OSTERWEIS STRATEGIC INCOME FUND
SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited)
Shares			Value
Common Stocks: 3.4%
Food & Staples Retailing: 2.2%
	4,649,942	Southeastern Grocers, Inc. 1,2	$	101,136,239
	61,582,000	Tops Holding, Litigation Trust Proceeds 1,2,7		46,248
				101,182,487
Metals & Mining: 1.2%
	800	Real Alloy Holding, Inc. 1,2		51,972,050
Total Common Stocks
(Cost $105,133,214)				153,154,537
Convertible Preferred Stocks: 1.0%
Media: 0.1%
	196,000	Paramount Global, 5.750%		4,854,920
Road & Rail: 0.9%
	490,000	Daseke, Inc., 7.625% 1,9		43,207,710
Total Convertible Preferred Stocks
(Cost $60,662,000)				48,062,630
Principal Amount
Bonds: 81.0%
Corporate Bonds: 75.6%
Airlines: 3.5%
		Allegiant Travel Co.
$	31,700,000	7.250%, 08/15/2027		30,196,842
		American Airlines, Inc.
	83,624,000	11.750%, 07/15/2025		89,871,382
		Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
	18,001,160	6.500%, 06/20/2027		17,936,389
		United Airlines Holdings, Inc.
	20,726,000	4.875%, 01/15/2025		19,828,979
				157,833,592
Auto Components: 5.3%
		American Axle & Manufacturing, Inc.
	17,428,000	6.250%, 03/15/2026		16,337,068
	9,260,000	6.500%, 04/01/2027		8,369,002
	40,000,000	6.875%, 07/01/2028		35,727,000
		The Goodyear Tire & Rubber Co.
	78,511,000	9.500%, 05/31/2025		80,801,340
	14,500,000	5.000%, 07/15/2029		12,114,019
		Patrick Industries, Inc.
	51,339,000	7.500%, 10/15/2027		50,031,837
		Real Hero Merger Sub 2, Inc.
	54,702,000	6.250%, 02/01/2029		37,569,334
				240,949,600
Automobiles: 0.6%
		Ford Motor Co.
	9,000,000	9.625%, 04/22/2030		10,197,044
		Ford Motor Credit Co. LLC
	10,000,000	4.687%, 06/09/2025		9,547,563
		Thor Industries, Inc.
	10,000,000	4.000%, 10/15/2029		7,865,934
				27,610,541
Beverages: 0.4%
		Primo Water Holdings, Inc.
	19,700,000	4.375%, 04/30/2029		17,035,999
Building Products: 1.5%
		Griffon Corp.
	60,288,000	5.750%, 03/01/2028		55,256,966
		PGT Innovations, Inc.
	17,000,000	4.375%, 10/01/2029		14,254,798
				69,511,764
Capital Markets: 1.1%
		Oppenheimer Holdings, Inc.
	50,650,000	5.500%, 10/01/2025		49,732,982
Chemicals: 1.9%
		Consolidated Energy Finance SA
	39,500,000	5.625%, 10/15/2028		33,637,031
		INEOS Quattro Finance 2 PLC
	37,474,000	3.375%, 01/15/2026		34,475,893
		Olin Corp.
	19,296,000	5.625%, 08/01/2029		18,365,450
				86,478,374
Commercial Services & Supplies: 1.9%
		GFL Environmental, Inc.
	11,100,000	5.125%, 12/15/2026		10,633,848
	19,750,000	4.750%, 06/15/2029		17,311,369
		KAR Auction Services, Inc.
	9,406,000	5.125%, 06/01/2025		9,203,674
		Pitney Bowes, Inc.
	64,620,000	7.250%, 03/15/2029		50,628,478
				87,777,369
Computers & Peripherals: 3.5%
		CPI Acquisition, Inc.
	48,518,000	8.625%, 03/15/2026		47,906,067
		NCR Corp.
	34,425,000	5.750%, 09/01/2027		32,995,493
	5,750,000	5.000%, 10/01/2028		4,911,445
	10,000,000	5.125%, 04/15/2029		8,383,358
		Xerox Holdings Corp.
	70,000,000	5.000%, 08/15/2025		64,161,578
				158,357,941
Construction & Engineering: 4.3%
		APi Group DE, Inc.
	39,750,000	4.125%, 07/15/2029		32,992,500
		Global Infrastructure Solutions, Inc.
	51,157,000	5.625%, 06/01/2029		40,194,997
		Great Lakes Dredge & Dock Corp.
