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