# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-26-008963
**Filing Date:** 2026-6
**Character Count:** 185877
**Document Hash:** 35f15c1f4a8eb637b1a3c1cfccda2206
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008963.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001133228-26-008963

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROFESSIONALLY MANAGED PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000811030

**ORGANIZATION NAME:**
- **EIN:** 566415270
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 261071856

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-218-3770

**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

## Series and Classes Contracts Data

### Osterweis Strategic Income Fund (Series ID: S000004930)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013345 | Investor Class | OSTIX           |

### Osterweis Fund (Series ID: S000004931)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013346 | Investor Class | OSTFX           |

### Osterweis Growth & Income Fund (Series ID: S000029833)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000091752 | Investor Class | OSTVX           |

### Osterweis Opportunity Fund (Series ID: S000055531)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000174818 | Investor Class | OSTGX           |

?xml version='1.0' encoding='ASCII'? 2026-02-06196650_OsterweisFund_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-05037)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Professionally Managed Portfolios</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Craig Benton**

**Professionally Managed Portfolios**

**c/o U.S. Bank Global Fund Services 777 E. Wisconsin Avenue Milwaukee, WI 53202**

(Name and address of agent for service)

**<u>(414) 516-1720</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2026</u>**

**<u>Item 1. Report to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171400_202410032100389.jpg) | **Osterweis Fund**  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | OSTFX  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171401_202510062134215.jpg) |

---

This annual shareholder report contains important information about the Osterweis Fund for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.osterweis.com/regulatory-reports. You can also request this information by contacting us at 1-866-236-0050.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Osterweis Fund | $98 | 0.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period April 1, 2025 to March 31, 2026, the Osterweis Fund (the Fund) generated a total return of 11.22% versus 17.80% for the S&P 500 Index.

Equity markets performed well for the vast majority of the previous fiscal year, with the S&P 500 notching solid gains in each of the first three quarters and delivering only modestly negative returns in the final quarter. The period started poorly following the announcement of global reciprocal tariffs on April 2, 2025, but shortly thereafter markets began a rally that lasted for most of the remaining fiscal year. Economic fundamentals were healthy throughout the period and corporate earnings were strong. Inflation was more stable than expected, and the AI buildout continued to be a tailwind for the markets. In addition, the Federal Reserve cut rates three times, which benefited nearly all asset classes. Sentiment finally shifted in March 2026, as concerns about the economic fallout from the conflict in Iran weighed down markets.

Our underperformance for the period was primarily due to security selection. Particularly during the first three fiscal quarters, S&P 500 returns were largely driven by a narrow subset of mega cap technology companies, some of which we did not own as they failed to meet our quality growth criteria (strong fundamentals, growing free cash flow, and reasonable valuations). In addition, our picks in Financials, Health Care, Consumer Discretionary, and Industrials each lagged their counterparts in the Index. However, our selections in Communications Services and Consumer Staples both outperformed.

Sector weighting was slightly additive to our relative performance, but not enough to offset the drag from security selection. Our underweight to Consumer Staples was most beneficial, followed by our overweight to Industrials. On the other hand, our zero exposure to Energy and our overweight to Real Estate both detracted from our relative performance. Our cash reserves generated a positive absolute return during the period but also modestly reduced our relative returns.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7198img003.jpg)

Osterweis Fund PAGE 1 TSR-AR-742935406

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **OSTFX (without sales charge)**  | 11.22 | 5.94 | 9.93 |
| **S&P 500**  | 17.80 | 12.06 | 14.16 |

---

Visit https://www.osterweis.com/mutual_funds/performance for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $133497617 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $1107587 |
| **Portfolio Turnover** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  Alphabet, Inc. - Class C  | 7.5% |
|  Amazon.com, Inc.  | 4.1% |
|  Microsoft Corp.  | 4.0% |
|  Broadcom, Inc.  | 3.8% |
|  Visa, Inc. - Class A  | 3.7% |
|  Analog Devices, Inc.  | 3.7% |
|  JPMorgan Chase & Co.  | 3.4% |
|  Applied Materials, Inc.  | 3.2% |
|  Waste Connections, Inc.  | 3.1% |
|  AutoZone, Inc.  | 3.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.osterweis.com/regulatory-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Osterweis Funds documents not be householded, please contact the Osterweis Funds at 1-866-236-0050, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Osterweis Funds or your financial intermediary.

Osterweis Fund PAGE 2 TSR-AR-742935406

------

---

| | | |
|:---|:---|:---|
| ![image](img171400_202410032100389.jpg) | **Osterweis Growth & Income Fund**  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | OSTVX  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171401_202510062134215.jpg) |

---

This annual shareholder report contains important information about the Osterweis Growth & Income Fund for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.osterweis.com/regulatory-reports. You can also request this information by contacting us at 1-866-236-0050.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Osterweis Growth & Income Fund | $102 | 0.97% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period April 1, 2025 to March 31, 2026, the Osterweis Growth & Income Fund (the Fund) generated a total return of 9.76% versus 12.35% for the 60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index (the Agg).

Markets performed well for the vast majority of the fiscal year, with the S&P 500 notching solid gains in each of the first three quarters and delivering only modestly negative returns in the final quarter. Fixed income followed a similar pattern, with the Agg delivering positive returns each of the first three quarters before posting a minimal decline in the final quarter.

The announcement of global reciprocal tariffs on April 2, 2025, triggered a sharp selloff at the beginning of the period that impacted both stocks and bonds, but once the White House announced a pause on the program, markets began a rally that lasted for most of the remaining fiscal year. Economic fundamentals were relatively healthy throughout the period and corporate earnings were strong. Inflation was more stable than expected, despite the simmering trade war, and the AI buildout continued to be a tailwind. In addition, the Federal Reserve cut rates three times, which benefited nearly all asset classes. Sentiment finally shifted in March 2026, as concerns about the economic fallout from the conflict in Iran weighed down markets.

Our equity portfolio underperformed during the period primarily due to security selection. Particularly during the first three fiscal quarters, S&P 500 returns were largely driven by a narrow subset of mega cap technology companies, some of which we did not own as they failed to meet our quality growth criteria (strong fundamentals, growing free cash flow, and reasonable valuations). In addition, our picks in Financials, Consumer Discretionary, and Industrials each lagged their counterparts in the index. However, our selections in Communications Services and Consumer Staples were additive to our returns. Sector weighting also helped our relative performance, but not enough to offset the drag from security selection. Our underweight to Consumer Staples was most beneficial, followed by our overweight to Industrials.

Our fixed income portfolio outperformed the Agg over the course of the fiscal year. The first fiscal quarter was particularly favorable, as high yield bonds delivered materially stronger returns than investment grade. In the second and third fiscal quarters, declining interest rates benefited longer-duration securities and caused the fixed income portion of the Fund to trail the Agg due to its lower duration, though it continued to deliver positive absolute returns. In the final fiscal quarter, our fixed income returns were essentially flat and generally in line with the Agg.

Throughout the fiscal year, our allocation to fixed income, equity, and cash was largely unchanged, although we maintained a slightly more defensive posture in our fixed income portfolio than in our equity holdings, selectively adding longer-dated bonds when attractive opportunities arose. We believe this approach remains appropriate going forward, given the ongoing uncertainty related to inflation, monetary policy, and geopolitics.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Osterweis Growth & Income Fund PAGE 1 TSR-AR-74316J771

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7199img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **OSTVX (without sales charge)**  | 9.76 | 5.61 | 8.60 |
| **S&P 500**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond**  | 4.35 | 0.31 | 1.70 |
| **60% S&P 500/40% Bloomberg US Aggregate Blend**  | 12.35 | 7.41 | 9.26 |

---

Visit https://www.osterweis.com/mutual_funds/performance for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $179105393 |
| **Number of Holdings** | 160 |
| **Net Advisory Fee** | $1379256 |
| **Portfolio Turnover** | 46% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  Alphabet, Inc. - Class C  | 4.3% |
|  Federated Hermes US Treasury Cash Reserves - Class Institutional  | 3.2% |
|  Amazon.com, Inc.  | 2.4% |
|  Microsoft Corp.  | 2.3% |
|  Broadcom, Inc.  | 2.3% |
|  Visa, Inc. - Class A  | 2.2% |
|  Analog Devices, Inc.  | 2.1% |
|  JPMorgan Chase & Co.  | 2.1% |
|  Novartis AG - ADR  | 1.9% |
|  AutoZone, Inc.  | 1.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.osterweis.com/regulatory-reports.

Osterweis Growth & Income Fund PAGE 2 TSR-AR-74316J771

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Osterweis Funds documents not be householded, please contact the Osterweis Funds at 1-866-236-0050, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Osterweis Funds or your financial intermediary.

