0001145549-23-008137.txt : 20230222 0001145549-23-008137.hdr.sgml : 20230222 20230222135640 ACCESSION NUMBER: 0001145549-23-008137 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230222 DATE AS OF CHANGE: 20230222 PERIOD START: 20230331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05037 FILM NUMBER: 23652367 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 626-914-7363 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000055991 Osterweis Total Return Fund C000176327 Investor Class OSTRX NPORT-P 1 primary_doc.xml 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1388392.800000000000 PA USD 1170750.010000000000 0.8597956946 Long ABS-O CORP US N 2 2046-11-15 Variable 2.771000000000 N N N N N N NEW YORK LIFE INSURANCE TAE73CY392TBWJ3O3305 New York Life Insurance Co 64952GAE8 1000000.000000000000 PA USD 1038914.070000000000 0.7629757308 Long DBT CORP US N 2 2033-05-15 Fixed 5.875000000000 N N N N N N ORACLE CORP 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp 68389XBZ7 1000000.000000000000 PA USD 745390.110000000000 0.5474125150 Long DBT CORP US N 2 2041-03-25 Fixed 3.650000000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac REMICS 3137BKQV5 181623.380000000000 PA USD 16803.230000000000 0.0123402474 Long ABS-MBS USGSE US N 2 2043-09-15 Fixed 4.000000000000 N N N N N N PNC FINANCIAL SERVICES CFGNEKW0P8842LEUIA51 PNC Financial Services Group Inc/The 693475AK1 1120000.000000000000 PA USD 1121118.170000000000 0.8233462032 Long EP CORP US N 2 N N N PNC FINANCIAL SERVICES CFGNEKW0P8842LEUIA51 PNC Financial Services Group Inc/The 693475BD6 1000000.000000000000 PA USD 942122.200000000000 0.6918920388 Long EP CORP US N 2 N N N PACIFICORP SGY07Y7FNYBNLM6Z1M11 PacifiCorp 695114CZ9 1000000.000000000000 PA USD 1007323.640000000000 0.7397758030 Long DBT CORP US N 2 2053-12-01 Fixed 5.350000000000 N N N N N N PHILIP MORRIS INTL INC HL3H1H2BGXWVG3BSWR90 Philip Morris International Inc 718172CX5 1000000.000000000000 PA USD 1025707.980000000000 0.7532772134 Long DBT CORP US N 2 2032-11-17 Fixed 5.750000000000 N N N N N N Progress Residential Trust N/A Progress Residential 2021-SFR1 74331FAE1 500000.000000000000 PA USD 427942.300000000000 0.3142796873 Long ABS-O CORP US N 2 2038-04-17 Fixed 1.555000000000 N N N N N N Woodward Capital Management N/A RCKT Mortgage Trust 2021-6 74939KAA4 1838799.280000000000 PA USD 1487511.940000000000 1.0924248138 Long ABS-MBS CORP US N 2 2051-12-25 Variable 2.500000000000 N N N N N N ROGERS COMMUNICATIONS INC N/A ROGERS COMMUNICATIONS INC 77511MN56 2000000.000000000000 PA USD 1998481.340000000000 1.4676793826 Long STIV CORP US N 2 2023-01-05 Fixed .000000000000 N N N N N N SBL HOLDINGS INC N/A SBL Holdings Inc 78397DAC2 25000.000000000000 PA USD 19375.000000000000 0.0142289485 Long EP CORP US N 2 N N N Stonepeak N/A Stonepeak 2021-1 ABS 78433XAA8 843002.800000000000 PA USD 751020.490000000000 0.5515474511 Long ABS-O CORP US N 2 2033-02-28 Fixed 2.301000000000 N N N N N N SANTANDER UK GROUP HLDGS 549300F5XIFGNNW4CF72 Santander UK Group Holdings PLC 80281LAS4 1000000.000000000000 PA USD 1012773.830000000000 0.7437784080 Long DBT CORP GB N 2 2026-11-21 Variable 6.833000000000 N N N N N N Santander Drive Auto Receivabl N/A Santander Drive Auto Receivables Trust 2019-2 80286GAG6 1327016.940000000000 PA USD 1318797.930000000000 0.9685216934 Long ABS-O CORP US N 2 2025-07-15 Fixed 3.220000000000 N N N N N N Santander Drive Auto Receivabl N/A Santander Drive Auto Receivables Trust 2021-2 80286XAF1 1000000.000000000000 PA USD 935711.000000000000 0.6871836706 Long ABS-O CORP US N 2 2027-07-15 Fixed 1.350000000000 N N N N N N SOUTHERN CAL EDISON 9R1Z5I36FERIBVKW4P77 Southern California Edison Co 842400HK2 1000000.000000000000 PA USD 936116.690000000000 0.6874816082 Long DBT CORP US N 2 2024-08-01 Fixed .975000000000 N N N N N N TD SYNNEX CORP 5493004HI6PFLF46NS53 TD SYNNEX Corp 87162WAD2 1000000.000000000000 PA USD 929093.790000000000 0.6823240091 Long DBT CORP US N 2 2024-08-09 Fixed 1.250000000000 N N N N N N Thrust Engine Leasing