OSTERWEIS SUSTAINABLE CREDIT FUND
SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited)
Principal Amount			Value
Bonds: 59.9%
Corporate Bonds: 59.9%
Air Freight & Logistics: 0.1%
		Western Global Airlines LLC
$	498,000	10.375%, 08/15/2025	$	2,801
Commercial Services & Supplies: 8.1%
		Cimpress PLC
	329,000	7.000%, 06/15/2026		298,870
Computers & Peripherals: 3.2%
		CPI Acquisition, Inc.
	118,000	8.625%, 03/15/2026		113,736
		Diebold Nixdorf, Inc.
	379,517	8.500% Cash or 8.500% PIK, 10/15/2026 1		4,929
				118,665
Construction & Engineering: 5.0%
		Great Lakes Dredge & Dock Corp.
	222,000	5.250%, 06/01/2029		185,621
Consumer Finance: 3.3%
		Bread Financial Holdings, Inc.
	60,000	4.750%, 12/15/2024		58,891
	65,000	7.000%, 01/15/2026		61,355
				120,246
Diversified Consumer Services: 0.5%
		Cengage Learning, Inc.
	18,000	9.500%, 06/15/2024		18,009
Food Products: 2.3%
		B&G Foods, Inc.
	100,000	5.250%, 09/15/2027		87,013
Hotels, Restaurants & Leisure: 5.3%
		Arrow Bidco LLC
	194,000	9.500%, 03/15/2024		194,563
Household Durables: 4.3%
		American Greetings Corp.
	162,000	8.750%, 04/15/2025		157,539
Interactive Media & Services: 11.2%
		Cars.com, Inc.
	125,000	6.375%, 11/01/2028		115,284
		Getty Images, Inc.
	191,000	9.750%, 03/01/2027		188,843
		Millennium Escrow Corp.
	149,000	6.625%, 08/01/2026		109,824
				413,951
IT Services: 4.5%
		Virtusa Corp.
	203,000	7.125%, 12/15/2028		165,419
Machinery: 2.2%
		The Manitowoc Co., Inc.
	82,000	9.000%, 04/01/2026		81,675
Specialty Retail: 6.7%
		The Michaels Cos., Inc
	161,000	5.250%, 05/01/2028		130,244
		The Michaels Cos., Inc.
	172,000	7.875%, 05/01/2029		116,100
				246,344
Textiles, Apparel & Luxury Goods: 3.2%
		Hanesbrands, Inc.
	125,000	4.875%, 05/15/2026		116,699
Total Corporate Bonds
(Cost $2,945,019)				2,207,415
Total Bonds
(Cost $2,945,019)				2,207,415
Bank Loans: 8.9%
Commercial Services & Supplies: 1.4%
		LRS Holdings LLC
	53,190	9.467% (1 Month SOFR + 4.250%), 8/31/2028 1,2		52,392
Software: 7.5%
		Magenta Buyer LLC
	364,450	10.030% (3 Months LIBOR + 4.750%), 7/27/2028 1,2		275,616
Total Bank Loans
(Cost $414,172)				328,008
Shares
Short-Term Investments: 36.1%
Money Market Funds: 36.1%
	1,332,022	U.S. Bank Money Market Deposit Account, 5.050% 3		1,332,022
Total Money Market Funds
(Cost $1,332,022)				1,332,022
Total Short-Term Investments
(Cost $1,332,022)				1,332,022
Total Investments in Securities: 104.9%
(Cost $4,691,213)				3,867,445
Liabilities in Excess of Other Assets: (4.9)%				(181,578	)
Total Net Assets: 100.0%			$	3,685,867

LIBOR -	London Interbank Offered Rate
SOFR -	Secured Overnight Financing Rate
PIK-	Payment-in-Kind
1	Variable rate security; rate shown is the rate in effect on June 30, 2023.
2	Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
3	The Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of June 30, 2023.
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 June 30, 2023 (Unaudited)

The Osterweis Sustainable Credit 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 June 30, 2023:

Assets:	Level 1		Level 2		Level 3		Total
Corporate Bonds 1	$	–	$	2,207,415	$	–	$	2,207,415
Bank Loans		–		328,008		–		328,008
Short-Term Investments		1,332,022		–		–		1,332,022
Total Assets:	$	1,332,022	$	2,535,423	$	–	$	3,867,445
1 See Schedule of Investments for industry breakouts.