	25,832,000	5.250%, 06/01/2029		20,115,378
		New Enterprise Stone & Lime Co., Inc.
	46,500,000	5.250%, 07/15/2028		41,351,089
		Tutor Perini Corp.
	72,415,000	6.875%, 05/01/2025		63,477,300
				198,131,264
Construction Materials: 0.1%
		Cemex SAB de CV
	4,750,000	7.375%, 06/05/2027		4,882,430
Consumer Finance: 3.7%
		Bread Financial Holdings, Inc.
	15,832,000	4.750%, 12/15/2024		14,063,851
	49,250,000	7.000%, 01/15/2026		43,122,808
		Enova International, Inc.
	36,895,000	8.500%, 09/01/2024		34,783,596
	36,117,000	8.500%, 09/15/2025		33,542,903
		FirstCash, Inc.
	15,000,000	4.625%, 09/01/2028		13,193,411
	19,500,000	5.625%, 01/01/2030		17,381,618
		OneMain Finance Corp.
	11,228,000	5.625%, 03/15/2023		11,204,309
				167,292,496
Containers & Packaging: 0.2%
		Owens-Brockway Glass Container, Inc.
	10,083,000	5.875%, 08/15/2023		10,052,018
Distributors: 0.6%
		American Builders & Contractors Supply Co., Inc.
	35,000,000	3.875%, 11/15/2029		28,655,375
Diversified Consumer Services: 0.3%
		Carriage Services, Inc.
	19,500,000	4.250%, 05/15/2029		15,501,982
Diversified Financial Services: 0.6%
		Aviation Capital Group LLC
	5,500,000	5.500%, 12/15/2024		5,402,203
		Burford Capital Global Finance LLC
	25,489,000	6.250%, 04/15/2028		22,715,907
				28,118,110
Diversified Telecommunication Services: 1.7%
		Level 3 Financing, Inc.
	44,668,000	4.625%, 09/15/2027		37,264,279
		Lumen Technologies, Inc.
	54,100,000	5.375%, 06/15/2029		39,020,796
				76,285,075
Equity Real Estate Investment Trusts - REITS: 0.4%
		Iron Mountain, Inc.
	20,000,000	4.500%, 02/15/2031		16,483,900
Food & Staples Retailing: 5.0%
		C&S Group Enterprises LLC
	45,765,000	5.000%, 12/15/2028		34,808,401
		KeHE Distributors LLC / KeHE Finance Corp.
	58,426,000	8.625%, 10/15/2026		57,587,587
		Performance Food Group, Inc.
	19,500,000	4.250%, 08/01/2029		16,922,100
		SEG Holding LLC / SEG Finance Corp.
	29,087,000	5.625%, 10/15/2028		27,429,623
		United Natural Foods, Inc.
	5,000,000	6.750%, 10/15/2028		4,812,150
		US Foods, Inc.
	61,228,000	6.250%, 04/15/2025		60,686,933
	29,354,000	4.750%, 02/15/2029		26,098,641
				228,345,435
Food Products: 0.3%
		Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
	18,750,000	4.625%, 03/01/2029		15,286,174
Health Care Providers & Services: 0.8%
		AMN Healthcare, Inc.
	8,000,000	4.625%, 10/01/2027		7,390,320
		Owens & Minor, Inc.
	36,210,000	4.500%, 03/31/2029		28,917,306
				36,307,626
Hotels, Restaurants & Leisure: 5.6%
		Aramark Services, Inc.
	48,411,000	6.375%, 05/01/2025		47,914,303
		Carnival Corp.
	23,616,000	7.625%, 03/01/2026		18,759,717
	9,500,000	5.750%, 03/01/2027		6,799,815
	19,750,000	6.000%, 05/01/2029		13,198,075
		Carrols Restaurant Group, Inc.
	57,625,000	5.875%, 07/01/2029		40,462,086
		GPS Hospitality Holding Co. LLC / GPS Finco, Inc.
	44,500,000	7.000%, 08/15/2028		28,219,675
		MGM Resorts International
	25,000,000	6.000%, 03/15/2023		24,965,125
		NCL Corp. Ltd.
	15,510,000	3.625%, 12/15/2024		13,275,599
	12,000,000	5.875%, 03/15/2026		9,471,360
		Six Flags Entertainment Corp.
	48,676,000	4.875%, 07/31/2024		46,941,917
		Six Flags Theme Parks, Inc.
	5,229,000	7.000%, 07/01/2025		5,277,283
				255,284,955
Household Durables: 3.0%
		Empire Communities Corp.
	63,999,000	7.000%, 12/15/2025		57,945,463
		Installed Building Products, Inc.
	6,750,000	5.750%, 02/01/2028		6,079,898
		Mattamy Group Corp.
	24,500,000	5.250%, 12/15/2027		21,770,286
		The New Home Co., Inc.
	47,308,000	7.250%, 10/15/2025		40,136,562
		Taylor Morrison Communities, Inc.
	9,500,000	5.750%, 01/15/2028		8,911,690
				134,843,899
Industrial Conglomerates: 1.8%
		Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
	17,769,000	4.750%, 09/15/2024		17,074,075
	18,133,000	6.375%, 12/15/2025		17,622,012
	49,872,000	6.250%, 05/15/2026		48,036,264
				82,732,351
IT Services: 3.5%
		Conduent Business Services LLC / Conduent State & Local Solutions, Inc.
	74,500,000	6.000%, 11/01/2029		60,963,350
		KBR, Inc.
	20,000,000	4.750%, 09/30/2028		17,789,055
		MoneyGram International, Inc.
	29,490,000	5.375%, 08/01/2026		29,926,088
		Unisys Corp.
	66,074,000	6.875%, 11/01/2027		50,830,728
				159,509,221
Machinery: 2.2%
		Chart Industries, Inc.
	5,000,000	7.500%, 01/01/2030		5,027,750
		The Manitowoc Co., Inc.
	58,224,000	9.000%, 04/01/2026		54,811,672
		Wabash National Corp.
	46,750,000	4.500%, 10/15/2028		39,853,523
				99,692,945
Media: 1.1%
		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
	55,300,000	5.875%, 08/15/2027		49,579,768
Metals & Mining: 4.0%
		Century Aluminum Co.
	40,000,000	7.500%, 04/01/2028		34,663,913
		Coeur Mining, Inc.
	66,150,000	5.125%, 02/15/2029		51,711,217
		Hecla Mining Co.
	61,347,000	7.250%, 02/15/2028		60,499,239
		Real Alloy Holding, Inc.
	13,002,247	14.765%, (3 Month LIBOR USD +10.000%) Cash or 16.765% (3 Month LIBOR USD + 12.000%) PIK, 05/31/2025 1,3		13,002,247
		SunCoke Energy, Inc.
	26,325,000	4.875%, 06/30/2029		22,631,273
				182,507,889
Mortgage Real Estate Investment Trusts - REITS: 2.0%
		HAT Holdings I LLC / HAT Holdings II LLC
	25,404,000	6.000%, 04/15/2025		24,641,880
	31,200,000	3.375%, 06/15/2026		27,149,928
		Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.
	10,000,000	6.375%, 02/01/2027		9,321,100
		Starwood Property Trust, Inc.
	29,839,000	5.500%, 11/01/2023		29,624,450
				90,737,358
Oil, Gas & Consumable Fuels: 2.5%
		Calumet Specialty Products Partners L.P. / Calumet Finance Corp.
	11,792,000	9.250%, 07/15/2024		11,991,226
	15,900,000	11.000%, 04/15/2025		16,596,043
		Genesis Energy L.P. / Genesis Energy Finance Corp.
	51,550,000	7.750%, 02/01/2028		47,532,193
		Global Partners L.P. / GLP Finance Corp.
	30,750,000	7.000%, 08/01/2027		29,249,617
		NGL Energy Operating LLC / NGL Energy Finance Corp.
	7,500,000	7.500%, 02/01/2026		6,681,037
				112,050,116
Paper & Forest Products: 0.8%
		Resolute Forest Products, Inc.
	35,750,000	4.875%, 03/01/2026		35,313,780
Road & Rail: 0.5%
		XPO Escrow Sub LLC
	24,500,000	7.500%, 11/15/2027		24,823,890
Specialty Retail: 2.9%
		Ken Garff Automotive LLC
	49,795,000	4.875%, 09/15/2028		41,736,076
		Penske Automotive Group, Inc.
	17,234,000	3.500%, 09/01/2025		16,021,323
		Rent-A-Center, Inc.
	57,600,000	6.375%, 02/15/2029		46,670,303
		Sonic Automotive, Inc.
	34,500,000	4.625%, 11/15/2029		27,669,271
				132,096,973
Textiles, Apparel & Luxury Goods: 0.1%
		The William Carter Co.
	3,000,000	5.625%, 03/15/2027		2,882,818
Thrifts & Mortgage Finance: 3.3%
		Nationstar Mortgage Holdings, Inc.
	13,250,000	6.000%, 01/15/2027		11,879,685
	24,680,000	5.500%, 08/15/2028		20,164,457
	9,500,000	5.125%, 12/15/2030		7,349,983
	18,000,000	5.750%, 11/15/2031		14,018,400
		PennyMac Financial Services, Inc.
	56,030,000	5.375%, 10/15/2025		50,593,652
		United Wholesale Mortgage LLC
	24,680,000	5.500%, 11/15/2025		22,263,332
	7,000,000	5.750%, 06/15/2027		6,036,179
	20,820,000	5.500%, 04/15/2029		16,645,399
				148,951,087
Trading Companies & Distributors: 4.1%
		Avation Capital SA
	80,861,974	8.250% Cash or 9.000% PIK, 10/31/2026 3		64,024,489
		Castlelake Aviation Finance DAC
	52,500,000	5.000%, 04/15/2027		45,750,535
		Herc Holdings, Inc.
	32,823,000	5.500%, 07/15/2027		30,682,284
		WESCO Distribution, Inc.
	36,966,000	7.125%, 06/15/2025		37,509,561
	9,750,000	7.250%, 06/15/2028		9,898,385
				187,865,254
Transportation Infrastructure: 0.5%
		Signature Aviation US Holdings, Inc.
	25,600,000	4.000%, 03/01/2028		24,384,764
Total Corporate Bonds
(Cost $3,892,485,352)				3,443,887,115
Convertible Bonds: 5.2%
Aerospace & Defense: 0.3%
		Parsons Corp.
	12,500,000	0.250%, 08/15/2025		14,268,750
Airlines: 0.2%
		Southwest Airlines Co.
	7,675,000	1.250%, 05/01/2025		9,246,456
Auto Components: 0.2%
		Patrick Industries, Inc.
	11,250,000	1.750%, 12/01/2028		9,281,250
Automobiles: 0.2%
		Ford Motor Co.
	7,750,000	N/A%, 03/15/2026 4		7,350,875
Consumer Finance: 0.9%
		EZCORP, Inc.
	10,250,000	2.375%, 05/01/2025		9,143,410
	9,750,000	3.750%, 12/15/2029		9,481,875
		LendingTree, Inc.
	27,517,000	0.500%, 07/15/2025		20,158,954
				38,784,239
Health Care Equipment & Supplies: 0.6%
		Haemonetics Corp.
	17,750,000	N/A%, 03/01/2026 4		14,755,575
		Integra LifeSciences Holdings Corp.
	13,000,000	0.500%, 08/15/2025		12,668,500
				27,424,075
Hotels, Restaurants & Leisure: 0.2%
		NCL Corp. Ltd.
	6,835,000	6.000%, 05/15/2024		8,012,565
	2,500,000	1.125%, 02/15/2027		1,709,500
				9,722,065
Internet & Direct Marketing Retail: 0.1%
		Etsy, Inc.
	7,750,000	0.250%, 06/15/2028		6,675,075
Machinery: 0.2%
		John Bean Technologies Corp.
	9,450,000	0.250%, 05/15/2026		8,160,075
Mortgage Real Estate Investment Trusts - REITS: 0.5%
		Starwood Property Trust, Inc.
	22,000,000	4.375%, 04/01/2023		21,436,250
Pharmaceuticals: 0.3%
		Jazz Investments I Ltd.
	6,000,000	1.500%, 08/15/2024		5,928,750
	6,650,000	2.000%, 06/15/2026		7,938,438
				13,867,188
Real Estate Management & Development: 0.4%
		DigitalBridge Group, Inc.
	19,577,000	5.000%, 04/15/2023		19,381,230
Software: 1.1%
		BigBear.ai Holdings, Inc.
	28,350,000	6.000%, 12/15/2026		19,136,250
		Envestnet, Inc.
	9,490,000	0.750%, 08/15/2025		8,612,175
	1,000,000	2.625%, 12/01/2027		1,078,000
		Jamf Holding Corp.
	10,600,000	0.125%, 09/01/2026		8,776,800
		Rapid7, Inc.
	10,000,000	0.250%, 03/15/2027		7,859,937
		Tyler Technologies, Inc.
