| COMMON STOCKS - 91.3% | | Shares | | | Value |
| Aerospace & Defense - 6.0% | | |
| Airbus SE - ADR | | 153,880 | | $
| 5,268,851 |
| L3Harris Technologies, Inc. | | 17,309 | | | 3,887,256 |
| | | | | | 9,156,107 |
| | | | | | | |
| Broadline Retail - 5.7% | | |
Amazon.com, Inc.(a) | | 45,085 | | | 8,712,676 |
| | | | | | | |
| Chemicals - 3.0% | | |
| Air Products & Chemicals, Inc. | | 11,250 | | | 2,903,063 |
| Linde PLC | | 3,729 | | | 1,636,322 |
| | | | | | 4,539,385 |
| | | | | | | |
| Commercial Services & Supplies - 3.2% | | |
| Waste Connections, Inc. | | 27,340 | | | 4,794,343 |
| | | | | | | |
| Consumer Staples Distribution & Retail - 3.1% | | |
| Target Corp. | | 32,175 | | | 4,763,187 |
| | | | | | | |
| Electrical Equipment - 1.9% | | |
| AMETEK, Inc. | | 17,015 | | | 2,836,571 |
| | | | | | | |
| Electronic Equipment, Instruments & Components - 2.2% | | |
Keysight Technologies, Inc.(a) | | 24,620 | | | 3,366,785 |
| | | | | | | |
| Financial Services - 3.2% | | |
| Visa, Inc. - Class A - Class A | | 18,730 | | | 4,916,063 |
| | | | | | | |
| Ground Transportation - 3.1% | | |
| Old Dominion Freight Line, Inc. | | 13,230 | | | 2,336,418 |
| Union Pacific Corp. | | 10,318 | | | 2,334,551 |
| | | | | | 4,670,969 |
| | | | | | | |
| Health Care Equipment & Supplies - 6.0% | | |
| Becton Dickinson & Co. | | 19,524 | | | 4,562,954 |
Boston Scientific Corp.(a) | | 59,230 | | | 4,561,302 |
| | | | | | 9,124,256 |
| | | | | | | |
| Health Care Providers & Services - 2.1% | | |
| UnitedHealth Group, Inc. | | 6,135 | | | 3,124,310 |
| | | | | | | |
| Insurance - 5.0% | | |
| Brown & Brown, Inc. | | 41,985 | | | 3,753,879 |
| The Progressive Corp. | | 18,503 | | | 3,843,258 |
| | | | | | 7,597,137 |
| | | | | | | |
| Interactive Media & Services - 7.3% | | |
| Alphabet, Inc. - Class C - Class C | | 60,645 | | | 11,123,506 |
| | | | | | | |
| IT Services - 2.5% | | |
| Accenture PLC - Class A - Class A | | 12,381 | | | 3,756,519 |
| | | | | | | |
| Life Sciences Tools & Services - 6.1% | | |
| Agilent Technologies, Inc. | | 20,055 | | | 2,599,730 |
| Danaher Corp. | | 11,871 | | | 2,965,969 |
| Thermo Fisher Scientific, Inc. | | 6,584 | | | 3,640,952 |
| | | | | | 9,206,651 |
| | | | | | | |
| Semiconductors & Semiconductor Equipment - 11.8% | | |
Advanced Micro Devices, Inc.(a) | | 28,821 | | | 4,675,055 |
| Analog Devices, Inc. | | 17,850 | | | 4,074,441 |
| Applied Materials, Inc. | | 12,775 | | | 3,014,772 |
| Broadcom, Inc. | | 2,172 | | | 3,487,211 |
| Micron Technology, Inc. | | 20,595 | | | 2,708,860 |
| | | | | | 17,960,339 |
| | | | | | | |
| Software - 14.0% | | |
Adobe, Inc.(a) | | 9,285 | | | 5,158,189 |
| Microsoft Corp. | | 30,745 | | | 13,741,478 |
Synopsys, Inc.(a) | | 3,810 | | | 2,267,178 |
| | | | | | 21,166,845 |
| | | | | | | |
| Specialty Retail - 5.1% | | |
AutoZone, Inc.(a) | | 1,097 | | | 3,251,618 |
| Ross Stores, Inc. | | 30,510 | | | 4,433,713 |
| | | | | | 7,685,331 |
TOTAL COMMON STOCKS (Cost $81,422,399) | | | 138,500,980 |
| | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS - 4.6% | | Shares | | | Value |
| EastGroup Properties, Inc. | | 23,835 | | | 4,054,334 |
| Lamar Advertising Co. - Class A - Class A | | 25,480 | | | 3,045,624 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,122,257) | | | 7,099,958 |
| | | | | | | |
| SHORT-TERM INVESTMENTS - 4.6% | | | | |
| Money Market Funds - 4.6% | | Shares | | | |
Federated Hermes US Treasury Cash Reserves - Class Institutional, 5.17%(b) | | 6,908,891 | | | 6,908,891 |
TOTAL SHORT-TERM INVESTMENTS (Cost $6,908,891) | | | 6,908,891 |
| | | | | | | |
TOTAL INVESTMENTS - 100.5% (Cost $94,453,547) | | $ | 152,509,829 |
| Liabilities in Excess of Other Assets - (0.5)% | | | (815,509) |
| TOTAL NET ASSETS - 100.0% | | | | | $ | 151,694,320 |
Osterweis Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:
