Professionally Managed Portfolios NPORT-P The Osterweis Strategic Income Fund (Jun 2024 report)

Osterweis Strategic Income Fund

Schedule of Investments

as of June 30, 2024 (Unaudited)

CORPORATE BONDS - 70.5%	Par			Value
Aerospace & Defense - 0.4%
Rolls-Royce PLC, 3.63%, 10/14/2025 (a)	$	20,000,000	$	19,459,514
Automobile Components - 5.0%
Adient Global Holdings Ltd., 7.00%, 04/15/2028 (a)	12,650,000			12,959,609
American Axle & Manufacturing, Inc.
6.25%, 03/15/2026	9,540,000			9,552,049
6.50%, 04/01/2027	9,260,000			9,255,161
6.88%, 07/01/2028	40,000,000			39,959,176
Patrick Industries, Inc., 7.50%, 10/15/2027 (a)	51,339,000			51,905,166
Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (a)	54,702,000			46,950,480
The Goodyear Tire & Rubber Co.
9.50%, 05/31/2025	88,511,000			88,866,018
5.00%, 07/15/2029	14,500,000			13,513,903
				272,961,562
Automobiles - 1.1%
Ford Motor Co., 9.63%, 04/22/2030	9,000,000			10,484,618
Ford Motor Credit Co. LLC
2.30%, 02/10/2025	34,500,000			33,736,938
4.69%, 06/09/2025	10,000,000			9,888,593
Thor Industries, Inc., 4.00%, 10/15/2029 (a)	10,000,000			8,781,801
				62,891,950
Beverages - 0.3%
Primo Water Holdings, Inc., 4.38%, 04/30/2029 (a)	19,700,000			18,167,884
Biotechnology - 0.9%
AbbVie, Inc., 3.80%, 03/15/2025	51,823,000			51,192,314
Building Products - 1.1%
Griffon Corp., 5.75%, 03/01/2028	60,288,000			58,214,153
Masterbrand, Inc., 7.00%, 07/15/2032 (a)	4,500,000			4,555,220
				62,769,373
Capital Markets - 2.3%
Ares Capital Corp., 4.25%, 03/01/2025	26,487,000			26,163,329
Blackstone Private Credit Fund, 2.35%, 11/22/2024	51,050,000			50,317,792
Oppenheimer Holdings, Inc., 5.50%, 10/01/2025	50,650,000			49,963,186
				126,444,307
Chemicals - 1.3%
Consolidated Energy Finance SA
6.50%, 05/15/2026(a)	7,050,000			6,827,171
5.63%, 10/15/2028(a)	31,700,000			26,979,914
12.00%, 02/15/2031(a)	19,750,000			20,395,588
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029 (a)	17,500,000			18,609,360
				72,812,033
Commercial Services & Supplies - 1.3%
GFL Environmental, Inc., 5.13%, 12/15/2026 (a)	11,100,000			10,984,931
Pitney Bowes, Inc., 7.25%, 03/15/2029 (a)	64,620,000			58,211,311
				69,196,242
Computers & Peripherals - 2.9%
CPI Acquisition, Inc., 8.63%, 03/15/2026 (a)	50,543,000			51,666,723
CPI CG, Inc., 10.00%, 07/15/2029 (a)	31,400,000			32,522,487
Xerox Holdings Corp.
5.00%, 08/15/2025(a)	31,001,000			30,445,561
5.50%, 08/15/2028(a)	22,339,000			19,295,358
8.88%, 11/30/2029(a)	28,000,000			26,727,295
				160,657,424
Construction & Engineering - 3.3%
APi Group DE, Inc., 4.13%, 07/15/2029 (a)	39,750,000			36,202,388
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 (a)	51,157,000			48,333,620
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (a)	30,747,000			27,503,262
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028 (a)	46,500,000			43,958,696
Tutor Perini Corp., 11.88%, 04/30/2029 (a)	24,500,000			26,383,658
				182,381,624
Consumer Finance - 2.7%
Bread Financial Holdings, Inc., 7.00%, 01/15/2026 (a)	9,870,000			9,866,922
Enova International, Inc.
8.50%, 09/15/2025(a)	68,837,000			68,982,040
11.25%, 12/15/2028(a)	11,750,000			12,562,501
FirstCash, Inc.
4.63%, 09/01/2028(a)	15,000,000			14,113,732
5.63%, 01/01/2030(a)	19,500,000			18,488,798
6.88%, 03/01/2032(a)	24,500,000			24,533,417
				148,547,410
Consumer Staples Distribution & Retail - 3.0%
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (a)	45,765,000			33,003,412
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)	49,500,000			50,803,385
Performance Food Group, Inc., 5.50%, 10/15/2027 (a)	14,550,000			14,243,360
United Natural Foods, Inc., 6.75%, 10/15/2028 (a)	50,549,000			45,683,345
US Foods, Inc., 4.75%, 02/15/2029 (a)	23,384,000			22,198,127
				165,931,629
Containers & Packaging - 0.4%
Sealed Air Corp., 5.13%, 12/01/2024 (a)	21,177,000			21,141,529
Diversified Consumer Services - 0.1%
Carriage Services, Inc., 4.25%, 05/15/2029 (a)	7,800,000			6,975,219
Electronic Equipment, Instruments & Components - 0.7%
CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025	40,138,000			39,509,029
Entertainment - 0.4%
Banijay Entertainment SASU, 8.13%, 05/01/2029 (a)	19,500,000			19,963,939
Financial Services - 4.4%
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)	25,489,000			24,673,319
Fiserv, Inc., 2.75%, 07/01/2024	26,474,000			26,474,000
HAS Capital Income Opportunity Fund II LLC, 8.00%, 12/31/2024 (a)(b)	21,807,000			12,078,548
Nationstar Mortgage Holdings, Inc.
5.00%, 02/01/2026(a)	13,250,000			12,980,940
5.50%, 08/15/2028(a)	24,680,000			23,739,228
5.13%, 12/15/2030(a)	9,500,000			8,719,815
5.75%, 11/15/2031(a)	18,000,000			16,933,365
PennyMac Financial Services, Inc., 5.38%, 10/15/2025 (a)	62,580,000			62,065,436
United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)	24,680,000			24,517,862
5.75%, 06/15/2027(a)	7,000,000			6,840,072
5.50%, 04/15/2029(a)	20,820,000			19,795,850
				238,818,435
Food Products - 0.6%
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a)	35,438,000			31,192,602
Ground Transportation - 0.5%
RXO, Inc., 7.50%, 11/15/2027 (a)	24,500,000			25,055,782
Health Care Providers & Services - 0.9%
AMN Healthcare, Inc., 4.63%, 10/01/2027 (a)	8,000,000			7,630,434
Owens & Minor, Inc., 4.50%, 03/31/2029 (a)	45,710,000			39,450,793
				47,081,227
Hotels, Restaurants & Leisure - 4.2%
Caesars Entertainment, Inc., 6.25%, 07/01/2025 (a)	49,369,000			49,369,000
Carnival Corp.
7.63%, 03/01/2026(a)	23,616,000			23,867,038
5.75%, 03/01/2027(a)	9,500,000			9,391,543
6.00%, 05/01/2029(a)	19,750,000			19,528,111
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 08/15/2028 (a)	27,170,000			19,866,486
Las Vegas Sands Corp., 2.90%, 06/25/2025	23,400,000			22,729,206
NCL Corp. Ltd.