	6,750,000	0.250%, 03/15/2026		6,304,500
				51,767,662
Total Convertible Bonds
(Cost $260,197,629)				237,365,190
Private Mortgage Backed Obligations: 0.2%
Diversified Financial Services: 0.2%
		HAS Capital Income Opportunity Fund II
	21,807,000	8.000%, 12/31/2024 (Cost $21,807,000 Acquisition Dates 06/10/2016, 09/19/2016) 1,6		10,650,757
Total Private Mortgage Backed Obligations
(Cost $21,807,000)				10,650,757
Total Bonds
(Cost $4,174,489,981)				3,691,903,062
Warrants: 0.0% 8
Trading Companies & Distributors: 0.0% 8
	1,601,250	Aviation PLC, Warrants (Expiration Date 10/31/2026, Exercise Price 114.5 GBp) 1,2		580,752
Total Warrants
(Cost $–)				580,752
Short-Term Investments: 13.3%
Commercial Paper: 6.7%
Automobiles: 1.1%
		Harley-Davidson FDG Corp.
	50,000,000	5.188%, 01/10/2023 10		49,928,210
Chemicals: 1.0%
		International Flavors & Fragrances, Inc.
	34,000,000	5.398%, 01/19/2023 10		33,912,280
	15,000,000	5.467%, 01/20/2023 10		14,959,313
				48,871,593
Construction & Engineering: 1.1%
		Quanta Services, Inc.
	49,000,000	5.273%, 01/18/2023 10		48,872,039
Equity Real Estate Investment Trusts - REITS: 1.1%
		Crown Castle International Corp.
	50,000,000	5.297%, 01/05/2023 10		49,959,533
Household Durables: 1.1%
		Newell Brands, Inc.
	49,000,000	5.378%, 01/05/2023 10		48,960,343
Multiline Retail: 1.3%
		Dollarama, Inc.
	25,000,000	5.205%, 01/09/2023 10		24,968,173
	35,000,000	5.169%, 01/17/2023 10		34,918,940
				59,887,113
Total Commercial Paper
(Cost $306,528,222)				306,478,831
Shares
Money Market Funds: 6.6%
	149,935,677	Federated Hermes U.S. Treasury Cash Reserves - Class I, 3.820% 5		149,935,677
	149,491,190	Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, 3.930% 5		149,491,190
Total Money Market Funds
(Cost $299,426,867)				299,426,867
Total Short-Term Investments
(Cost $605,955,089)				605,905,698
Total Investments in Securities: 98.7%
(Cost $4,946,240,284)				4,499,606,679
Other Assets in Excess of Liabilities: 1.3%				57,520,646
Total Net Assets: 100.0%			$	4,557,127,325

GBp -	Great Britain Pound
LIBOR -	London Interbank Offered Rate
PIK -	Payment-in-Kind
USD -	United States Dollar
1	Security is fair valued under the Board of Trustees and is categorized as a Level 3 security.  Significant unobservable inputs were used to determine fair value.
2	Non-income producing security.
3	Variable rate security; rate shown is the rate in effect on December 31, 2022.
4	Zero Coupon Security
5	Annualized seven-day effective yield as of December 31, 2022.
6	Security considered restricted. As of December 31, 2022, the value of the restricted securities was $10,650,757 or 0.2% of net assets.
7	Not a readily marketable security.
8	Does not round to 0.1% or (0.1)%, as applicable.
9	Company is an "affiliated person" of the Fund, as defined in the Investment Company Act of 1940.
10	Rate represents the yield to maturity from purchase price.

The Global Industry Classifications Standard (GICS^®) sector and industry classifications was developed by and is the exclusive 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 Osterweis Capital Management.

 

Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)

The Osterweis Strategic Income 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 December 31, 2022:

Assets:	Level 1		Level 2		Level 3		Total
Common Stocks 1,2	$	–	$	–	$	153,154,537	$	153,154,537
Convertible Preferred Stocks 1,2		4,854,920		–		43,207,710		48,062,630
Corporate Bonds 1,2		–		3,430,884,868		13,002,247		3,443,887,115
Convertible Bonds 1		–		237,365,190		–		237,365,190
Private Mortgage Backed Obligations 1,2		–		–		10,650,757		10,650,757
Warrants 1		580,752		–		–		580,752
Short-Term Investments		299,426,867		306,478,831		–		605,905,698
Total Assets:	$	304,862,539	$	3,974,728,889	$	220,015,251	$	4,499,606,679
1 See Schedule of Investments for industry breakouts.
2 See Schedule of Investments for disclosure of Level 3 securities.