N/A Thrust Engine Leasing 2021 DAC 88603UAA7 1893377.730000000000 PA USD 1397960.870000000000 1.0266587461 Long ABS-O CORP US N 2 2040-07-15 Fixed 4.163000000000 N N N N N N Triton Container Finance LLC N/A Triton Container Finance VIII LLC 89680HAE2 1702500.000000000000 PA USD 1424939.550000000000 1.0464718169 Long ABS-O CORP US N 2 2046-03-20 Fixed 1.860000000000 N N N N N N UNITED AIR 2020-1 A PTT N/A United Airlines 2020-1 Class A Pass Through Trust 90931GAA7 980075.320000000000 PA USD 968407.720000000000 0.7111960548 Long DBT CORP US N 2 2027-10-15 Fixed 5.875000000000 N N N N N N TREASURY BILL 254900HROIFWPRGM1V77 United States Treasury Bill 912796XR5 1500000.000000000000 PA USD 1498699.680000000000 1.1006410603 Long DBT UST US N 2 2023-01-12 Fixed .000000000000 N N N N N N TREASURY BILL 254900HROIFWPRGM1V77 United States Treasury Bill 912796YJ2 1000000.000000000000 PA USD 966251.390000000000 0.7096124518 Long DBT UST US N 2 2023-10-05 Fixed .000000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 912810RJ9 4000000.000000000000 PA USD 3329531.240000000000 2.4451988902 Long DBT UST US N 2 2044-11-15 Fixed 3.000000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 912810RV2 4000000.000000000000 PA USD 3304687.520000000000 2.4269537282 Long DBT UST US N 2 2047-02-15 Fixed 3.000000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 912810SY5 4000000.000000000000 PA USD 3030625.000000000000 2.2256829422 Long DBT UST US N 2 2041-05-15 Fixed 2.250000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 912810TC2 2500000.000000000000 PA USD 1799365.230000000000 1.3214490408 Long DBT UST US N 2 2041-11-15 Fixed 2.000000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 9128284L1 5000000.000000000000 PA USD 4972149.900000000000 3.6515336667 Long DBT UST US N 2 2023-04-30 Fixed 2.750000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 912828T26 2000000.000000000000 PA USD 1951329.000000000000 1.4330508294 Long DBT UST US N 2 2023-09-30 Fixed 1.375000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 91282CEE7 3000000.000000000000 PA USD 2734511.730000000000 2.0082181440 Long DBT UST US N 2 2029-03-31 Fixed 2.375000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 United States Treasury Note/Bond 91282CEV9 4000000.000000000000 PA USD 3837500.000000000000 2.8182497969 Long DBT UST US N 2 2029-06-30 Fixed 3.250000000000 N N N N N N V F CORP N/A V F CORP 91820NNJ1 2000000.000000000000 PA USD 1995323.880000000000 1.4653605523 Long STIV CORP US N 2 2023-01-18 Fixed .000000000000 N N N N N N VW CREDIT INC N/A VW CREDIT INC 91842KNP7 2000000.000000000000 PA USD 1993776.000000000000 1.4642237934 Long STIV CORP US N 2 2023-01-23 Fixed .000000000000 N N N N N N WALGREENS BOOTS ALLIANCE INC N/A WALGREENS BOOTS ALLIANCE INC 93142XNP2 4000000.000000000000 PA USD 3987365.320000000000 2.9283104895 Long STIV CORP US N 2 2023-01-23 Fixed .000000000000 N N N N N N Wells Fargo Mortgage Backed Se N/A Wells Fargo Mortgage Backed Securities 2019-4 Trust 95002FAS3 57074.010000000000 PA USD 49319.520000000000 0.0362201244 Long ABS-MBS CORP US N 2 2049-09-25 Variable 3.500000000000 N N N N N N Wells Fargo Mortgage Backed Se N/A Wells Fargo Mortgage Backed Securities 2020-3 Trust 95002TAC8 145827.900000000000 PA USD 139021.500000000000 0.1020970200 Long ABS-MBS CORP US N 2 2050-06-25 Variable 3.000000000000 N N N N N N Wells Fargo Mortgage Backed Se N/A Wells Fargo Mortgage Backed Securities 2020-4 Trust 95002VAA7 448629.570000000000 PA USD 378353.950000000000 0.2778621349 Long ABS-MBS CORP US N 2 2050-07-25 Variable 3.000000000000 N N N N N N Westlake Automobile Receivable N/A Westlake Automobile Receivables Trust 2019-2 96041LAG7 965000.000000000000 PA USD 961174.350000000000 0.7058838871 Long ABS-O CORP US N 2 2025-04-15 Fixed 4.020000000000 N N N N N N Westlake Automobile Receivable N/A Westlake Automobile Receivables Trust 2020-1 96042KAE3 138011.590000000000 PA USD 137560.760000000000 0.1010242564 Long ABS-O CORP US N 2 2025-04-15 Fixed 2.520000000000 N N N N N N Westlake Automobile Receivable N/A Westlake Automobile Receivables Trust 2020-3 96042QAJ9 87000.000000000000 PA USD 84831.560000000000 0.0623000721 Long ABS-O CORP US N 2 2025-11-17 Fixed 1.240000000000 N N N N N N Westlake Automobile Receivable N/A Westlake Automobile Receivables Trust 2021-2 96042RAF5 1000000.000000000000 PA USD 911552.400000000000 0.6694416589 Long ABS-O CORP US N 2 2026-12-15 Fixed 1.230000000000 N N N N N N N/A N/A US 2YR NOTE (CBT) Mar23 N/A -100.000000000000 NC USD 117506.650000000000 0.0862965713 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short U.S. Treasury 2 Year Notes U.S. Treasury 2 Year Notes 2023-03-31 -20625319.250000000000 USD 117506.650000000000 N N N AMGEN INC 62QBXGPJ34PQ72Z12S66 Amgen Inc 031162CR9 1500000.000000000000 PA USD 1115176.040000000000 0.8189823188 Long DBT CORP US N 2 2040-02-21 Fixed 3.150000000000 N N N N N N AVIATION CAPITAL GROUP 549300ODEK8HY3445C77 Aviation Capital Group LLC 05369AAK7 1000000.000000000000 PA USD 872979.060000000000 0.6411135006 Long DBT CORP US N 2 2026-01-30 Fixed 1.950000000000 N N N N N N BX Trust N/A BX Commercial Mortgage Trust 2021-VOLT 05609VAJ4 1000000.000000000000 PA USD 941235.100000000000 0.6912405549 Long ABS-MBS CORP US N 2 2036-09-15 Floating 5.417870000000 N N N N N N BACARDI MARTINI B V DISC COML N/A BACARDI MARTINI B V DISC COML 05634FNB1 2000000.000000000000 PA USD 1996936.000000000000 1.4665444890 Long STIV CORP US N 2 2023-01-11 Fixed .000000000000 N N N N N N BANK OF AMERICA CORP 9DJT3UXIJIZJI4WXO774 Bank of America Corp 06051GFL8 1000000.000000000000 PA USD 968687.040000000000 0.7114011866 Long DBT CORP US N 2 2026-10-22 Fixed 4.250000000000 N N N N N N BOEING CO RVHJWBXLJ1RFUBSY1F30 Boeing Co/The 097023DD4 1013000.000000000000 PA USD 1009145.230000000000 0.7411135738 Long DBT CORP US N 2 2023-02-04 Fixed 1.167000000000 N N N N N N BRITISH AIR 21-1 A PPT N/A British Airways 2021-1 Class A Pass Through Trust 11042CAA8 1776158.350000000000 PA USD 1453904.970000000000 1.0677439444 Long DBT CORP US N 2 2035-03-15 Fixed 2.900000000000 N N N N N N BRITISH AIR 20-1 A PTT N/A British Airways 2020-1 Class A Pass Through Trust 11044MAA4 537201.860000000000 PA USD 483035.370000000000 0.3547398914 Long DBT CORP US N 2 2032-11-15 Fixed 4.250000000000 N N N N N N CLI Funding LLC N/A CLI Funding VIII LLC 12565KAA5 2032202.410000000000 PA USD 1738304.080000000000 1.2766058946 Long ABS-O CORP US N 2 2046-02-18 Fixed 1.640000000000 N N N N N N CPS Auto Trust N/A CPS Auto Receivables Trust 2019-C 12596UAD0 71964.080000000000 PA USD 71746.260000000000 0.0526902626 Long ABS-O CORP US N 2 2025-06-16 Fixed 3.170000000000 N N N N N N Carvana Auto Receivables Trust N/A Carvana Auto Receivables Trust 2021-N2 14686KAE7 1000000.000000000000 PA USD 946206.400000000000 0.6948914644 Long ABS-O CORP US N 2 2028-03-10 Fixed 1.270000000000 N N N N N N Carvana Auto Receivables Trust N/A Carvana Auto Receivables Trust 2021-N1 14687DAC6 567928.950000000000 PA USD 523379.300000000000 0.3843683664 Long ABS-O CORP US N 2 2028-01-10 Fixed 1.300000000000 N N N N N N CELANESE US HOLDINGS LLC CD30XVRLT4QO00B1C706 Celanese US Holdings LLC 15089QAR5 1000000.000000000000 PA USD 1000670.160000000000 0.7348895049 Long DBT CORP US N 2 2024-07-05 Fixed 5.900000000000 N N N N N N CITIGROUP INC 6SHGI4ZSSLCXXQSBB395 Citigroup Inc 172967NR8 1000000.000000000000 PA USD 997831.600000000000 0.7328048740 Long DBT CORP US N 2 2025-05-24 Floating 5.585740000000 N N N N N N COMCAST CORP 51M0QTTNCGUN7KFCFZ59 Comcast Corp 20030NDS7 2000000.000000000000 PA USD 1301109.760000000000 0.9555315484 Long DBT CORP US N 2 2051-11-01 Fixed 2.887000000000 N N N N N N CONSTELLATION ENERGY GEN LLC N/A CONSTELLATION ENERGY GEN LLC 21038QN67 2000000.000000000000 PA USD 1998038.060000000000 1.4673538389 Long STIV CORP US N 2 2023-01-06 Fixed .000000000000 N N N N N N 2023-02-21 Professionally Managed Portfolios /s/ Melissa Breitzman Melissa Breitzman Assistant Treasurer XXXX NPORT-EX 2 total-return.htm OSTERWEIS TOTAL RETURN FUND PART F 12.31.22

OSTERWEIS TOTAL RETURN FUND
  
SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited)
  
           
Principal Amount
  
Value
  
Bonds: 74.0%
      
Corporate Bonds: 20.0%
      
Aerospace & Defense: 0.7%
      
   
The Boeing Company
      
$
1,013,000
  
1.167%, 02/04/2023
  
$
1,009,145
  
               
Air Freight & Logistics: 1.5%
        
     
American Airlines 2019-1 Class B Pass Through Trust
        
 
762,530
  
3.850%, 08/15/2029
    
643,086
  
     
British Airways 2021-1 Class A Pass Through Trust
        
 
1,776,158
  
2.900%, 09/15/2036
    
1,453,905
  
           
2,096,991
  
Airlines: 1.6%
        
     
Air Canada 2020-2 Class A Pass Through Trust
        
 
830,190
  
5.250%, 10/01/2030
    
786,491
  
     
British Airways 2020-1 Class A Pass Through Trust
        
 
537,202
  
4.250%, 05/15/2034
    
483,035
  
     
United Airlines 2020-1 Class A Pass Through Trust
        
 
980,075
  
5.875%, 10/15/2027
    
968,408
  
           
2,237,934
  
Automobiles: 0.8%
        
     
General Motors Co.
        
 
1,000,000
  
6.125%, 10/01/2025
    
1,019,604
  
               
Banks: 3.7%
        
     
Bank of America Corp.
        
 
1,000,000
  
4.250%, 10/22/2026
    
968,687
  
     
Citigroup, Inc.
        
 
1,000,000
  
5.586% (SOFR + 1.372%), 05/24/2025 2
    
997,832
  
     
The PNC Financial Services Group, Inc.
        
 
1,120,000
  
8.118% (3 Month LIBOR USD + 3.678%), 02/01/2023 1,2
    
1,121,118
  
 
1,000,000
  
6.000% (5 Year CMT Rate + 3.000%), 05/15/2027 1,2,10
    
942,122
  
     
Santander UK Group Holdings Plc
        
 
1,000,000
  
6.833% (SOFR + 2.749%), 11/21/2026 2,10
    
1,012,774
  
           
5,042,533
  
Biotechnology: 0.8%
        
     
Amgen, Inc.
        
 
1,500,000
  
3.150%, 02/21/2040
    
1,115,176
  
               
Capital Markets: 1.8%
        
     
Morgan Stanley
        
 
1,000,000
  
4.350%, 09/08/2026
    
973,137
  
 
2,000,000
  
2.484% (SOFR + 1.360%), 09/16/2036 2,10
    
1,459,716
  
           
2,432,853
  
Chemicals: 0.7%
        
     
Celanese US Holdings LLC
        
 
1,000,000
  
5.900%, 07/05/2024
    
1,000,670
  
               
Diversified Financial Services: 0.6%
        
     
Aviation Capital Group LLC
        
 
1,000,000
  
1.950%, 01/30/2026
    
872,979
  
               
Diversified Telecommunication Services: 0.5%
        
     
AT&T, Inc.
        
 
1,000,000
  
3.500%, 09/15/2053
    
678,867
  
               
Electric Utilities: 1.9%
        
     
Edison International
        
 
760,000
  
5.000% (5 Year CMT Rate + 3.901%), 12/15/2026 1,2,10
    
640,300
  
     
PacifiCorp
        
 
1,000,000
  
5.350%, 12/01/2053
    
1,007,323
  
     
Southern California Edison Co.
        
 
1,000,000
  
0.975%, 08/01/2024
    
936,117
  
           
2,583,740
  
Electronic Equipment, Instruments & Components: 0.7%
        
     
TD SYNNEX Corp.
        
 
1,000,000
  
1.250%, 08/09/2024
    
929,094
  
               
Insurance: 1.5%
        
     
Metropolitan Life Global Funding I
        
 
1,000,000
  
2.800%, 03/21/2025
    
960,276
  
     
New York Life Insurance Co.
        
 
1,000,000
  
5.875%, 05/15/2033
    
1,038,914
  
     
SBL Holdings, Inc.
        
 
25,000
  
6.500% (5 Year CMT Rate + 5.620%), 11/13/2026 1,2,10
    
19,375
  
           
2,018,565
  
Media: 1.0%
        
     
Comcast Corp.
        
 
2,000,000
  
2.887%, 11/01/2051
    
1,301,110
  
               
Oil, Gas & Consumable Fuels: 0.6%
        
     
Energy Transfer L.P.
        
 
1,000,000
  
6.500% (5 Year CMT Rate + 5.694%), 11/15/2026 1,2,10
    
866,652
  
               
Software: 0.5%
        
     
Oracle Corp.
        
 
1,000,000
  
3.650%, 03/25/2041
    
745,390
  
               
Tobacco: 0.8%
        
     
Philip Morris International, Inc.
        
 
1,000,000
  
5.750%, 11/17/2032
    
1,025,708
  
               
Trading Companies & Distributors: 0.3%
        
     
Air Lease Corp.
        
 
520,000
  
4.125% (5 Year CMT Rate + 3.149%), 12/15/2026 1,2,10
    
357,500
  
               
Total Corporate Bonds
        
(Cost $28,994,258)
    
27,334,511
  
               
Asset Backed Securities: 15.4%
        
     
Aaset 2021-2 Trust 2021-2
        
 
939,792
  
2.798%, 01/15/2047 2
    
759,899
  
     
American Credit Acceptance Receivables Trust 2021-1
        
 
1,500,000
  
1.140%, 03/15/2027
    
1,414,999
  
     
American Credit Acceptance Receivables Trust 2021-2
        
 
912,122
  
0.970%, 07/13/2027
    
895,539
  
     
Carvana Auto Receivables Trust 2021-N1
        
 
567,929
  
1.300%, 01/10/2028
    
523,379
  
     
Carvana Auto Receivables Trust 2021-N2
        
 
1,000,000
  
1.270%, 03/10/2028
    
946,206
  
     
CLI Funding VIII LLC
        
 
2,032,202
  
1.640%, 02/18/2046 1
    
1,738,304
  
     
CPS Auto Receivables Trust 2019-C
        
 
71,964
  
3.170%, 06/16/2025
    
71,746
  
     
Credit Acceptance Auto Loan Trust 2021-3
        
 
750,000
  
1.380%, 07/15/2030
    
688,742
  
     
DT Auto Owner Trust 2019-1
        
 
1,000,000
  
4.940%, 02/17/2026
    
996,131
  
     
DT Auto Owner Trust 2021-1
        
 
500,000
  
0.840%, 10/15/2026
    
480,130
  
     
FCI Funding 2021-1 LLC 2021-1
        
 
164,318
  
1.130%, 04/15/2033
    
160,525
  
     
Flagship Credit Auto Trust 2018-2
        
 
123,740
  
4.230%, 09/16/2024
    
123,444
  
     
Flagship Credit Auto Trust 2019-2
        
 
73,938
  
3.090%, 05/15/2025
    
73,579
  
     
Flagship Credit Auto Trust 2020-4
        
 
500,000
  
1.280%, 02/16/2027
    
478,574
  
     
Flagship Credit Auto Trust 2021-2
        
 
1,000,000
  
1.270%, 06/15/2027
    
928,305
  
     
HERO Funding Trust 2021-1
        
 
595,556
  
2.240%, 09/20/2051
    
521,538
  
     
MVW 2021-1W LLC
        
 
283,981
  
1.440%, 01/22/2041
    
257,501
  
     
Navigator Aircraft ABS Ltd.
        
 
1,388,393
  
2.771%, 11/15/2046
    
1,170,750
  
     
Nyctl 2021-A Trust 2021-A
        
 
498,350
  
2.100%, 11/10/2034
    
476,524
  
     
Progress Residential 2021-SFR1
        
 
500,000
  
1.555%, 04/17/2038
    
427,942
  
     
Santander Drive Auto Receivables Trust 2019-2
        
 
1,327,017
  
3.220%, 07/15/2025
    
1,318,798
  
     
Santander Drive Auto Receivables Trust 2021-2
        
 
1,000,000
  
1.350%, 07/15/2027
    
935,711
  
     
Stonepeak 2021-1 ABS 2021-1
        
 
843,003
  
2.301%, 02/28/2033
    
751,021
  
     
Thrust Engine Leasing 2021 DAC
        
 
1,893,378
  
4.163%, 07/15/2040
    
1,397,961
  
     
Triton Container Finance VIII LLC
        
 
1,702,500
  
1.860%, 03/20/2046
    
1,424,940
  
     
Westlake Automobile Receivables Trust 2019-2
        
 
965,000
  
4.020%, 04/15/2025
    
961,174
  
     
Westlake Automobile Receivables Trust 2020-1
        
 
138,012
  
2.520%, 04/15/2025
    
137,561
  
     
Westlake Automobile Receivables Trust 2020-3
        
 
87,000
  
1.240%, 11/17/2025
    
84,832
  
     
Westlake Automobile Receivables Trust 2021-2
        
 
1,000,000
  
1.230%, 12/15/2026
    
911,552
  
           
21,057,307
  
Total Asset Backed Securities
        
(Cost $23,346,348)
    
21,057,307
  
               
Commercial Mortgage-Backed Securities: 1.4%
        
     
BX Commercial Mortgage Trust 2021-VOLT
        
     
Series BX 2021-VOLT C
        
 
1,000,000
  
5.418% (1 Month LIBOR USD + 1.100%), 09/15/2036 2
    
941,235
  
     
Life 2021-BMR Mortgage Trust
        
     
Series LIFE 2021-BMR C
        
 
982,970
  
5.418% (1 Month LIBOR USD + 1.100%), 03/15/2038 2
    
936,108
  
           
1,877,343
  
Total Commercial Mortgage-Backed Securities
        
(Cost $1,982,970)
    
1,877,343
  
               
Mortgage Backed Securities: 15.4%
        
     
Federal Home Loan Mortgage Corporation: 5.1%
        
     
 FR SD8258
        
 
7,019,325
  
5.000%, 10/01/2052
    
6,933,167
  
               
     
Federal Home Loan Mortgage Corporation REMICS: 1.9%
        
     
Series FHR 2512 SI
        
 
104,540
  
3.182% (1 Month LIBOR USD + 7.500%), 04/15/2024 2,3,8
    
901
  
     
Series FHR 4048 IK
        
 
1,683,093
  
3.000%, 05/15/2027 3
    
64,665
  
     
Series FHR 4093 DS
        
 
3,501,496
  
1.982% (1 Month LIBOR USD + 6.300%), 08/15/2027 2,3,8
    
111,467
  
     
Series FHR 4216 EI
        
 
2,014,453
  
3.000%, 06/15/2028 3
    
112,785
  
     
Series FHR 4360 BI
        
 
872,648
  
2.500%, 11/15/2028 3
    
25,185
  
     
Series FHR 4341 MI
        
 
1,052,333
  
4.000%, 11/15/2031 3
    
91,650
  
     
Series FHR 4093 IB
        
 
1,240,374
  
4.000%, 08/15/2032 3
    
116,583
  
     
Series FHR 4114 MI
        
 
1,618,255
  
3.500%, 10/15/2032 3
    
160,351
  
     
Series FHR 4170 IU
        
 
2,570,327
  
3.000%, 02/15/2033 3
    
231,525
  
     
Series FHR 3171 OJ
        
 
714,171
  
N/A%, 06/15/2036 4,5
    
564,951
  
     
Series FHR 3824 LS
        
 
473,590
  
2.782% (1 Month LIBOR USD + 7.100%), 08/15/2036 2,3,8
    
56,664
  
     
Series FHR 3236 KF
        
 
58,854
  
4.618% (1 Month LIBOR USD + 0.300%), 11/15/2036 2
    
57,600
  
     
Series FHR 3339 JS
        
 
27,756
  
14.769% (1 Month LIBOR USD + 42.835%), 07/15/2037 2,8
    
37,277
  
     
Series FHR 3380 FM
        
 
140,745
  
4.908% (1 Month LIBOR USD + 0.590%), 10/15/2037 2
    
139,415
  
     
Series FHR 3721 FB
        
 
108,938
  
4.818% (1 Month LIBOR USD + 0.500%), 09/15/2040 2
    
107,226
  
     
Series FHR 4105 LS
        
 
2,055,342
  
1.832% (1 Month LIBOR USD + 6.150%), 08/15/2041 2,3,8
    
82,630
  
     
Series FHR 3933 QS
        
 
1,501,211
  
1.732% (1 Month LIBOR USD + 6.050%), 10/15/2041 2,3,8
    
98,083
  
     
Series FHR 4340 US
        
 
1,028,254
  
2.282% (1 Month LIBOR USD + 6.600%), 05/15/2042 2,3,8
    
138,234
  
     
Series FHR 4076 LF
        
 
146,126
  
4.618% (1 Month LIBOR USD + 0.300%), 07/15/2042 2
    
142,802
  
     
Series FHR 4495 PI
        
 
181,623
  
4.000%, 09/15/2043 3
    
16,803
  
     
Series FHR 4313 CS
        
 
1,934,711
  
1.732% (1 Month LIBOR USD + 6.050%), 03/15/2044 2,3,8
    
188,327
  
     
Series FHR 4911 IH
        
 
681,918
  
4.000%, 04/15/2049 3
    
56,667
  
           
2,601,791
  
     
Federal Home Loan Mortgage Corporation Strips: 0.2%
        
     
Series FHS 288 IO
        
 
1,123,281
  
3.000%, 10/15/2027 3
    
54,346
  
     
Series FHS 272 F2
        
 
200,048
  
4.868% (1 Month LIBOR USD + 0.550%), 08/15/2042 2
    
195,674
  
           
250,020
  
     
Federal National Mortgage Association Interest Strips: 0.3%
        
     
Pool FNS 419 C1
        
 
2,377,916
  
2.500%, 09/25/2028 3
    
112,102
  
     
Pool FNS 419 C2
        
 
2,845,609
  
3.000%, 05/25/2029 3
    
147,213
  
     
Pool FNS 421 C4
        
 
1,119,228
  
4.500%, 01/25/2030 3
    
84,030
  
     
Pool FNS 421 C3
        
 
82,869
  
4.000%, 07/25/2030 3
    
6,524
  
     
Pool FNS 387 7
        
 
309,901
  
5.500%, 04/25/2038 3
    
92,757
  
           
442,626
  
     
Federal National Mortgage Association Pool: 1.9%
        
     
 FN AL2519
        
 
649,179
  
4.500%, 07/01/2040
    
644,818
  
     
 FN AS5460
        
 
613,270
  
3.500%, 07/01/2045
    
571,597
  
     
 FN AS6520
        
 
818,788
  
3.500%, 01/01/2046
    
758,428
  
     
 FN MA3101
        
 
668,231
  
4.500%, 08/01/2047
    
657,399
  
           
2,632,242
  
     
Federal National Mortgage Association REMICS: 3.4%
        
     
Series FNR 1996-45 SI
        
 
62,192
  
2.861% (1 Month LIBOR USD + 7.250%), 02/25/2024 2,3,8
    
643
  
     
Series FNR 1997-65 SI
        
 
356,455
  
4.096% (1 Month LIBOR USD + 8.000%), 09/17/2027 2,3,8
    
14,635
  
     
Series FNR 2012-139 DI
        
 
2,636,108
  
3.000%, 12/25/2027 3
    
106,226
  
     
Series FNR 2013-29 BI
        
 
3,294,468
  
2.500%, 04/25/2028 3
    
152,977
  
     
Series FNR 2015-34 AI
        
 
101,250
  
4.500%, 06/25/2030 2,3
    
353
  
     
Series FNR 2010-119 PS
        
 
1,974,950
  
2.311% (1 Month LIBOR USD + 6.700%), 09/25/2030 2,3,8
    
82,890
  
     
Series FNR 2016-8 CI
        
 
4,902,978
  
3.000%, 03/25/2031 3
    
342,637
  
     
Series FNR 2013-51 PI
        
 
1,800,550
  
3.000%, 11/25/2032 3
    
167,381
  
     
Series FNR 2014-81 TI
        
 
312,141
  
4.500%, 12/25/2034 3
    
27,413
  
     
Series FNR 2016-24 IB
        
 
3,933,863
  
3.500%, 05/25/2036 3
    
423,612
  
     
Series FNR 2007-2 FT
        
 
146,832
  