Osterweis Growth & Income Fund PAGE 3 TSR-AR-74316J771

------

---

| | | |
|:---|:---|:---|
| ![image](img171400_202410032100389.jpg) | **Osterweis Opportunity Fund**  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | OSTGX  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171401_202510062134215.jpg) |

---

This annual shareholder report contains important information about the Osterweis Opportunity Fund for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.osterweis.com/regulatory-reports. You can also request this information by contacting us at 1-866-236-0050.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Osterweis Opportunity Fund | $117 | 1.10% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period April 1, 2025 to March 31, 2026, the Osterweis Opportunity Fund (the Fund) generated a total return of 13.34% versus 23.58% for the Russell 2000 Growth Index.

The small cap growth market performed quite well during the fiscal year, particularly during the first three fiscal quarters. The period opened with a sharp selloff following the announcement of global reciprocal tariffs on April 2, 2025, but as soon as the White House paused the program, markets began a rally that lasted the majority of the fiscal year. Economic fundamentals were healthy throughout the period despite the simmering trade war, and corporate earnings were strong. In addition, the Federal Reserve cut rates three times, which benefited nearly all asset classes. Sentiment finally shifted in the fourth fiscal quarter, primarily due to concerns about the economic fallout from the conflict in Iran.

Although it was a bullish stretch for small cap growth stocks, it was still challenging for active managers, as lower-quality businesses and non-earners outperformed companies with solid fundamentals. The Fund's underperformance was mostly driven by security selection, particularly within Health Care, where investor interest narrowed largely to speculative biotechnology stocks. Our medical device and life sciences tools companies underperformed despite strong revenue growth and increasing margins. Our picks in Consumer Discretionary, Real Estate, and Energy also lagged their index counterparts.

These headwinds were partially offset by positive security selection in Information Technology and, to a lesser extent, Consumer Staples. Within Information Technology, holdings exposed to semiconductor and hardware companies supporting AI infrastructure contributed positively, benefiting from strong demand in data centers, defense, and communications markets.

For the fiscal year, our underperformance was also partially driven by our sector allocation. The biggest negative factor was our underweight to Industrials, followed by our zero weight in Materials and our underweight to Energy.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Osterweis Opportunity Fund PAGE 1 TSR-AR-74316P744

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7200img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **OSTGX (without sales charge)**  | 13.34 | 0.53 | 13.56 |
| **S&P 500**  | 17.80 | 12.06 | 14.16 |
| **Russell 2000 Growth**  | 23.58 | 1.62 | 9.79 |

---

Visit https://www.osterweis.com/mutual_funds/performance for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $287197037 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $2798679 |
| **Portfolio Turnover** | 178% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  Federated Hermes US Treasury Cash Reserves - Class Institutional  | 9.5% |
|  Axos Financial, Inc.  | 3.7% |
|  Life Time Group Holdings, Inc.  | 3.7% |
|  Guardant Health, Inc.  | 3.6% |
|  CECO Environmental Corp.  | 3.6% |
|  VSE Corp.  | 3.5% |
|  Vericel Corp.  | 3.4% |
|  Novanta, Inc.  | 3.3% |
|  Fabrinet  | 3.2% |
|  Casella Waste Systems, Inc. - Class A  | 3.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.osterweis.com/regulatory-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Osterweis Funds documents not be householded, please contact the Osterweis Funds at 1-866-236-0050, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Osterweis Funds or your financial intermediary.

Osterweis Opportunity Fund PAGE 2 TSR-AR-74316P744

------

---

| | | |
|:---|:---|:---|
| ![image](img171400_202410032100389.jpg) | **Osterweis Strategic Income Fund**  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | OSTIX  | ![image](img171401_202510062134215.jpg) |
| ![image](img171400_202410032100389.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171401_202510062134215.jpg) |

---

This annual shareholder report contains important information about the Osterweis Strategic Income Fund for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.osterweis.com/regulatory-reports. You can also request this information by contacting us at 1-866-236-0050.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Osterweis Strategic Income Fund | $87 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period April 1, 2025 to March 31, 2026, the Osterweis Strategic Income Fund (the Fund) generated a total return of 4.69% versus 4.35% for the Bloomberg U.S. Aggregate Bond Index (the Agg).

The past fiscal year was a fluid stretch for bond investors that included shifting interest rate expectations, changes in Federal Reserve policy, and episodes of geopolitical and economic uncertainty. Fixed income markets alternated between periods driven by falling interest rates and risk-on sentiment and periods marked by renewed inflation concerns and market volatility.

During the first fiscal quarter, risk assets rallied amid abundant liquidity, and high yield bonds performed well, benefiting the Fund. In the second and third fiscal quarters, declining interest rates favored longer-duration securities, and the Fund lagged the Agg due to its lower duration, though it continued to deliver positive absolute returns.

In the final fiscal quarter, markets were influenced by heightened geopolitical tensions and renewed concerns about inflation, particularly related to energy prices. The Fund's performance during the quarter was essentially flat and generally in line with the Agg, as its defensive duration positioning helped offset weakness in segments of the high yield market.

Throughout the fiscal year, we maintained a defensive posture, keeping plenty of dry powder on hand and selectively adding longer-dated securities. We believe this approach remains appropriate given the ongoing uncertainty related to inflation, monetary policy, and geopolitics.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7201img003.jpg)

Osterweis Strategic Income Fund PAGE 1 TSR-AR-742935489

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **OSTIX (without sales charge)**  | 4.69 | 4.64 | 5.41 |
| **Bloomberg US Aggregate Bond**  | 4.35 | 0.31 | 1.70 |

---

Visit https://www.osterweis.com/mutual_funds/performance for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $5731127247 |
| **Number of Holdings** | 165 |
| **Net Advisory Fee** | $40883950 |
| **Portfolio Turnover** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  MSILF Treasury Securities Portfolio - Class Institutional  | 2.3% |
|  Federated Hermes US Treasury Cash Reserves - Class Institutional  | 2.3% |
|  First American US Treasury Money Market Fund - Class X  | 2.2% |
|  Unisys Corp.  | 1.3% |
|  Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.  | 1.2% |
|  HAT Holdings I LLC / HAT Holdings II LLC  | 1.1% |
|  Coeur Mining, Inc.  | 1.1% |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.  | 1.1% |
|  WESCO Distribution, Inc.  | 1.1% |
|  Pitney Bowes, Inc.  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.osterweis.com/regulatory-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Osterweis Funds documents not be householded, please contact the Osterweis Funds at 1-866-236-0050, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Osterweis Funds or your financial intermediary.

Osterweis Strategic Income Fund PAGE 2 TSR-AR-742935489

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Ms. Kathleen T. Barr, Ms. Cynthia M. Fornelli, Steven J. Paggioli, and Ashi S. Parikh and are each an "audit committee financial expert" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

**Osterweis Fund**

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit Fees | $21600 | $21450 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2900 | $2900 |
| All Other Fees | N/A | N/A |

---

**Osterweis Strategic Income Fund**

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit Fees | $27100 | $26950 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2900 | $2900 |
| All Other Fees | N/A | N/A |

---

**Osterweis Growth & Income Fund**

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit Fees | $23100 | $22950 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2900 | $2900 |
| All Other Fees | N/A | N/A |

---

**Osterweis Opportunity Fund**

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit Fees | $21600 | $21450 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2900 | $2900 |
| All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait Weller & Baker LLP. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 3/31/2026</u> <u>FYE 3/31/2025</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Advisor</u> <u> N/A</u> <u> N/A </u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](osterweis.jpg)