3.63%, 12/15/2024(a)	16,844,000			16,689,835
5.88%, 03/15/2026(a)	12,000,000			11,873,167
Royal Caribbean Cruises Ltd., 8.25%, 01/15/2029 (a)	30,076,000			31,777,219
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (a)	22,731,000			22,856,271
				227,947,876
Household Durables - 3.1%
Adams Homes, Inc., 9.25%, 10/15/2028 (a)	34,500,000			35,425,566
Empire Communities Corp., 9.75%, 05/01/2029 (a)	48,250,000			49,154,688
Installed Building Products, Inc., 5.75%, 02/01/2028 (a)	6,750,000			6,607,330
Mattamy Group Corp., 5.25%, 12/15/2027 (a)	24,500,000			23,825,232
STL Holding Co. LLC, 8.75%, 02/15/2029 (a)	7,750,000			8,096,619
The New Home Co., Inc., 9.25%, 10/01/2029 (a)	47,500,000			47,675,281
				170,784,716
Industrial Conglomerates - 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026	34,863,000			34,619,207
Industrial Power & Renewable Electricity Products - 1.3%
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (a)	72,208,000			72,129,247
IT Services - 1.1%
Unisys Corp., 6.88%, 11/01/2027 (a)	66,074,000			58,058,451
Leisure Products - 0.1%
Acushnet Co., 7.38%, 10/15/2028 (a)	3,000,000			3,110,955
Machinery - 1.9%
The Manitowoc Co., Inc., 9.00%, 04/01/2026 (a)	60,080,000			60,146,508
Wabash National Corp., 4.50%, 10/15/2028 (a)	46,750,000			42,126,040
				102,272,548
Media - 0.9%
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/2027 (a)	55,300,000			52,067,125
Metals & Mining - 3.4%
Century Aluminum Co., 7.50%, 04/01/2028 (a)	25,165,000			25,414,360
Coeur Mining, Inc., 5.13%, 02/15/2029 (a)	66,150,000			62,081,815
Hecla Mining Co., 7.25%, 02/15/2028	61,347,000			61,450,124
Perenti Finance Pty Ltd., 7.50%, 04/26/2029 (a)	12,000,000			12,246,228
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)	26,325,000			23,881,929
				185,074,456
Mortgage Real Estate Investment Trusts - REITS - 2.9%
HAT Holdings I LLC / HAT Holdings II LLC
6.00%, 04/15/2025(a)	29,304,000			29,298,684
3.38%, 06/15/2026(a)	31,200,000			29,467,567
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027 (a)	44,341,000			42,750,577
Starwood Property Trust, Inc., 3.75%, 12/31/2024 (a)	55,529,000			54,846,182
				156,363,010
Oil, Gas & Consumable Fuels - 2.7%
Calumet Specialty Products Partners LP / Calumet Finance Corp.
11.00%, 04/15/2025(a)	17,064,000			17,162,783
9.75%, 07/15/2028(a)	29,232,000			27,713,309
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 02/01/2028	51,550,000			52,134,835
8.88%, 04/15/2030	10,000,000			10,529,090
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027	30,750,000			30,899,014
NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (a)	6,750,000			6,883,333
				145,322,364
Passenger Airlines - 4.3%
Allegiant Travel Co., 7.25%, 08/15/2027 (a)	60,225,000			57,378,725
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 (a)	67,383,891			66,834,173
Delta Air Lines, Inc., 2.90%, 10/28/2024	57,840,000			57,274,753
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a)	12,000,000			12,031,488
United Airlines, Inc., 4.38%, 04/15/2026 (a)	40,581,000			39,247,289
				232,766,428
Professional Services - 1.6%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (a)	74,500,000			69,685,147
KBR, Inc., 4.75%, 09/30/2028 (a)	20,000,000			18,688,100
				88,373,247
Software - 0.9%
Fair Isaac Corp., 5.25%, 05/15/2026 (a)	13,885,000			13,743,806
NCR Voyix Corp.
5.00%, 10/01/2028(a)	5,750,000			5,433,475
5.13%, 04/15/2029(a)	10,000,000			9,430,871
Oracle Corp., 2.95%, 11/15/2024	18,810,000			18,616,416
				47,224,568
Specialized REITs - 0.8%
GLP Capital LP / GLP Financing II, Inc., 3.35%, 09/01/2024	24,089,000			24,018,780
Iron Mountain, Inc., 5.25%, 03/15/2028 (a)	20,000,000			19,369,387
				43,388,167
Specialty Retail - 2.9%
Advance Auto Parts, Inc., 5.90%, 03/09/2026	15,000,000			15,007,945
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (a)	54,664,000			50,765,375
Penske Automotive Group, Inc., 3.50%, 09/01/2025	6,559,000			6,392,931
Sonic Automotive, Inc., 4.63%, 11/15/2029 (a)	34,500,000			31,183,315
Upbound Group, Inc., 6.38%, 02/15/2029 (a)	57,600,000			55,305,249
				158,654,815
Textiles, Apparel & Luxury Goods - 0.1%
The William Carter Co., 5.63%, 03/15/2027 (a)	8,013,000			7,911,346
Trading Companies & Distributors - 3.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.88%, 08/14/2024	15,533,000			15,471,340
Aviation Capital Group LLC, 5.50%, 12/15/2024 (a)	18,530,000			18,482,439
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027 (a)	52,500,000			50,833,949
GGAM Finance Ltd., 7.75%, 05/15/2026 (a)	39,500,000			40,330,922
Herc Holdings, Inc., 5.50%, 07/15/2027 (a)	32,823,000			32,341,890
Macquarie Airfinance Holdings Ltd.
8.38%, 05/01/2028(a)	19,500,000			20,572,266
8.13%, 03/30/2029(a)	7,000,000			7,405,986
WESCO Distribution, Inc., 7.25%, 06/15/2028 (a)	16,750,000			17,085,034
				202,523,826
Transportation Infrastructure - 0.4%
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 (a)	25,600,000			23,109,504
TOTAL CORPORATE BONDS (Cost $3,966,413,854)				3,854,852,884
CONVERTIBLE BONDS - 7.5%	Par			Value
Automobile Components - 0.1%
Patrick Industries, Inc., 1.75%, 12/01/2028	6,250,000			7,589,844
Automobiles - 0.1%
Ford Motor Co., 0.00%, 03/15/2026 (c)	5,775,000			5,852,963
Biotechnology - 1.5%
BioMarin Pharmaceutical, Inc., 0.60%, 08/01/2024	81,428,000			80,963,751
Broadline Retail - 0.1%
Etsy, Inc., 0.25%, 06/15/2028	7,750,000			6,114,313
Consumer Finance - 0.9%
EZCORP, Inc.
2.38%, 05/01/2025	12,500,000			12,184,868
3.75%, 12/15/2029(a)	9,750,000			11,241,116
LendingTree, Inc., 0.50%, 07/15/2025	27,517,000			25,625,206
				49,051,190
Health Care Equipment & Supplies - 0.3%
Haemonetics Corp., 0.00%, 03/01/2026 (c)	17,750,000			16,001,625
IT Services - 0.4%
BigBear.ai Holdings, Inc., 6.00%, 12/15/2026 (a)	28,350,000			20,546,804
Machinery - 0.1%
John Bean Technologies Corp., 0.25%, 05/15/2026	9,450,000			8,699,670
Passenger Airlines - 0.1%
Southwest Airlines Co., 1.25%, 05/01/2025	7,675,000			7,711,456
Pharmaceuticals - 1.4%
Jazz Investments I Ltd.
1.50%, 08/15/2024	69,510,000			69,162,450
2.00%, 06/15/2026	6,650,000			6,412,263
				75,574,713
Software - 2.5%
BlackLine, Inc., 0.13%, 08/01/2024	51,831,000			51,675,507
Jamf Holding Corp., 0.13%, 09/01/2026	10,600,000			9,398,427
Pegasystems, Inc., 0.75%, 03/01/2025	69,250,000			66,895,500
Tyler Technologies, Inc., 0.25%, 03/15/2026	6,750,000			7,425,000
				135,394,434
TOTAL CONVERTIBLE BONDS (Cost $423,752,841)				413,500,763
COMMON STOCKS - 1.0%	Shares			Value
Consumer Staples Distribution & Retail - 0.1%
Southeastern Grocers, Inc.(b)(d)	4,649,942			5,114,936
Tops Holding, Litigation Trust Proceeds(b)(d)	61,582,000			46,248
				5,161,184
Metals & Mining - 0.9%
Real Alloy Equity(b)(d)	705			49,783,507
TOTAL COMMON STOCKS (Cost $48,532,137)				54,944,691
SHORT-TERM INVESTMENTS - 20.4%
