NPORT-EX 2 osterweis.htm OSTFX 6/30/23 PART F

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.