4.639% (1 Month LIBOR USD + 0.250%), 02/25/2037 2
    
143,110
  
     
Series FNR 2016-78 CS
        
 
2,383,677
  
1.711% (1 Month LIBOR USD + 6.100%), 05/25/2039 2,3,8
    
169,065
  
     
Series FNR 2012-82 PS
        
 
1,536,386
  
1.711% (1 Month LIBOR USD + 6.100%), 08/25/2041 2,3,8
    
54,163
  
     
Series FNR 2011-100 S
        
 
2,683,335
  
2.061% (1 Month LIBOR USD + 6.450%), 10/25/2041 2,3,8
    
278,580
  
     
Series FNR 2012-15 SW
        
 
2,953,686
  
1.561% (1 Month LIBOR USD + 5.950%), 03/25/2042 2,3,8
    
287,212
  
     
Series FNR 2012-79 FM
        
 
112,946
  
4.839% (1 Month LIBOR USD + 0.450%), 07/25/2042 2
    
110,046
  
     
Series FNR 2012-128 ST
        
 
1,035,390
  
1.761% (1 Month LIBOR USD + 6.150%), 11/25/2042 2,3,8
    
162,560
  
     
Series FNR 2013-22 TO
        
 
331,991
  
N/A%, 03/25/2043 4,5
    
210,465
  
     
Series FNR 2013-20 QS
        
 
4,112,329
  
1.761% (1 Month LIBOR USD + 6.150%), 03/25/2043 2,3,8
    
454,358
  
     
Series FNR 2014-37 PI
        
 
648,740
  
5.500%, 06/25/2044 3
    
76,409
  
     
Series FNR 2014-50 WS
        
 
440,719
  
1.811% (1 Month LIBOR USD + 6.200%), 08/25/2044 2,3,8
    
28,094
  
     
Series FNR 2016-83 BS
        
 
342,668
  
1.711% (1 Month LIBOR USD + 6.100%), 11/25/2046 2,3,8
    
32,804
  
     
Series FNR 2018-51 IO
        
 
450,230
  
6.500%, 07/25/2048 3
    
60,996
  
     
Series FNR 2019-41 SB
        
 
1,113,291
  
1.661% (1 Month LIBOR USD + 6.050%), 08/25/2049 2,3,8
    
119,429
  
     
Series FNR 2020-88 QI
        
 
10,892,353
  
2.000%, 05/25/2050 3
    
1,083,181
  
           
4,589,239
  
     
Goldman Sachs Mortgage-Backed Securities Corp Trust: 0.3%
        
     
Series GSMBS 2020-PJ4 A2
        
 
494,998
  
3.000%, 01/25/2051
    
419,333
  
               
     
Government National Mortgage Association: 0.5%
        
     
Series GNR 2014-74 GI
        
 
109,530
  
4.000%, 05/16/2029 3
    
3,226
  
     
Series GNR 2010-47 BX
        
 
249,514
  
2.224% (1 Month LIBOR USD + 6.550%), 08/16/2034 2,3,8
    
10,247
  
     
Series GNR 2011-61 WS
        
 
2,879,251
  
2.117% (1 Month LIBOR USD + 6.470%), 02/20/2038 2,3,8
    
115,930
  
     
Series GNR 2010-6 FG
        
 
105,155
  
4.926% (1 Month LIBOR USD + 0.600%), 01/16/2040 2
    
104,607
  
     
Series GNR 2016-31 CS
        
 
3,380,235
  
1.897% (1 Month LIBOR USD + 6.250%), 07/20/2044 2,3,8
    
359,323
  
     
Series GNR 2016-112 WI
        
 
4,216,128
  
0.184%, 03/20/2045 3
    
80,608
  
           
673,941
  
     
JP Morgan Mortgage Trust: 0.3%
        
     
Series JPMMT 2014-IVR3 3A1
        
 
162,782
  
3.063%, 09/25/2044
    
159,391
  
     
Series JPMMT 2020-7 A3
        
 
330,116
  
3.000%, 01/25/2051
    
273,930
  
           
433,321
  
     
RCKT Mortgage Trust 2021-6 - 0: 1.1%
        
     
Series RCKT 2021-6 A1
        
 
1,838,799
  
2.500%, 12/25/2051
    
1,487,512
  
               
     
Wells Fargo Mortgage Backed Securities Trust: 0.4%
        
     
Series WFMBS 2019-4 A17
        
 
57,074
  
3.500%, 09/25/2049
    
49,320
  
     
Series WFMBS 2020-3 A3
        
 
145,828
  
3.000%, 06/25/2050
    
139,021
  
     
Series WFMBS 2020-4 A1
        
 
448,630
  
3.000%, 07/25/2050
    
378,354
  
           
566,695
  
Total Mortgage Backed Securities
        
(Cost $25,785,165)
    
21,029,887
  
               
United States Government Securities: 21.8%
        
     
United States Treasury Notes/Bonds
        
 
5,000,000
  
2.750%, 04/30/2023
    
4,972,150
  
 
2,000,000
  
1.375%, 09/30/2023
    
1,951,329
  
 
5,000,000
  
0.375%, 10/31/2023
    
4,821,875
  
 
3,000,000
  
2.375%, 03/31/2029
    
2,734,512
  
 
4,000,000
  
3.250%, 06/30/2029
    
3,837,500
  
 
4,000,000
  
2.250%, 05/15/2041
    
3,030,625
  
 
2,500,000
  
2.000%, 11/15/2041
    
1,799,365
  
 
4,000,000
  
3.000%, 11/15/2044
    
3,329,531
  
 
4,000,000
  
3.000%, 02/15/2047
    
3,304,688
  
           
29,781,575
  
Total United States Government Securities
        
(Cost $30,459,984)
    
29,781,575
  
               
Total Bonds
        
(Cost $110,568,725)
    
101,080,623
  
               
Short-Term Investments: 32.2%
        
Commercial Paper: 17.6%
        
Automobiles: 1.5%
        
     
Harley-Davidson FDG Corp.
        
 
2,000,000
  
5.176%, 01/04/2023 7
    
1,998,709
  
               
Beverages: 1.5%
        
     
Bacardi-Martini BV
        
 
2,000,000
  
5.424%, 01/11/2023 7
    
1,996,936
  
               
Diversified Financial Services: 1.4%
        
     
VW Credit, Inc.
        