**Osterweis Fund (OSTFX)**

**Osterweis Growth & Income Fund (OSTVX)** 

**Osterweis Opportunity Fund (OSTGX)** 

**Osterweis Strategic Income Fund (OSTIX)** 

Annual Financial Statements & Additional Information

March 31, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Osterweis Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Osterweis Growth and Income Fund](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Osterweis Opportunity Fund](#soi3) | [8](#soi3) |
| &nbsp;&nbsp;&nbsp; [Osterweis Strategic Income Fund](#soi4) | [10](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [15](#sal) |
| [Statements of Operations](#sop) | [16](#sop) |
| [Statements of Changes in Net Assets](#scna) | [17](#scna) |
| [Financial Highlights](#fihi) | [19](#fihi) |
| [Notes to Financial Statements](#notes) | [23](#notes) |
| [Report of Independent Registered Public Accounting Firm](#opinion) | [32](#opinion) |
| [Additional Information](#addinf) | [33](#addinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.2%**  | **COMMON STOCKS - 92.2%**  | **COMMON STOCKS - 92.2%**  |
| **Aerospace & Defense - 7.0%**  | **Aerospace & Defense - 7.0%**  | **Aerospace & Defense - 7.0%**  |
| Airbus SE - ADR  | 73130 | $3455392  |
| Boeing Co.<sup>(a)</sup> | 12656 | 2518924  |
| L3Harris Technologies, Inc.  | 9565 | 3301360  |
|  |  | 9275676  |
| **Banks - 3.4%**  | **Banks - 3.4%**  | **Banks - 3.4%**  |
| JPMorgan Chase & Co.  | 15628 | 4597133  |
| **Biotechnology - 1.7%**  | **Biotechnology - 1.7%**  | **Biotechnology - 1.7%**  |
| AbbVie, Inc.  | 10706 | 2328448  |
| **Broadline Retail - 4.1%**  | **Broadline Retail - 4.1%**  | **Broadline Retail - 4.1%**  |
| Amazon.com, Inc.<sup>(a)</sup> | 26366 | 5491247  |
| **Capital Markets - 2.3%**  | **Capital Markets - 2.3%**  | **Capital Markets - 2.3%**  |
| Intercontinental Exchange, Inc.  | 19875 | 3125940  |
| **Chemicals - 2.9%**  | **Chemicals - 2.9%**  | **Chemicals - 2.9%**  |
| Air Products and Chemicals, Inc.  | 7119 | 2067998  |
| Linde PLC  | 3729 | 1848689  |
|  |  | 3916687  |
| **Commercial Services & Supplies - 3.1%**  | **Commercial Services & Supplies - 3.1%**  | **Commercial Services & Supplies - 3.1%**  |
| Waste Connections, Inc.  | 25290 | 4108108  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.5%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.5%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.5%**  |
| US Foods Holding Corp.<sup>(a)</sup> | 35585 | 3281293  |
| **Electrical Equipment - 1.9%**  | **Electrical Equipment - 1.9%**  | **Electrical Equipment - 1.9%**  |
| AMETEK, Inc.  | 12109 | 2595685  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.6%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.6%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.6%**  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 12107 | 3418654  |
| **Energy Equipment & Services - 1.5%**  | **Energy Equipment & Services - 1.5%**  | **Energy Equipment & Services - 1.5%**  |
| SLB Ltd.  | 38250 | 1965668  |
| **Financial Services - 5.2%**  | **Financial Services - 5.2%**  | **Financial Services - 5.2%**  |
| Corpay, Inc.<sup>(a)</sup> | 6983 | 2031983  |
| Visa, Inc. - Class A  | 16256 | 4913214  |
|  |  | 6945197  |
| **Ground Transportation - 1.9%**  | **Ground Transportation - 1.9%**  | **Ground Transportation - 1.9%**  |
| Canadian Pacific Kansas City Ltd.  | 31955 | 2513580  |
| **Health Care Equipment & Supplies - 2.3%**  | **Health Care Equipment & Supplies - 2.3%**  | **Health Care Equipment & Supplies - 2.3%**  |
| Boston Scientific Corp.<sup>(a)</sup> | 49205 | 3087614  |
| **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  |
| Labcorp Holdings, Inc.  | 7722 | 2060307  |
| **Hotels, Restaurants & Leisure - 1.6%**  | **Hotels, Restaurants & Leisure - 1.6%**  | **Hotels, Restaurants & Leisure - 1.6%**  |
| Compass Group PLC - ADR  | 79070 | 2198146  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Household Durables - 1.4%**  | **Household Durables - 1.4%**  | **Household Durables - 1.4%**  |
| NVR, Inc.<sup>(a)</sup> | 292 | $1924230  |
| **Insurance - 4.1%**  | **Insurance - 4.1%**  | **Insurance - 4.1%**  |
| Brown & Brown, Inc.  | 40150 | 2618181  |
| Progressive Corp.  | 14179 | 2810845  |
|  |  | 5429026  |
| **Interactive Media & Services - 7.5%** | **Interactive Media & Services - 7.5%** | **Interactive Media & Services - 7.5%** |
| Alphabet, Inc. - Class C  | 34876 | 10004529  |
| **Life Sciences Tools & Services - 2.8%**  | **Life Sciences Tools & Services - 2.8%**  | **Life Sciences Tools & Services - 2.8%**  |
| Danaher Corp.  | 19407 | 3679567  |
| **Machinery - 1.8%**  | **Machinery - 1.8%**  | **Machinery - 1.8%**  |
| Deere & Co.  | 4181 | 2355157  |
| **Pharmaceuticals - 2.2%**  | **Pharmaceuticals - 2.2%**  | **Pharmaceuticals - 2.2%**  |
| Eli Lilly & Co.  | 3222 | 2963499  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 13.7%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 13.7%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 13.7%**  |
| Analog Devices, Inc.  | 15322 | 4874541  |
| Applied Materials, Inc.  | 12540 | 4286046  |
| Broadcom, Inc.  | 16411 | 5079369  |
| NVIDIA Corp.  | 23282 | 4060381  |
|  |  | 18300337  |
| **Software - 5.4%**  | **Software - 5.4%**  | **Software - 5.4%**  |
| Microsoft Corp.  | 14307 | 5296022  |
| Synopsys, Inc.<sup>(a)</sup> | 4965 | 1968523  |
|  |  | 7264545  |
| **Specialty Retail - 3.1%**  | **Specialty Retail - 3.1%**  | **Specialty Retail - 3.1%**  |
| AutoZone, Inc.<sup>(a)</sup> | 1205 | 4070225  |
| **Trading Companies & Distributors - 2.1%**  | **Trading Companies & Distributors - 2.1%**  | **Trading Companies & Distributors - 2.1%**  |
| Ferguson Enterprises, Inc.  | 12122 | 2827578  |
| **Water Utilities - 2.6%**  | **Water Utilities - 2.6%**  | **Water Utilities - 2.6%**  |
| American Water Works Co., Inc.  | 24990 | 3400889  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $78,938,371)** |  | 123128965  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - 5.5%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - 5.5%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - 5.5%**  |
| **Industrial REITs - 2.5%** | **Industrial REITs - 2.5%** |  |
| Terreno Realty Corp.  | 54110 | 3323436  |
| **Specialized REITs - 3.0%**  | **Specialized REITs - 3.0%**  | **Specialized REITs - 3.0%**  |
| Lamar Advertising Co. - Class A  | 15775 | 1998062  |
| Public Storage  | 7447 | 2017243  |
|  |  | 4015305  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $6,331,697)** |  | 7338741  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 2.6%** | **MONEY MARKET FUNDS - 2.6%** | **MONEY MARKET FUNDS - 2.6%** |
|  Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.51%<sup>(b)</sup> | 3471810 | $3471810  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,471,810)** |  | 3471810  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $88,741,878)** |  | $133939516  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (441899)  |
| **TOTAL NET ASSETS - 100.0%** |  | $133497617 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 56.3%**  | **COMMON STOCKS - 56.3%**  | **COMMON STOCKS - 56.3%**  |
| **Aerospace & Defense - 4.0%**  | **Aerospace & Defense - 4.0%**  | **Aerospace & Defense - 4.0%**  |
| Airbus SE - ADR  | 64305 | $3038411  |
| Boeing Co.<sup>(a)</sup> | 7475 | 1487749  |
| L3Harris Technologies, Inc.  | 7605 | 2624866  |
|  |  | 7151026  |
| **Banks - 2.1%**  | **Banks - 2.1%**  | **Banks - 2.1%**  |
| JPMorgan Chase & Co.  | 12790 | 3762306  |
| **Biotechnology - 1.0%**  | **Biotechnology - 1.0%**  | **Biotechnology - 1.0%**  |
| AbbVie, Inc.  | 8512 | 1851275  |
| **Broadline Retail - 2.4%**  | **Broadline Retail - 2.4%**  | **Broadline Retail - 2.4%**  |
| Amazon.com, Inc.<sup>(a)</sup> | 20966 | 4366589  |
| **Capital Markets - 1.3%**  | **Capital Markets - 1.3%**  | **Capital Markets - 1.3%**  |
| Intercontinental Exchange, Inc.  | 14670 | 2307298  |
| **Chemicals - 2.5%**  | **Chemicals - 2.5%**  | **Chemicals - 2.5%**  |
| Air Products and Chemicals, Inc.  | 7546 | 2192037  |
| Linde PLC  | 4460 | 2211090  |
|  |  | 4403127  |
| **Commercial Services & Supplies - 1.8%**  | **Commercial Services & Supplies - 1.8%**  | **Commercial Services & Supplies - 1.8%**  |
| Waste Connections, Inc.  | 19845 | 3223622  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.4%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.4%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.4%**  |
| Southeastern Grocers, Inc.<sup>(a)(b)</sup> | 7928 | 1  |
|  Tops Holding, Litigation Trust Proceeds<sup>(a)(b)</sup> | 2292000 | 1721  |
| US Foods Holding Corp.<sup>(a)</sup> | 27960 | 2578192  |
|  |  | 2579914  |
| **Electrical Equipment - 1.1%**  | **Electrical Equipment - 1.1%**  | **Electrical Equipment - 1.1%**  |
| AMETEK, Inc.  | 9494 | 2035134  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.3%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.3%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 1.3%**  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 8310 | 2346495  |
| **Energy Equipment & Services - 0.9%**  | **Energy Equipment & Services - 0.9%**  | **Energy Equipment & Services - 0.9%**  |
| SLB Ltd.  | 30875 | 1586666  |
| **Financial Services - 2.2%**  | **Financial Services - 2.2%**  | **Financial Services - 2.2%**  |
| Visa, Inc. - Class A  | 13170 | 3980501  |
| **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  | **Ground Transportation - 1.3%**  |
| Canadian Pacific Kansas City Ltd.  | 28675 | 2255575  |
| **Health Care Equipment & Supplies - 0.9%**  | **Health Care Equipment & Supplies - 0.9%**  | **Health Care Equipment & Supplies - 0.9%**  |
| Boston Scientific Corp.<sup>(a)</sup> | 26420 | 1657855  |
| **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  |
| Labcorp Holdings, Inc.  | 6975 | 1861000  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  | **Hotels, Restaurants & Leisure - 1.3%**  |
| Compass Group PLC - ADR  | 82835 | $2302813  |
| **Household Durables - 0.8%**  | **Household Durables - 0.8%**  | **Household Durables - 0.8%**  |
| NVR, Inc.<sup>(a)</sup> | 223 | 1469532  |
| **Insurance - 2.4%**  | **Insurance - 2.4%**  | **Insurance - 2.4%**  |
| Brown & Brown, Inc.  | 31470 | 2052159  |
| Progressive Corp.  | 10817 | 2144362  |
|  |  | 4196521  |
| **Interactive Media & Services - 4.3%**  | **Interactive Media & Services - 4.3%**  | **Interactive Media & Services - 4.3%**  |
| Alphabet, Inc. - Class C  | 26606 | 7632197  |
| **Life Sciences Tools & Services - 1.7%**  | **Life Sciences Tools & Services - 1.7%**  | **Life Sciences Tools & Services - 1.7%**  |
| Danaher Corp.  | 16002 | 3033979  |
| **Machinery - 1.0%**  | **Machinery - 1.0%**  | **Machinery - 1.0%**  |
| Deere & Co.  | 3281 | 1848187  |
| **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  |
| Real Alloy Equity<sup>(a)(b)</sup> | 9 | 539522  |
| **Money Market Funds - 1.3%**  | **Money Market Funds - 1.3%**  | **Money Market Funds - 1.3%**  |
| Ferguson Enterprises, Inc.  | 9683 | 2258656  |
| **Pharmaceuticals - 3.4%**  | **Pharmaceuticals - 3.4%**  | **Pharmaceuticals - 3.4%**  |
| Eli Lilly & Co.  | 2984 | 2744594  |
| Novartis AG - ADR  | 22195 | 3390286  |
|  |  | 6134880  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 8.0%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 8.0%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 8.0%**  |
| Analog Devices, Inc.  | 12034 | 3828497  |
| Applied Materials, Inc.  | 9362 | 3199838  |
| Broadcom, Inc.  | 13049 | 4038796  |
| NVIDIA Corp.  | 18245 | 3181928  |
|  |  | 14249059  |
| **Software - 3.2%**  | **Software - 3.2%**  | **Software - 3.2%**  |
| Microsoft Corp.  | 11212 | 4150346  |
| Synopsys, Inc.<sup>(a)</sup> | 4068 | 1612881  |
|  |  | 5763227  |
| **Specialty Retail - 1.9%**  | **Specialty Retail - 1.9%**  | **Specialty Retail - 1.9%**  |
| AutoZone, Inc.<sup>(a)</sup> | 990 | 3344002  |
| **Water Utilities - 1.5%**  | **Water Utilities - 1.5%**  | **Water Utilities - 1.5%**  |
| American Water Works Co., Inc.  | 19985 | 2719759  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $65,088,626)** |  | 100860717 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 29.8%**  | **CORPORATE BONDS - 29.8%**  | **CORPORATE BONDS - 29.8%**  |
| **Automobile Components - 1.4%**  | **Automobile Components - 1.4%**  | **Automobile Components - 1.4%**  |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2028<sup>(c)</sup> | $350000 | $354839  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/2033<sup>(c)</sup> | 400000 | 404635  |
|  American Axle & Manufacturing, Inc., 7.75%, 10/15/2033<sup>(c)</sup> | 750000 | 726600  |
| Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029  | 500000 | 473213  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2030  | 500000 | 488049  |
|  |  | 2447336  |
| **Automobiles - 0.3%**  | **Automobiles - 0.3%**  | **Automobiles - 0.3%**  |
| Ford Motor Co., 9.63%, 04/22/2030  | 500000 | 569082  |
| **Banks - 0.3%**  | **Banks - 0.3%**  | **Banks - 0.3%**  |
| Bancorp, Inc., 7.38%, 09/01/2030  | 500000 | 506462  |
| **Beverages - 0.2%**  | **Beverages - 0.2%**  | **Beverages - 0.2%**  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029<sup>(c)</sup> | 300000 | 291704  |
| **Building Products - 0.5%**  | **Building Products - 0.5%**  | **Building Products - 0.5%**  |
|  Advanced Drainage Systems, Inc., 5.38%, 03/01/2034<sup>(c)</sup> | 500000 | 487748  |
| Griffon Corp., 5.75%, 03/01/2028  | 500000 | 499421  |
|  |  | 987169  |
| **Chemicals - 0.6%**  | **Chemicals - 0.6%**  | **Chemicals - 0.6%**  |
| Consolidated Energy Finance SA  | Consolidated Energy Finance SA  | Consolidated Energy Finance SA  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(c)</sup> | 400000 | 373000  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(c)</sup> | 250000 | 245827  |
|  INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029<sup>(c)</sup> | 500000 | 411875  |
|  |  | 1030702  |
| **Commercial Services & Supplies - 1.1%**  | **Commercial Services & Supplies - 1.1%**  | **Commercial Services & Supplies - 1.1%**  |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(c)</sup> | 750000 | 778971  |
|  GFL Environmental Holdings US, Inc., 5.50%, 02/01/2034<sup>(c)</sup> | 500000 | 491233  |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(c)</sup> | 725000 | 725984  |
|  |  | 1996188  |
| **Computers & Peripherals - 0.5%**  | **Computers & Peripherals - 0.5%**  | **Computers & Peripherals - 0.5%**  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(c)</sup> | 558000 | 589362  |
| Xerox Corp., 10.25%, 10/15/2030<sup>(c)</sup> | 500000 | 377500  |
|  |  | 966862  |
| **Construction & Engineering - 1.6%**  | **Construction & Engineering - 1.6%**  | **Construction & Engineering - 1.6%**  |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(c)</sup> | 750000 | 736224  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(c)</sup> | 600000 | 602627  |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(c)</sup> | 500000 | 492931  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Tutor Perini Corp., 11.88%, 04/30/2029<sup>(c)</sup> | $1000000 | $1096099  |
|  |  | 2927881  |
| **Consumer Finance - 1.5%**  | **Consumer Finance - 1.5%**  | **Consumer Finance - 1.5%**  |
|  Atlanticus Holdings Corp., 9.75%, 09/01/2030<sup>(c)</sup> | 500000 | 449257  |
| Enova International, Inc.  | Enova International, Inc.  | Enova International, Inc.  |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(c)</sup> | 400000 | 423460  |
| &nbsp;&nbsp;&nbsp; 9.13%, 08/01/2029<sup>(c)</sup> | 350000 | 357947  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(c)</sup> | 500000 | 523387  |
| FirstCash, Inc.  | FirstCash, Inc.  | FirstCash, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/2030<sup>(c)</sup> | 500000 | 498620  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2032<sup>(c)</sup> | 500000 | 510084  |
|  |  | 2762755  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.5%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.5%**  | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.5%**  |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028<sup>(c)</sup> | 500000 | 466836  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(c)</sup> | 750000 | 780978  |
|  Performance Food Group, Inc., 5.63%, 03/01/2034<sup>(c)</sup> | 500000 | 482784  |
|  United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(c)</sup> | 481000 | 481709  |
| US Foods, Inc., 4.75%, 02/15/2029<sup>(c)</sup> | 470000 | 463788  |
|  |  | 2676095  |
| **Containers & Packaging - 0.3%**  | **Containers & Packaging - 0.3%**  | **Containers & Packaging - 0.3%**  |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC / Crown Americas Capital Corp. V, <br>4.25%, 09/30/2026  | 500000 | 498443  |
| **Diversified Consumer Services - 0.1%**  | **Diversified Consumer Services - 0.1%**  | **Diversified Consumer Services - 0.1%**  |
|  Carriage Services, Inc., 4.25%, 05/15/2029<sup>(c)</sup> | 200000 | 189813  |
| **Energy Equipment & Services - 0.6%**  | **Energy Equipment & Services - 0.6%**  | **Energy Equipment & Services - 0.6%**  |
|  HMH Holding BV, 7.88%, 12/17/2028<sup>(c)</sup> | 600000 | 608380  |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(c)</sup> | 500000 | 532553  |
|  |  | 1140933  |
| **Entertainment - 0.6%**  | **Entertainment - 0.6%**  | **Entertainment - 0.6%**  |
|  Banijay Entertainment SAS, 8.13%, 05/01/2029<sup>(c)</sup> | 1000000 | 1031152  |
| **Financial Services - 0.8%**  | **Financial Services - 0.8%**  | **Financial Services - 0.8%**  |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(c)</sup> | 250000 | 235430  |
|  HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031<sup>(b)(c)</sup> | 642000 | 391068  |
|  United Wholesale Mortgage LLC, 5.50%, 04/15/2029<sup>(c)</sup> | 430000 | 402881  |
|  UWM Holdings LLC, 6.25%, 03/15/2031<sup>(c)</sup> | 500000 | 455693  |
|  |  | 1485072  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029<sup>(c)</sup> | $494000 | $475036  |
| **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  | **Ground Transportation - 0.5%**  |
| RXO, Inc., 6.38%, 05/15/2031<sup>(c)</sup> | 1000000 | 961731  |
| **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  |
|  Accendra Health, Inc., 4.50%, 03/31/2029<sup>(c)</sup> | 1000000 | 604216  |
|  AMN Healthcare, Inc., 6.50%, 01/15/2031<sup>(c)</sup> | 500000 | 488886  |
|  |  | 1093102  |
| **Household Durables - 2.0%**  | **Household Durables - 2.0%**  | **Household Durables - 2.0%**  |
|  Adams Homes, Inc., 9.25%, 10/15/2028<sup>(c)</sup> | 750000 | 774657  |
|  Empire Communities Corp., 9.75%, 05/01/2029<sup>(c)</sup> | 500000 | 502536  |
|  Installed Building Products, Inc., 5.63%, 02/01/2034<sup>(c)</sup> | 500000 | 489016  |
|  K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031<sup>(c)</sup> | 500000 | 495155  |
| Risewell Homes, Inc.  | Risewell Homes, Inc.  | Risewell Homes, Inc.  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2029<sup>(c)</sup> | 750000 | 757545  |
| &nbsp;&nbsp;&nbsp; 8.50%, 11/01/2030<sup>(c)</sup> | 250000 | 244696  |
|  STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(c)</sup> | 250000 | 258445  |
|  |  | 3522050  |
| &nbsp;&nbsp;&nbsp; **Industrial Power & Renewable** <br>**Electricity Products - 0.6%**  | &nbsp;&nbsp;&nbsp; **Industrial Power & Renewable** <br>**Electricity Products - 0.6%**  | &nbsp;&nbsp;&nbsp; **Industrial Power & Renewable** <br>**Electricity Products - 0.6%**  |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(c)</sup> | 500000 | 501778  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(c)</sup> | 250000 | 250112  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(c)</sup> | 250000 | 249213  |
|  |  | 1001103  |
| **IT Services - 0.5%**  | **IT Services - 0.5%**  | **IT Services - 0.5%**  |
| Unisys Corp., 10.63%, 01/15/2031<sup>(c)</sup> | 1000000 | 861352  |
| **Life Sciences Tools & Services - 0.3%**  | **Life Sciences Tools & Services - 0.3%**  | **Life Sciences Tools & Services - 0.3%**  |
| IQVIA, Inc., 5.00%, 10/15/2026<sup>(c)</sup> | 500000 | 500701  |
| **Machinery - 0.9%**  | **Machinery - 0.9%**  | **Machinery - 0.9%**  |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(c)</sup> | 500000 | 507079  |
|  Manitowoc Co., Inc., 9.25%, 10/01/2031<sup>(c)</sup> | 500000 | 522588  |
|  Wabash National Corp., 4.50%, 10/15/2028<sup>(c)</sup> | 750000 | 657628  |
|  |  | 1687295  |
| **Media - 0.6%**  | **Media - 0.6%**  | **Media - 0.6%**  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., <br>5.00%, 02/01/2028<sup>(c)</sup> | 750000 | 744356  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co.-Obligor, Inc., <br>5.88%, 08/15/2027<sup>(c)</sup> | $287000 | $286444  |
|  |  | 1030800  |
| **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  |
|  Century Aluminum Co., 6.88%, 08/01/2032<sup>(c)</sup> | 500000 | 516130  |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032<sup>(c)</sup> | 250000 | 259187  |
|  Coeur Mining, Inc., 5.13%, 02/15/2029<sup>(c)</sup> | 600000 | 594541  |
|  Commercial Metals Co., 5.75%, 11/15/2033<sup>(c)</sup> | 250000 | 247567  |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co., <br>7.25%, 02/15/2028  | 277000 | 276967  |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp., <br>5.75%, 10/15/2028<sup>(c)</sup> | 250000 | 248939  |
|  Perenti Finance Pty Ltd., 7.50%, 04/26/2029<sup>(c)</sup> | 500000 | 513614  |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(c)</sup> | 380000 | 343330  |
|  |  | 3000275  |
| &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - 0.8%**  | &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - 0.8%**  | &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - 0.8%**  |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(c)</sup> | 500000 | 525383  |
|  Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027<sup>(c)</sup> | 1000000 | 991881  |
|  |  | 1517264  |
| **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 07/15/2028<sup>(c)</sup> | 250000 | 259306  |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy Finance Corp., <br>6.75%, 03/15/2034  | 500000 | 497999  |
|  Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033<sup>(c)</sup> | 800000 | 806870  |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029<sup>(c)</sup> | 1000000 | 1030633  |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031<sup>(c)</sup> | 500000 | 522759  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/2034<sup>(c)</sup> | 250000 | 250229  |
| Sunoco LP, 5.38%, 07/15/2031<sup>(c)</sup> | 250000 | 248182  |
|  |  | 3615978  |
| **Passenger Airlines - 1.7%**  | **Passenger Airlines - 1.7%**  | **Passenger Airlines - 1.7%**  |
|  Air Canada 2020-1 Class C Pass Through Trust, Series 2020-1, 10.50%, 07/15/2026<sup>(c)</sup> | 500000 | 505595  |
|  Allegiant Travel Co., 7.25%, 08/15/2027<sup>(c)</sup> | 770000 | 771371  |
|  American Airlines, Inc., 7.25%, 02/15/2028<sup>(c)</sup> | 500000 | 502569  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Passenger Airlines - (Continued)**  | **Passenger Airlines - (Continued)**  | **Passenger Airlines - (Continued)**  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(c)</sup> | $406917 | $407474  |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031<sup>(c)</sup> | 850000 | 804893  |
|  |  | 2991902  |
| **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  |
| Harrow, Inc., 8.63%, 09/15/2030<sup>(c)</sup> | 750000 | 758966  |
| **Professional Services - 1.0%**  | **Professional Services - 1.0%**  | **Professional Services - 1.0%**  |
|  CACI International, Inc., 6.38%, 06/15/2033<sup>(c)</sup> | 500000 | 509151  |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(c)</sup> | 750000 | 511963  |
| KBR, Inc., 4.75%, 09/30/2028<sup>(c)</sup> | 750000 | 736013  |
|  |  | 1757127  |
| **Software - 0.1%**  | **Software - 0.1%**  | **Software - 0.1%**  |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp., <br>5.00%, 10/01/2028<sup>(c)</sup> | 175000 | 168716  |
| **Specialized REITs - 1.0%**  | **Specialized REITs - 1.0%**  | **Specialized REITs - 1.0%**  |
|  Iron Mountain, Inc., 7.00%, 02/15/2029<sup>(c)</sup> | 750000 | 765106  |
|  VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026<sup>(c)</sup> | 1000000 | 997436  |
|  |  | 1762542  |
| **Specialty Retail - 1.0%**  | **Specialty Retail - 1.0%**  | **Specialty Retail - 1.0%**  |
|  Advance Auto Parts, Inc., 7.00%, 08/01/2030<sup>(c)</sup> | 250000 | 252444  |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028<sup>(c)</sup> | 500000 | 492075  |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(c)</sup> | 500000 | 484905  |
|  Upbound Group, Inc., 6.38%, 02/15/2029<sup>(c)</sup> | 600000 | 581918  |
|  |  | 1811342  |
| **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  |
|  William Carter Co., 7.38%, 02/15/2031<sup>(c)</sup> | 700000 | 714696  |
| **Trading Companies & Distributors - 1.3%**  | **Trading Companies & Distributors - 1.3%**  | **Trading Companies & Distributors - 1.3%**  |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  | Herc Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030<sup>(c)</sup> | 1000000 | 1026025  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2031<sup>(c)</sup> | 500000 | 492598  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2034<sup>(c)</sup> | 500000 | 483726  |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028<sup>(c)</sup> | 250000 | 251361  |
|  |  | 2253710  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  |
|  Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028<sup>(c)</sup> | $400000 | $370511  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $54,454,138)** |  | 53363848  |
|  | **Shares** |  |
| **REAL ESTATE INVESTMENT TRUSTS - 3.9%**  | **REAL ESTATE INVESTMENT TRUSTS - 3.9%**  | **REAL ESTATE INVESTMENT TRUSTS - 3.9%**  |
| **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  |
| Terreno Realty Corp.  | 43330 | 2661329  |
| **Specialized REITs - 2.4%**  | **Specialized REITs - 2.4%**  | **Specialized REITs - 2.4%**  |
| Lamar Advertising Co. - Class A  | 21030 | 2663660  |
| Public Storage  | 6553 | 1775076  |
|  |  | 4438736  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $5,958,322)** |  | 7100065  |
|  | **Par** |  |
| **CONVERTIBLE BONDS - 3.1%**  | **CONVERTIBLE BONDS - 3.1%**  | **CONVERTIBLE BONDS - 3.1%**  |
| **Financial Services - 0.4%**  | **Financial Services - 0.4%**  | **Financial Services - 0.4%**  |
|  Affirm Holdings, Inc., 0.00%, 11/15/2026<sup>(d)</sup> | $750000 | 727500  |
| **Hotel & Resort REITs - 0.3%**  | **Hotel & Resort REITs - 0.3%**  | **Hotel & Resort REITs - 0.3%**  |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026  | 521000 | 508769  |
| **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  |
|  Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027  | 500000 | 481250  |
|  Penn Entertainment, Inc., 2.75%, 05/15/2026  | 800000 | 800200  |
|  |  | 1281450  |
| **Interactive Media & Services - 0.7%**  | **Interactive Media & Services - 0.7%**  | **Interactive Media & Services - 0.7%**  |
|  Match Group Financeco 2, Inc., 0.88%, 06/15/2026<sup>(c)</sup> | 250000 | 248000  |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc., <br>0.25%, 04/01/2026  | 1000000 | 1001250  |
|  |  | 1249250  |
| **Machinery - 0.3%**  | **Machinery - 0.3%**  | **Machinery - 0.3%**  |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp., <br>0.25%, 05/15/2026  | 500000 | 499125  |
| **Media - 0.3%**  | **Media - 0.3%**  | **Media - 0.3%**  |
|  Liberty Broadband Corp., 3.13%, 03/31/2053<sup>(c)</sup> | 500000 | 499250  |
| **Software - 0.4%**  | **Software - 0.4%**  | **Software - 0.4%**  |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc., <br>0.75%, 06/01/2026  | 750000 | 746924  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $5,502,071)** |  | 5512268  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **COMMERCIAL PAPER - 3.4%**  | **COMMERCIAL PAPER - 3.4%**  | **COMMERCIAL PAPER - 3.4%**  |
| **Beverages - 0.6%**<br>|  |  |
|  Keurig Dr Pepper, Inc., 3.88%, 04/07/2026<sup>(c)(e)</sup> | $1000000 | $999195  |
| **Broadline Retail - 0.5%**  | **Broadline Retail - 0.5%**  | **Broadline Retail - 0.5%**  |
| &nbsp;&nbsp;&nbsp; Dollarama, Inc., <br>3.97%, 04/27/2026<sup>(c)(e)</sup> | 1000000 | 996854  |
| **Distributors - 0.6%** | **Distributors - 0.6%** | **Distributors - 0.6%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co., <br>4.26%, 04/24/2026<sup>(c)(e)</sup> | 1000000 | 997156  |
| **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Holdings Canada, Inc., <br>4.01%, 04/22/2026<sup>(e)</sup> | 1000000 | 997445  |
| **Machinery - 0.5%**  | **Machinery - 0.5%**  | **Machinery - 0.5%**  |
|  Parker-Hannifin Corp., 4.00%, 05/19/2026<sup>(c)(e)</sup> | 1000000 | 994486  |
| &nbsp;&nbsp;&nbsp; **Wireless Telecommunication** <br>**Services - 0.6%**  | &nbsp;&nbsp;&nbsp; **Wireless Telecommunication** <br>**Services - 0.6%**  | &nbsp;&nbsp;&nbsp; **Wireless Telecommunication** <br>**Services - 0.6%**  |
|  Rogers Communications, Inc./Ontario, 4.02%, 04/16/2026<sup>(c)(e)</sup> | 1000000 | 998190  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** <br>**(Cost $5,984,498)** |  | 5983326  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.2%**  | **MONEY MARKET FUNDS - 3.2%**  | **MONEY MARKET FUNDS - 3.2%**  |
|  Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.51%<sup>(f)</sup> | 5754316 | 5754316  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,754,316)** |  | 5754316  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $142,741,971)** |  | $178574540  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3%  |  | 530853  |
| **TOTAL NET ASSETS - 100.0%** |  | $179105393 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $932,312 or 0.5% of net assets as of March 31, 2026.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $55,289,065 or 30.9% of the Fund's net assets.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.5%**  | **COMMON STOCKS - 92.5%**  | **COMMON STOCKS - 92.5%**  |
| **Aerospace & Defense - 5.6%**  | **Aerospace & Defense - 5.6%**  | **Aerospace & Defense - 5.6%**  |
| Loar Holdings, Inc.<sup>(a)</sup> | 104600 | $5992534  |
| VSE Corp.  | 54901 | 10123744  |
|  |  | 16116278  |
| **Banks - 3.7%**  | **Banks - 3.7%**  | **Banks - 3.7%**  |
| Axos Financial, Inc.<sup>(a)</sup> | 123365 | 10497128  |
| **Biotechnology - 7.5%**  | **Biotechnology - 7.5%**  | **Biotechnology - 7.5%**  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 113670 | 4375158  |
| Twist Bioscience Corp.<sup>(a)</sup> | 158005 | 7508398  |
| Vericel Corp.<sup>(a)</sup> | 300640 | 9671589  |
|  |  | 21555145  |
| **Building Products - 2.0%**  | **Building Products - 2.0%**  | **Building Products - 2.0%**  |
| Modine Manufacturing Co.<sup>(a)</sup> | 25887 | 5609972  |
| **Commercial Services & Supplies - 3.1%**  | **Commercial Services & Supplies - 3.1%**  | **Commercial Services & Supplies - 3.1%**  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - <br>Class A<sup>(a)</sup> | 111570 | 8851964  |
| **Construction & Engineering - 1.8%**  | **Construction & Engineering - 1.8%**  | **Construction & Engineering - 1.8%**  |
|  Cardinal Infrastructure Group, Inc. - Class A<sup>(a)</sup> | 128455 | 5093883  |
| **Electrical Equipment - 2.6%**  | **Electrical Equipment - 2.6%**  | **Electrical Equipment - 2.6%**  |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 61875 | 7459031  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 6.5%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 6.5%**  | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 6.5%**  |
| Fabrinet<sup>(a)</sup> | 17556 | 9155805  |
| Novanta, Inc.<sup>(a)</sup> | 80775 | 9540335  |
|  |  | 18696140  |
| **Financial Services - 1.7%**  | **Financial Services - 1.7%**  | **Financial Services - 1.7%**  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 45930 | 2104512  |
| Chime Financial, Inc. - Class A<sup>(a)</sup> | 155005 | 2903244  |
|  |  | 5007756  |
| **Health Care Equipment & Supplies - 10.0%**  | **Health Care Equipment & Supplies - 10.0%**  | **Health Care Equipment & Supplies - 10.0%**  |
| Artivion, Inc.<sup>(a)</sup> | 180842 | 6622434  |
| AtriCure, Inc.<sup>(a)</sup> | 264285 | 7540051  |
| Glaukos Corp.<sup>(a)</sup> | 71230 | 7668622  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 251310 | 5008608  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 76595 | 1915641  |
|  |  | 28755356  |
| **Health Care Providers & Services - 7.4%**  | **Health Care Providers & Services - 7.4%**  | **Health Care Providers & Services - 7.4%**  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 262285 | 4621462  |
| Guardant Health, Inc.<sup>(a)</sup> | 112200 | 10363914  |
| Hinge Health, Inc. - Class A<sup>(a)</sup> | 158995 | 6130847  |
|  |  | 21116223  |
| **Hotels, Restaurants & Leisure - 5.4%**  | **Hotels, Restaurants & Leisure - 5.4%**  | **Hotels, Restaurants & Leisure - 5.4%**  |
| Cava Group, Inc.<sup>(a)</sup> | 63275 | 5118948  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 390980 | 10533001  |
|  |  | 15651949  |
| **Insurance - 2.1%**  | **Insurance - 2.1%**  | **Insurance - 2.1%**  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 51015 | 6096292  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **IT Services - 5.8%** | **IT Services - 5.8%** | **IT Services - 5.8%** |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 87665 | $7519904  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 94860 | 2756631  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 49840 | 6270869  |
|  |  | 16547404  |
| **Life Sciences Tools & Services - 2.9%**  | **Life Sciences Tools & Services - 2.9%**  | **Life Sciences Tools & Services - 2.9%**  |
| Repligen Corp.<sup>(a)</sup> | 69710 | 8213232  |
| **Machinery - 6.1%**  | **Machinery - 6.1%**  | **Machinery - 6.1%**  |
| CECO Environmental Corp.<sup>(a)</sup> | 171300 | 10206054  |
| SPX Technologies, Inc.<sup>(a)</sup> | 36740 | 7345796  |
|  |  | 17551850  |
| &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 2.4%**  | &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 2.4%**  | &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 2.4%**  |
| FirstService Corp.  | 48920 | 6796945  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 9.4%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 9.4%**  | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 9.4%**  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 80065 | 7426829  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 27622 | 6134018  |
| Rambus, Inc.<sup>(a)</sup> | 63675 | 5477960  |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp. - <br>ADR  | 14110 | 1584412  |
| SiTime Corp.<sup>(a)</sup> | 18835 | 6504667  |
|  |  | 27127886  |
| **Software - 1.0%**  | **Software - 1.0%**  | **Software - 1.0%**  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | 44965 | 2853479  |
| **Specialty Retail - 2.3%**  | **Specialty Retail - 2.3%**  | **Specialty Retail - 2.3%**  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 44395 | 6497652  |
| **Tobacco - 1.3%**  | **Tobacco - 1.3%**  | **Tobacco - 1.3%**  |
| Turning Point Brands, Inc.  | 44550 | 3866495  |
| **Trading Companies & Distributors - 1.9%**  | **Trading Companies & Distributors - 1.9%**  | **Trading Companies & Distributors - 1.9%**  |
| Transcat, Inc.<sup>(a)</sup> | 76010 | 5582935  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $245,545,413)** |  | 265544995  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 9.5%**  | **MONEY MARKET FUNDS - 9.5%**  | **MONEY MARKET FUNDS - 9.5%**  |
|  Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.51%<sup>(b)</sup> | 27342833 | 27342833  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $27,342,833)** |  | 27342833  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $272,888,246)** |  | $292887828  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.0)%  |  | (5690791)  |
| **TOTAL NET ASSETS - 100.0%** |  | $287197037 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE BONDS - 62.4%**  | **CORPORATE BONDS - 62.4%**  | **CORPORATE BONDS - 62.4%**  |
| **Automobile Components - 3.1%**  | **Automobile Components - 3.1%**  | **Automobile Components - 3.1%**  |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2028<sup>(a)</sup> | $14650000 | $14852565  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/2033<sup>(a)</sup> | 36000000 | 36417132  |
| American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/2028  | 33511000 | 33494104  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(a)</sup> | 31750000 | 30759400  |
| Goodyear Tire & Rubber Co.  | Goodyear Tire & Rubber Co.  | Goodyear Tire & Rubber Co.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029  | 14500000 | 13723173  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2030  | 38082000 | 37171764  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/2031  | 10000000 | 9031451  |
|  |  | 175449589  |
| **Automobiles - 1.1%** | **Automobiles - 1.1%** | **Automobiles - 1.1%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., <br>9.63%, 04/22/2030 | 9000000 | 10243482  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, <br>2.70%, 08/10/2026  | 7541000 | 7485768  |
|  Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026<sup>(a)</sup> | 33400000 | 32843868  |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc., <br>4.00%, 10/15/2029<sup>(a)</sup> | 10000000 | 9450828  |
|  |  | 60023946  |
| **Banks - 0.3%** | **Banks - 0.3%** | **Banks - 0.3%** |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc., <br>7.38%, 09/01/2030  | 19500000 | 19752013  |
| **Beverages - 0.4%** | **Beverages - 0.4%** | **Beverages - 0.4%** |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. / Triton Water Holdings, Inc., <br>4.38%, 04/30/2029<sup>(a)</sup> | 25728000 | 25016556  |
| **Building Products - 1.1%** | **Building Products - 1.1%** | **Building Products - 1.1%** |
|  Advanced Drainage Systems, Inc., 5.38%, 03/01/2034<sup>(a)</sup> | 3500000 | 3414237  |
| Griffon Corp., 5.75%, 03/01/2028  | 60288000 | 60218144  |
|  |  | 63632381  |
| **Chemicals - 1.1%** | **Chemicals - 1.1%** | **Chemicals - 1.1%** |
| Consolidated Energy Finance SA  | Consolidated Energy Finance SA  | Consolidated Energy Finance SA  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 31700000 | 29560250  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 19750000 | 19420373  |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 PLC, <br>9.63%, 03/15/2029<sup>(a)</sup> | 17500000 | 14415625  |
|  |  | 63396248  |
| **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** |
| Deluxe Corp.  | Deluxe Corp.  | Deluxe Corp.  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029<sup>(a)</sup> | 33721000 | 33960419  |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029<sup>(a)</sup> | 23450000 | 24355827  |
|  GFL Environmental Holdings US, Inc., 5.50%, 02/01/2034<sup>(a)</sup> | 18500000 | 18175620  |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(a)</sup> | 62645000 | 62730003  |
|  |  | 139221869  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **Computers & Peripherals - 1.1%** | **Computers & Peripherals - 1.1%** | **Computers & Peripherals - 1.1%** |
| &nbsp;&nbsp;&nbsp; CPI CG, Inc., <br>10.00%, 07/15/2029<sup>(a)</sup> | $47460000 | $50127489  |
| &nbsp;&nbsp;&nbsp; Xerox Corp., <br>10.25%, 10/15/2030<sup>(a)</sup> | 15000000 | 11325000  |
|  |  | 61452489  |
| **Construction & Engineering - 3.3%** | **Construction & Engineering - 3.3%** | **Construction & Engineering - 3.3%** |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc., <br>4.13%, 07/15/2029<sup>(a)</sup> | 26650000 | 25396584  |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(a)</sup> | 51157000 | 50217353  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 30747000 | 30881623  |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(a)</sup> | 46500000 | 45842596  |
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., <br>11.88%, 04/30/2029<sup>(a)</sup> | 33277000 | 36474886  |
|  |  | 188813042  |
| **Consumer Finance - 2.9%** | **Consumer Finance - 2.9%** | **Consumer Finance - 2.9%** |
| &nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp., <br>9.75%, 09/01/2030<sup>(a)</sup> | 29500000 | 26506139  |
| Enova International, Inc.  | Enova International, Inc.  | Enova International, Inc.  |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(a)</sup> | 11750000 | 12439138  |
| &nbsp;&nbsp;&nbsp; 9.13%, 08/01/2029<sup>(a)</sup> | 43950000 | 44947929  |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc., <br>7.38%, 04/01/2032<sup>(a)</sup> | 23500000 | 24599213  |
| FirstCash, Inc.  | FirstCash, Inc.  | FirstCash, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/2028<sup>(a)</sup> | 15000000 | 14724076  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/2030<sup>(a)</sup> | 19500000 | 19446164  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2032<sup>(a)</sup> | 24500000 | 24994116  |
|  |  | 167656775  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 3.4%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 3.4%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 3.4%** |
| &nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC, <br>5.00%, 12/15/2028<sup>(a)</sup> | 45765000 | 42729467  |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., <br>9.00%, 02/15/2029<sup>(a)</sup> | 62750000 | 65341826  |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc., <br>5.63%, 03/01/2034<sup>(a)</sup> | 14500000 | 14000752  |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc., <br>6.75%, 10/15/2028<sup>(a)</sup> | 52027000 | 52103688  |
| &nbsp;&nbsp;&nbsp; US Foods, Inc., <br>4.75%, 02/15/2029<sup>(a)</sup> | 23384000 | 23074945  |
|  |  | 197250678  |
| **Containers & Packaging - 0.4%** | **Containers & Packaging - 0.4%** | **Containers & Packaging - 0.4%** |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC / Crown <br>Americas Capital Corp. V, <br>4.25%, 09/30/2026  | 20895000 | 20829947  |
| **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc., <br>4.25%, 05/15/2029<sup>(a)</sup> | 7800000 | 7402723 |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy Equipment & Services - 0.8%** | **Energy Equipment & Services - 0.8%** | **Energy Equipment & Services - 0.8%** |
| &nbsp;&nbsp;&nbsp; HMH Holding BV, <br>7.88%, 12/17/2028<sup>(a)</sup> | $22600000 | $22915647  |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc., <br>9.13%, 07/15/2030<sup>(a)</sup> | 24000000 | 25562520  |
|  |  | 48478167  |
| **Entertainment - 1.1%** | **Entertainment - 1.1%** | **Entertainment - 1.1%** |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, <br>8.13%, 05/01/2029<sup>(a)</sup> | 59944000 | 61811376  |
| **Financial Services - 1.5%** | **Financial Services - 1.5%** | **Financial Services - 1.5%** |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(a)</sup> | 25489000 | 24003501  |
| &nbsp;&nbsp;&nbsp; HAS Capital Income Opportunity Fund II LLC, <br>8.00%, 08/31/2031<sup>(a)(b)</sup> | 21807000 | 13283516  |
| United Wholesale Mortgage LLC  | United Wholesale Mortgage LLC  | United Wholesale Mortgage LLC  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027<sup>(a)</sup> | 11700000 | 11525628  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029<sup>(a)</sup> | 24195000 | 22669101  |
| &nbsp;&nbsp;&nbsp; UWM Holdings LLC, <br>6.25%, 03/15/2031<sup>(a)</sup> | 12500000 | 11392325  |
|  |  | 82874071  |
| **Food Products - 0.7%** | **Food Products - 0.7%** | **Food Products - 0.7%** |
| &nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, <br>4.63%, 03/01/2029<sup>(a)</sup> | 43604000 | 41930073  |
| **Ground Transportation - 0.5%** | **Ground Transportation - 0.5%** | **Ground Transportation - 0.5%** |
