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

COMMON STOCKS - 93.8%

Shares  

Value  
Aerospace & Defense - 4.2%

Airbus SE - ADR

            46,220

    $        2,569,832
Boeing Co. (a)

            16,771

             3,630,418




             6,200,250






Banks - 3.5%

JPMorgan Chase & Co.

            15,628

             5,115,513






Biotechnology - 2.4%

AbbVie, Inc.

            14,296

             3,597,445






Broadline Retail - 4.2%

Amazon.com, Inc. (a)

            26,366

             6,284,072






Capital Markets - 1.1%

Intercontinental Exchange, Inc.

            12,675

             1,560,419






Chemicals - 2.6%

Air Products and Chemicals, Inc.

            6,442

             1,888,666
Linde PLC

            3,729

             1,935,127




             3,823,793






Commercial Services & Supplies - 3.3%

Waste Connections, Inc.

            29,550

             4,925,690






Computers & Peripherals - 4.6%

Apple, Inc.

            23,724

             6,864,777






Consumer Staples Distribution & Retail - 2.5%

US Foods Holding Corp. (a)

            35,585

             3,638,566






Electrical Equipment - 2.0%

AMETEK, Inc.

            12,109

             2,929,651






Electronic Equipment, Instruments & Components - 1.0%

Keysight Technologies, Inc. (a)

            4,381

             1,533,657






Energy Equipment & Services - 1.2%

SLB Ltd.

            38,250

             1,778,243






Financial Services - 5.3%

Corpay, Inc. (a)

            6,983

             2,327,224
Visa, Inc. - Class A

            16,256

             5,577,271




             7,904,495






Ground Transportation - 1.9%

Canadian Pacific Kansas City Ltd.

            31,955

             2,768,901






Health Care Equipment & Supplies - 2.3%

Boston Scientific Corp. (a)

            80,640

             3,441,715








Hotels, Restaurants & Leisure - 1.7%

Compass Group PLC - ADR

            79,070

             2,573,729






Household Durables - 1.9%

NVR, Inc. (a)

            421

             2,868,441






Insurance - 3.7%

Arthur J Gallagher & Co.

            10,041

             2,305,112
Progressive Corp.

            14,179

             3,097,403




             5,402,515






Interactive Media & Services - 8.3%

Alphabet, Inc. - Class C

            34,876

             12,322,737






Life Sciences Tools & Services - 2.5%

Danaher Corp.

            19,407

             3,696,645






Machinery - 1.8%

Deere & Co.

            4,181

             2,652,134






Pharmaceuticals - 2.6%

Eli Lilly & Co.

            3,222

             3,864,564






Semiconductors & Semiconductor Equipment - 16.5%

Analog Devices, Inc.

            14,210

             5,643,786
Applied Materials, Inc.

            8,769

             6,339,987
Broadcom, Inc.

            14,693

             5,550,281
Micron Technology, Inc.

            1,305

             1,506,348
NVIDIA Corp.

            27,198

             5,442,048




             24,482,450






Software - 6.0%

Microsoft Corp.

            14,307

             5,336,797
Synopsys, Inc. (a)

            8,053

             3,592,202




             8,928,999






Specialty Retail - 2.6%

AutoZone, Inc. (a)

            1,205

             3,851,108






Trading Companies & Distributors - 1.9%

Ferguson Enterprises, Inc.

            12,122

             2,876,914






Water Utilities - 2.2%

American Water Works Co., Inc.

            24,990

             3,288,184
TOTAL COMMON STOCKS (Cost $85,989,722)

             139,175,607






REAL ESTATE INVESTMENT TRUSTS - 4.0%

Shares  

Value  
Industrial REITs - 2.4%

Terreno Realty Corp.

            54,110

             3,504,705






Specialized REITs - 1.6%

Lamar Advertising Co. - Class A

            15,775

             2,460,584
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,304,139)

             5,965,289








SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 2.2%
Shares  

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

            3,267,725

             3,267,725
TOTAL MONEY MARKET FUNDS (Cost $3,267,725)

             3,267,725






TOTAL INVESTMENTS - 100.0% (Cost $93,561,586)

             148,408,621
Liabilities in Excess of Other Assets - (0.0)% (c)
(0.00003)
            (3,797)
TOTAL NET ASSETS - 100.0%




    $        148,404,824


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.





(a)

Non-income producing security.
(b)

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

Represents less than 0.05% of net assets.


























Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Osterweis 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
    $        139,175,607

    $        –

    $        –

    $        139,175,607
  Real Estate Investment Trusts
            5,965,289

            –

            –

            5,965,289
  Money Market Funds
            3,267,725

            –

            –

            3,267,725
Total Investments
    $        148,408,621

    $        –

    $        –

    $        148,408,621



 

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