585

             2,880,869




             25,751,115






Health Care Providers & Services - 7.5%

Alignment Healthcare, Inc. (a)

            460,940

             10,974,981
Guardant Health, Inc. (a)

            74,300

             11,147,229
Hinge Health, Inc. - Class A (a)

            79,000

             6,557,000






             28,679,210






Health Care Technology - 1.1%

Waystar Holding Corp. (a)

            214,805

             4,409,947






Hotels, Restaurants & Leisure - 7.9%

Dutch Bros, Inc. - Class A (a)

            153,925

             11,053,354
Life Time Group Holdings, Inc. (a)

            326,945

             13,352,434
Navan, Inc. - Class A (a)

            257,520

             5,889,483




             30,295,271






IT Services - 6.2%

DigitalOcean Holdings, Inc. (a)

            69,915

             10,978,753
Twilio, Inc. - Class A (a)

            61,479

             12,684,962




             23,663,715






Life Sciences Tools & Services - 3.0%

Repligen Corp. (a)

            84,775

             11,566,701






Machinery - 5.7%

CECO Environmental Corp. (a)

            39,585

             3,591,943
Mayville Engineering Co., Inc. (a)

            133,280

             4,992,669
SPX Technologies, Inc. (a)

            54,208

             13,290,175




             21,874,787






Real Estate Management & Development - 2.6%

FirstService Corp.

            69,890

             9,932,068






Semiconductors & Semiconductor Equipment - 8.8%

Lattice Semiconductor Corp. (a)

            61,000

             9,330,560
MACOM Technology Solutions Holdings, Inc. (a)

            19,397

             7,378,037
Semtech Corp. (a)

            46,120

             7,464,522
SiTime Corp. (a)

            12,734

             9,493,961




             33,667,080






Software - 3.2%

Agilysys, Inc. (a)

            47,670

             4,981,515
ServiceTitan, Inc. - Class A (a)

            103,500

             7,318,485




             12,300,000






Specialty Retail - 2.7%

Boot Barn Holdings, Inc. (a)

            61,845

             10,159,278






Tobacco - 1.3%

Turning Point Brands, Inc.

            58,075

             4,925,341






Trading Companies & Distributors - 2.5%

Transcat, Inc. (a)

            101,290

             9,396,673
TOTAL COMMON STOCKS (Cost $270,907,614)

             360,512,854






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 9.0%
Shares  

Value  
Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.52% (b)

            34,471,748

             34,471,748
TOTAL MONEY MARKET FUNDS (Cost $34,471,748)

             34,471,748








TOTAL INVESTMENTS - 103.3% (Cost $305,379,362)

             394,984,602
Liabilities in Excess of Other Assets - (3.3)%
(0.03274)
            (12,523,168)
TOTAL NET ASSETS - 100.0%




    $        382,461,434


Percentages are stated as a percent of net assets.




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


(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized yield as of June 30, 2026.



















Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Osterweis Opportunity 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
    $        360,512,854

    $        –

    $        –

    $        360,512,854
  Money Market Funds
            34,471,748

            –

            –

            34,471,748
Total Investments
    $        394,984,602

    $        –

    $        –

    $        394,984,602





 

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