 
2,000,000
  
4.950%, 01/23/2023 7
    
1,993,776
  
               
Electric Utilities: 1.5%
        
     
Constellation Energy Generation LLC
        
 
2,000,000
  
4.860%, 01/06/2023 7
    
1,998,038
  
               
Electronic Equipment, Instruments & Components: 1.5%
        
     
Jabil, Inc.
        
 
2,000,000
  
5.616%, 01/03/2023 7
    
1,998,880
  
               
Food & Staples Retailing: 2.9%
        
     
Walgreens Boots Alliance, Inc.
        
 
4,000,000
  
5.094%, 01/23/2023 7
    
3,987,365
  
               
Health Care Providers & Services: 1.5%
        
     
McKesson Corp.
        
 
2,000,000
  
5.196%, 01/06/2023 7
    
1,998,225
  
               
Multiline Retail: 1.5%
        
     
Dollarama, Inc.
        
 
2,000,000
  
5.169%, 01/17/2023 7
    
1,995,368
  
               
Oil, Gas & Consumable Fuels: 1.4%
        
     
Enbridge, Inc.
        
 
2,000,000
  
4.991%, 01/17/2023 7
    
1,995,216
  
               
Textiles, Apparel & Luxury Goods: 1.4%
        
     
VF Corp.
        
 
2,000,000
  
4.777%, 01/18/2023 7
    
1,995,324
  
               
Wireless Telecommunication Services: 1.5%
        
     
Rogers Communications, Inc.
        
 
2,000,000
  
4.985%, 01/05/2023 7
    
1,998,481
  
               
Total Commercial Paper
        
(Cost $23,961,086)
    
23,956,318
  
               
United States Treasury Bills: 5.4%
        
     
United States Treasury Bills
        
 
1,500,000
  
2.884%, 01/12/2023 7
    
1,498,700
  
 
5,000,000
  
4.456%, 06/29/2023 7
    
4,889,435
  
 
1,000,000
  
0.000%, 10/05/2023 7,9
    
966,251
  
Total United States Treasury Bills
        
(Cost $7,353,176)
    
7,354,386
  
Shares
        
Money Market Funds: 9.2%
        
               
 
12,493,886
  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 4.110%6
    
12,493,886
  
               
Total Money Market Funds
        
(Cost $12,493,886)
    
12,493,886
  
               
Total Short-Term Investments
        
(Cost $43,808,148)
    
43,804,590
  
Total Investments in Securities: 106.2%
        
(Cost $154,376,873)
    
144,885,213
  
Liabilities in Excess of Other Assets: (6.2)%
    
(8,471,473
)
Total Net Assets: 100.0%
  
$
136,413,740
  

 
CMT-
Constant Maturity Treasury Rate
      
 
LIBOR-
London Interbank Offered Rate
      
 
SOFR-
Secured Overnight Financing Rate
      
 
USD-
United States Dollar
      
 
          
           
 
1 
Perpetual call date security. Date shown is next call date.
      
 
2 
Variable rate security; rate shown is the rate in effect on December 31, 2022.
    
 
3 
Interest only security.
      
 
4 
Zero coupon security.
      
 
5 
Principal only security.
      
 
6 
Annualized seven-day effective yield as of December 31, 2022.
      
 
7 
Rate represents the yield to maturity from purchase price.
      
 
8 
Inverse floading rate security. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a ceiling or floor.
  
 
9 
The security or a portion of the security has been deposited as initial margin on open futures contracts and another portion is designated as collateral for futures contracts.  As of December 31, 2022,
the value of securities designated as collateral was $950,000, or 0.7% of net assets.
  
 
10 
Fixed-to-variable or fixed-to float bond; rate shown is the rate in effect on December 31, 2022.
  
 
11 
Step-up bond.  The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of December 31, 2022.
  


Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)
         
The Osterweis Total Return 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
Corporate Bonds1
  
$
–
    
$
27,334,511
    
$
–
    
$
27,334,511
Asset Backed Securities
    
–
      
21,057,307
      
–
      
21,057,307
Commercial Mortgage-Backed Securities
    
–
      
1,877,343
      
–
      
1,877,343
Mortgage Backed Securities
    
–
      
21,029,887
      
–
      
21,029,887
United States Government Notes/Bonds
    
–
      
29,781,575
      
–
      
29,781,575
Short-Term Investments
    
12,493,886
      
31,310,704
      
–
      
43,804,590
Total Assets:
  
$
12,493,886
    
$
132,391,327
    
$
–
    
$
144,885,213
Other Financial Instruments 2:
                              
Interest Rate Contracts - Futures
    
117,968
      
–
      
–
      
117,968
Total Other Financial Instruments
  
$
117,968
    
$
–
    
$
–
    
$
117,968
                               
1 See Schedule of Investments for industry breakouts.
                              
2 Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are
presented at the unrealized appreciation/(depreciation) on the investment.
                        
 

OSTERWEIS TOTAL RETURN FUND
SCHEDULE OF FUTURES CONTRACTS at DECEMBER 31, 2022 (Unaudited)
                       
The Fund had the following futures contracts outstanding with ADM:
            
                       
               
Unrealized
      
   
Number of
    
Notional
    
Appreciation
    
Notional
Short Futures Contracts Outstanding
  
Contracts
    
Amount
    
(Depreciation)
    
Value
US 2 Year Note CBT (3/2023)
    
(100)

 
$
(20,625,781
)
  
$
117,968
    
$
(20,507,813
                               
           
$
(20,625,781
)
  
$
117,968
    
$
(20,507,813
 
                              
CBT - Chicago Board of Trades