OSTERWEIS EMERGING OPPORTUNITY FUND | ||||
SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited) | ||||
Shares | Value | |||
Common Stocks: 92.1% | ||||
Aerospace & Defense: 3.1% | ||||
33,100 | Axon Enterprise, Inc. 1 | $ | 6,458,472 | |
Biotechnology: 2.8% | ||||
3,402 | Madrigal Pharmaceuticals, Inc. 1 | 785,862 | ||
62,445 | Natera, Inc. 1 | 3,038,574 | ||
93,250 | Replimune Group, Inc. 1 | 2,165,265 | ||
5,989,701 | ||||
Building Products: 4.4% | ||||
79,965 | Trex Co., Inc. 1 | 5,242,506 | ||
147,715 | Zurn Elkay Water Solutions Corp. | 3,972,056 | ||
9,214,562 | ||||
Chemicals: 2.7% | ||||
57,710 | Innospec, Inc. | 5,796,392 | ||
Consumer Staples Distribution & Retail: 3.4% | ||||
201,285 | The Chefs’ Warehouse, Inc. 1 | 7,197,952 | ||
Diversified Telecommunication Services: 1.9% | ||||
63,135 | Iridium Communications, Inc. | 3,921,946 | ||
Electrical Equipment: 1.0% | ||||
14,140 | Generac Holdings, Inc. 1 | 2,108,698 | ||
Health Care Equipment & Supplies: 13.3% | ||||
15,457 | Inspire Medical Systems, Inc. 1 | 5,017,960 | ||
17,735 | Insulet Corp. 1 | 5,113,710 | ||
43,145 | Lantheus Holdings, Inc. 1 | 3,620,728 | ||
45,085 | PROCEPT BioRobotics Corp. 1 | 1,593,755 | ||
17,593 | Shockwave Medical, Inc. 1 | 5,021,218 | ||
34,995 | TransMedics Group, Inc. 1 | 2,938,880 | ||
24,450 | UFP Technologies, Inc. 1 | 4,739,633 | ||
28,045,884 | ||||
Health Care Providers & Services: 3.8% | ||||
32,725 | The Ensign Group, Inc. | 3,123,928 | ||
76,400 | HealthEquity, Inc. 1 | 4,823,896 | ||
7,947,824 | ||||
Hotels, Restaurants & Leisure: 3.2% | ||||
54,235 | Marriott Vacations Worldwide Corp. | 6,655,719 | ||
Household Durables: 2.9% | ||||
20,381 | Cavco Industries, Inc. 1 | 6,012,395 | ||
Leisure Products: 1.6% | ||||
169,295 | Topgolf Callaway Brands Corp. 1 | 3,360,506 | ||
Oil, Gas & Consumable Fuels: 2.6% | ||||
266,115 | Magnolia Oil & Gas Corp. - Class A | 5,561,804 | ||
Professional Services: 7.3% | ||||
143,450 | KBR, Inc. | 9,332,857 | ||
311,125 | Verra Mobility Corp. 1 | 6,135,385 | ||
15,468,242 | ||||
Real Estate Management & Development: 4.3% | ||||
58,708 | FirstService Corp. | 9,046,316 | ||
Semiconductors & Semiconductor Equipment: 14.8% | ||||
388,625 | ACM Research, Inc. - Class A 1 | 5,083,215 | ||
24,795 | Impinj, Inc. 1 | 2,222,872 | ||
143,390 | MACOM Technology Solutions Holdings, Inc. 1 | 9,396,346 | ||
76,487 | Onto Innovation, Inc. 1 | 8,908,441 | ||
35,500 | Silicon Laboratories, Inc. 1 | 5,599,770 | ||
31,210,644 | ||||
Software: 16.1% | ||||
92,335 | Bentley Systems, Inc. - Class B | 5,007,327 | ||
149,510 | Clearwater Analytics Holdings, Inc. - Class A 1 | 2,372,724 | ||
170,535 | DoubleVerify Holdings, Inc. 1 | 6,637,222 | ||
28,865 | Five9, Inc. 1 | 2,379,919 | ||
31,000 | Manhattan Associates, Inc. 1 | 6,196,280 | ||
47,215 | Procore Technologies, Inc. 1 | 3,072,280 | ||
43,340 | SPS Commerce, Inc. 1 | 8,323,881 | ||
33,989,633 | ||||
Specialty Retail: 2.9% | ||||
19,380 | Boot Barn Holdings, Inc. 1 | 1,641,292 | ||
42,930 | Floor & Decor Holdings, Inc. - Class A 1 | 4,463,003 | ||
6,104,295 | ||||
Total Common Stocks | ||||
(Cost $162,534,225) | 194,090,985 | |||
Short-Term Investments: 8.3% | ||||
Money Market Funds: 8.3% | ||||
17,400,514 | Federated Hermes U.S. Treasury Cash Reserves - Class I, 5.000% 2 | 17,400,514 | ||
Total Money Market Funds | ||||
(Cost $17,400,514) | 17,400,514 | |||
Total Short-Term Investments | ||||
(Cost $17,400,514) | 17,400,514 | |||
Total Investments in Securities: 100.4% | ||||
(Cost $179,934,739) | 211,491,499 | |||
Liabilities in Excess of Other Assets: (0.4)% | (758,164) | |||
Total Net Assets: 100.0% | $ | 210,733,335 | ||
1 | Non-income producing security. | |||
2 | Annualized seven-day effective yield as of June 30, 2023. | |||
The Global Industry Classifications Standard (GICS®) sector and industry classifications was developed by and is the exclsuive property of MSCI, Inc. and Standard & Poor’s (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Osterweis Capital Management. |
Summary of Fair Value Disclosure at June 30, 2023 (Unaudited) |
The Osterweis Emerging Opportunity Fund (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: |
Assets: | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks 1 | $ | 194,090,985 | $ | – | $ | – | $ | 194,090,985 | |||||||
Short-Term Investments | 17,400,514 | – | – | 17,400,514 | |||||||||||
Total Assets: | $ | 211,491,499 | $ | – | $ | – | $ | 211,491,499 | |||||||
1 See Schedule of Investments for industry breakouts. |