Commercial Paper - 10.7%	Par
Aerospace & Defense — 0.8%
L3Harris Technologies, Inc., 5.54%, 07/22/2024(e)	46,650,000			46,478,981
Automobile Components — 1.1%
Magna International, Inc., 5.56%, 08/13/2024(e)	44,000,000			43,688,773
Magna International, Inc., 5.58%, 08/26/2024(e)	16,000,000			15,854,615
Automobiles — 1.7%
Harley-Davidson Funding Corp., 6.05%, 07/03/2024(e)	24,000,000			23,981,593
Harley-Davidson Funding Corp., 6.05%, 07/02/2024(e)	20,000,000			19,987,732
VW Credit, Inc., 5.60%, 08/27/2024(e)	50,000,000			49,535,416
				93,504,741
Broadline Retail — 1.0%
Dollarama, Inc., 5.68%, 07/10/2024(e)	52,979,000			52,880,779
Building Products — 0.5%
AGC Capital, Inc., 5.55%, 07/25/2024(e)	27,037,000			26,923,046
Capital Markets — 0.9%
Brookfield Infrastructure Partners L.P., 5.94%, 07/09/2024(e)	50,000,000			49,916,469
Chemicals — 1.2%
FMC Corp., 6.13%, 07/15/2024(e)	64,000,000			63,815,836
Hotels, Restaurants & Leisure — 0.7%
Marriott International, Inc., 5.53%, 07/24/2024(e)	40,050,000			39,888,692
Oil, Gas & Consumable Fuels — 0.6%
Targa Resources Corp., 6.03%, 07/25/2024(e)	24,000,000			23,892,936
Targa Resources Corp., 6.03%, 07/02/2024(e)	10,000,000			9,993,558
Specialized REITs — 1.3%
Crown Castle International Corp., 5.82%, 07/30/2024(e)	50,000,000			49,741,052
Crown Castle International Corp., 5.84%, 07/09/2024(e)	20,000,000			19,964,907
Trading Companies & Distributors — 0.9%
Aviation Capital Group LLC, 5.82%, 07/01/2024(e)	47,000,000			46,978,461
Total Commercial Paper (Cost $583,799,292)				583,522,846
Money Market Funds - 4.3%	Shares
Federated Hermes US Treasury Cash Reserves - Class Institutional, 5.17%(f)	116,563,506			116,563,506
MSILF Treasury Securities Portfolio - Class Institutional, 5.15%(f)	116,563,506			116,563,506
				233,127,012
U.S. Treasury Bills - 5.4%	Par
5.32%, 07/18/2024(e)	100,000,000			99,751,847
5.32%, 08/15/2024(e)	100,000,000			99,348,031
5.32%, 09/05/2024(e)	99,000,000			98,054,839
				297,154,717
TOTAL SHORT-TERM INVESTMENTS (Cost $1,114,069,263)				1,113,804,575
TOTAL INVESTMENTS - 99.4% (Cost $5,552,768,095)			$	5,437,102,913
Other Assets in Excess of Liabilities - 0.6%				33,242,937
TOTAL NET ASSETS - 100.0%			$	5,470,345,850

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.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)	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, 2024, the value of these securities total $3,020,406,904 or 55.2% of the Fund’s net assets.
(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 $67,023,239 or 1.2% of net assets as of June 30, 2024.
(c)	Zero coupon bonds make no periodic interest payments.
(d)	Non-income producing security.
(e)	The rate shown is the effective yield as of June 30, 2024.
(f)	The rate shown represents the 7-day effective yield as of June 30, 2024.

Summary of Fair Value Disclosure as of June 30, 2024 (Unaudited)

Osterweis Strategic Income 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:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds		–		3,842,774,336		12,078,548		3,854,852,884
Convertible Bonds		–		413,500,763		–		413,500,763
Common Stocks		–		–		54,944,691		54,944,691
Commercial Paper		–		583,522,846		–		583,522,846
Money Market Funds		233,127,012		–		–		233,127,012
U.S. Treasury Bills		–		297,154,717		–		297,154,717
Total Investments		233,127,012		5,136,952,662		67,023,239		5,437,102,913
Refer to the Schedule of Investments for additional information.