|
OSTERWEIS FUND
|
||||
|
SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited)
|
||||
|
Shares
|
|
Value
|
||
|
Common Stocks: 96.5%
|
||||
|
Aerospace & Defense: 6.5%
|
||||
|
23,395
|
Airbus SE - ADR
|
$
|
845,495 | |
|
18,485
|
L3Harris Technologies, Inc.
|
3,618,809
|
||
|
124,300
|
Safran SA - ADR
|
4,877,532
|
||
|
9,341,836
|
||||
|
Broadline Retail: 3.8%
|
||||
|
42,005
|
Amazon.com, Inc. 1
|
5,475,772
|
||
|
Chemicals: 5.1%
|
||||
|
11,250
|
Air Products & Chemicals, Inc.
|
3,369,713
|
||
|
30,285
|
International Flavors & Fragrances, Inc.
|
2,410,383
|
||
|
3,875
|
Linde PLC
|
1,476,685
|
||
|
7,256,781
|
||||
|
Commercial Services & Supplies: 3.4%
|
||||
|
34,465
|
Waste Connections, Inc.
|
4,926,082
|
||
|
Consumer Staples Distribution & Retail: 8.2%
|
||||
|
22,615
|
Dollar General Corp.
|
3,839,575
|
||
|
48,155
|
Sysco Corp.
|
3,573,101
|
||
|
32,995
|
Target Corp.
|
4,352,040
|
||
|
11,764,716
|
||||
|
Electrical Equipment: 2.8%
|
||||
|
24,685
|
AMETEK, Inc.
|
3,996,008
|
||
|
Financial Services: 3.6%
|
||||
|
21,510
|
Visa, Inc. - Class A
|
5,108,195
|
||
|
Ground Transportation: 5.0%
|
||||
|
11,778
|
Old Dominion Freight Line, Inc.
|
4,354,915
|
||
|
13,530
|
Union Pacific Corp.
|
2,768,509
|
||
|
7,123,424
|
||||
|
Health Care Equipment & Supplies: 7.3%
|
||||
|
14,390
|
Becton Dickinson & Co.
|
3,799,104
|
||
|
90,495
|
Boston Scientific Corp. 1
|
4,894,874
|
||
|
7,455
|
Teleflex, Inc.
|
1,804,334
|
||
|
10,498,312
|
||||
|
Industrial REITS: 3.0%
|
||||
|
25,025
|
EastGroup Properties, Inc.
|
4,344,340
|
||
|
Insurance: 5.1%
|
||||
|
47,575
|
Brown & Brown, Inc.
|
3,275,063
|
||
|
30,805
|
The Progressive Corp.
|
4,077,658
|
||
|
7,352,721
|
||||
|
Interactive Media & Services: 5.0%
|
||||
|
58,645
|
Alphabet, Inc. - Class C 1
|
7,094,286
|
||
|
IT Services: 1.7%
|
||||
|
7,905
|
Accenture PLC - Class A
|
2,439,325
|
||
|
Life Sciences Tools & Services: 6.3%
|
||||
|
20,175
|
Agilent Technologies, Inc.
|
2,426,044
|
||
|
146,465
|
Avantor, Inc. 1
|
3,008,391
|
||
|
15,165
|
Danaher Corp.
|
3,639,600
|
||
|
9,074,035
|
||||
|
Pharmaceuticals: 1.9%
|
||||
|
16,360
|
Johnson & Johnson
|
2,707,907
|
||
|
Semiconductors & Semiconductor Equipment: 9.2%
|
||||
|
38,831
|
Advanced Micro Devices, Inc. 1
|
4,423,239
|
||
|
17,850
|
Analog Devices, Inc.
|
3,477,358
|
||
|
19,589
|
Applied Materials, Inc.
|
2,831,394
|
||
|
38,605
|
Micron Technology, Inc.
|
2,436,362
|
||
|
13,168,353
|
||||
|
Software: 14.5%
|
||||
|
11,116
|
Adobe, Inc. 1
|
5,435,613
|
||
|
37,795
|
Microsoft Corp.
|
12,870,709
|
||
|
5,601
|
Synopsys, Inc. 1
|
2,438,731
|
||
|
20,745,053
|
||||
|
Specialized REITS: 1.8%
|
||||
|
25,635
|
Lamar Advertising Co. - Class A
|
2,544,274
|
||
|
Specialty Retail: 2.3%
|
||||
|
29,520
|
Ross Stores, Inc.
|
3,310,077
|
||
|
Total Common Stocks
|
||||
|
(Cost $89,119,068)
|
138,271,497
|
|||
|
Short-Term Investments: 3.9%
|
||||
|
Money Market Funds: 3.9%
|
||||
|
5,654,980
|
Federated Hermes U.S. Treasury Cash Reserves - Class I, 5.000% 2
|
5,654,980
|
||
|
Total Money Market Funds
|
||||
|
(Cost $5,654,980)
|
5,654,980
|
|||
|
Total Short-Term Investments
|
||||
|
(Cost $5,654,980)
|
5,654,980
|
|||
|
Total Investments in Securities: 100.4%
|
||||
|
(Cost $94,774,048)
|
143,926,477
|
|||
|
Liabilities in Excess of Other Assets: (0.4)%
|
(581,811)
|
|||
|
Total Net Assets: 100.0%
|
$
|
143,344,666 | ||
|
ADR -
|
American Depositary Receipt.
|
||
|
REIT-
|
Real Estate Investment Trust.
|
||
|
1
|
Non-income producing security.
|
||
|
2
|
Annualized seven-day effective yield as of June 30, 2023.
|
||
|
The Global Industry Classifications Standard (GICS®) sector and industry classifications was developed by and is the exclsuive 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 the Osterweis Capital Management.
|
|||
|
Summary of Fair Value Disclosure at June 30, 2023 (Unaudited)
|
|
The Osterweis 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
|
|||||||||||
|
Common Stocks 1
|
$
|
138,271,497
|
$
|
–
|
$
|
–
|
$
|
138,271,497
|
|||||||
|
Short-Term Investments
|
5,654,980
|
–
|
–
|
5,654,980
|
|||||||||||
|
Total Assets:
|
$
|
143,926,477
|
$
|
–
|
$
|
–
|
$
|
143,926,477
|
|||||||
|
1 See Schedule of Investments for industry breakouts.
|
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