| RXO, Inc., 6.38%, 05/15/2031<sup>(a)</sup> | 32000000 | 30775382  |
| **Health Care Providers & Services - 1.2%** | **Health Care Providers & Services - 1.2%** | **Health Care Providers & Services - 1.2%** |
| &nbsp;&nbsp;&nbsp; Accendra Health, Inc., <br>4.50%, 03/31/2029<sup>(a)</sup> | 52310000 | 31606539  |
| &nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., <br>6.50%, 01/15/2031<sup>(a)</sup> | 37500000 | 36666480  |
|  |  | 68273019  |
| **Household Durables - 4.0%** | **Household Durables - 4.0%** | **Household Durables - 4.0%** |
| &nbsp;&nbsp;&nbsp; Adams Homes, Inc., <br>9.25%, 10/15/2028<sup>(a)</sup> | 40389000 | 41716829  |
| &nbsp;&nbsp;&nbsp; Empire Communities Corp., <br>9.75%, 05/01/2029<sup>(a)</sup> | 48250000 | 48494676  |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc., <br>5.63%, 02/01/2034<sup>(a)</sup> | 13700000 | 13399051  |
| &nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc., <br>8.00%, 04/01/2031<sup>(a)</sup> | 52400000 | 51892249  |
| Risewell Homes, Inc.  | Risewell Homes, Inc.  | Risewell Homes, Inc.  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2029<sup>(a)</sup> | 52500000 | 53028150  |
| &nbsp;&nbsp;&nbsp; 8.50%, 11/01/2030<sup>(a)</sup> | 14750000 | 14437087  |
| &nbsp;&nbsp;&nbsp; STL Holding Co. LLC, <br>8.75%, 02/15/2029<sup>(a)</sup> | 7750000 | 8011787  |
|  |  | 230979829 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **Industrial Power & Renewable** <br>**Electricity Products - 0.7%** | &nbsp;&nbsp;&nbsp; **Industrial Power & Renewable** <br>**Electricity Products - 0.7%** | &nbsp;&nbsp;&nbsp; **Industrial Power & Renewable** <br>**Electricity Products - 0.7%** |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> | $6500000 | $6523108  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(a)</sup> | 15841000 | 15848109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(a)</sup> | 17150000 | 17096036  |
|  |  | 39467253  |
| **IT Services - 1.3%** | **IT Services - 1.3%** | **IT Services - 1.3%** |
| &nbsp;&nbsp;&nbsp; Unisys Corp., <br>10.63%, 01/15/2031<sup>(a)</sup> | 85000000 | 73214886  |
| **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc., <br>5.00%, 10/15/2026<sup>(a)</sup> | 14500000 | 14520315  |
| **Machinery - 2.1%** | **Machinery - 2.1%** | **Machinery - 2.1%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(a)</sup> | 33604000 | 34079732  |
| &nbsp;&nbsp;&nbsp; Manitowoc Co., Inc., <br>9.25%, 10/01/2031<sup>(a)</sup> | 34500000 | 36058572  |
| &nbsp;&nbsp;&nbsp; Wabash National Corp., <br>4.50%, 10/15/2028<sup>(a)</sup> | 56550000 | 49585160  |
|  |  | 119723464  |
| **Media - 1.3%** | **Media - 1.3%** | **Media - 1.3%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings <br>Capital Corp.  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings <br>Capital Corp.  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings <br>Capital Corp.  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(a)</sup> | 4584000 | 4581641  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028<sup>(a)</sup> | 44475000 | 44140330  |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co.-Obligor, Inc., <br>5.88%, 08/15/2027<sup>(a)</sup> | 28196000 | 28141339  |
|  |  | 76863310  |
| **Metals & Mining - 5.3%** | **Metals & Mining - 5.3%** | **Metals & Mining - 5.3%** |
| &nbsp;&nbsp;&nbsp; Century Aluminum Co., <br>6.88%, 08/01/2032<sup>(a)</sup> | 27500000 | 28387150  |
| &nbsp;&nbsp;&nbsp; Champion Iron Canada, Inc., <br>7.88%, 07/15/2032<sup>(a)</sup> | 51750000 | 53651709  |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc., <br>5.13%, 02/15/2029<sup>(a)</sup> | 66150000 | 65548194  |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co., <br>5.75%, 11/15/2033<sup>(a)</sup> | 6750000 | 6684308  |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co., <br>7.25%, 02/15/2028  | 33967000 | 33962892  |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp., <br>5.75%, 10/15/2028<sup>(a)</sup> | 56727000 | 56486239  |
| &nbsp;&nbsp;&nbsp; Perenti Finance Pty Ltd., <br>7.50%, 04/26/2029<sup>(a)</sup> | 12000000 | 12326739  |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc., <br>4.88%, 06/30/2029<sup>(a)</sup> | 54206000 | 48975089  |
|  |  | 306022320  |
| &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - 2.9%** | &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - 2.9%** | &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - 2.9%** |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br>7.75%, 12/01/2029<sup>(a)</sup> | 26000000 | 27319916 |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - (Continued)** | &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - (Continued)** | &nbsp;&nbsp;&nbsp; **Mortgage Real Estate Investment** <br>**Trusts - REITS - (Continued)** |
| &nbsp;&nbsp;&nbsp; HAT Holdings I LLC / HAT <br>Holdings II LLC, <br>3.38%, 06/15/2026<sup>(a)</sup> | $65841000 | $65612634  |
| &nbsp;&nbsp;&nbsp; Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., <br>6.38%, 02/01/2027<sup>(a)</sup> | 71689000 | 71106928  |
|  |  | 164039478  |
| **Oil, Gas & Consumable Fuels - 3.8%** | **Oil, Gas & Consumable Fuels - 3.8%** | **Oil, Gas & Consumable Fuels - 3.8%** |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners <br>LP / Calumet Finance Corp. | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners <br>LP / Calumet Finance Corp. | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners <br>LP / Calumet Finance Corp. |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(a)</sup> | 35000000 | 36302875  |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(a)</sup> | 29232000 | 30320161  |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy <br>Finance Corp. | &nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy <br>Finance Corp. | &nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy <br>Finance Corp. |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/2030  | 11900000 | 12433245  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034  | 9500000 | 9461976  |
|  Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033<sup>(a)</sup> | 18700000 | 18860596  |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC / NGL Energy Finance Corp., <br>8.13%, 02/15/2029<sup>(a)</sup> | 38780000 | 39967948  |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031<sup>(a)</sup> | 29500000 | 30842751  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/2034<sup>(a)</sup> | 24750000 | 24772694  |
| Sunoco LP, 5.38%, 07/15/2031<sup>(a)</sup> | 14750000 | 14642715  |
|  |  | 217604961  |
| **Passenger Airlines - 4.0%** | **Passenger Airlines - 4.0%** | **Passenger Airlines - 4.0%** |
| &nbsp;&nbsp;&nbsp; Air Canada 2020-1 Class C Pass Through Trust, Series 2020-1, <br>10.50%, 07/15/2026<sup>(a)</sup> | 49524000 | 50078183  |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co., <br>7.25%, 08/15/2027<sup>(a)</sup> | 48569000 | 48655453  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., <br>7.25%, 02/15/2028<sup>(a)</sup> | 36164000 | 36349811  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/20/2026<sup>(a)</sup> | 26286583 | 26322570  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> | 15000000 | 14927286  |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. / JetBlue Loyalty LP, <br>9.88%, 09/20/2031<sup>(a)</sup> | 54650000 | 51749891  |
|  |  | 228083194  |
| **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** |
| &nbsp;&nbsp;&nbsp; Harrow, Inc., <br>8.63%, 09/15/2030<sup>(a)</sup> | 31894000 | 32275293  |
| **Professional Services - 1.7%** | **Professional Services - 1.7%** | **Professional Services - 1.7%** |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., <br>6.38%, 06/15/2033<sup>(a)</sup> | 11500000 | 11710476  |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC / Conduent State & Local <br>Solutions, Inc., <br>6.00%, 11/01/2029<sup>(a)</sup> | 84500000 | 57681145 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| KBR, Inc., 4.75%, 09/30/2028<sup>(a)</sup> | $29780000 | $29224609  |
|  |  | 98616230  |
| **Software - 0.1%** | **Software - 0.1%** | **Software - 0.1%** |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp., <br>5.00%, 10/01/2028<sup>(a)</sup> | 3825000 | 3687644  |
| **Specialized REITs - 1.8%** | **Specialized REITs - 1.8%** | **Specialized REITs - 1.8%** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028<sup>(a)</sup> | 20000000 | 19926276  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)</sup> | 40206000 | 41015789  |
|  VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026<sup>(a)</sup> | 39276000 | 39175322  |
|  |  | 100117387  |
| **Specialty Retail - 3.2%** | **Specialty Retail - 3.2%** | **Specialty Retail - 3.2%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., <br>7.00%, 08/01/2030<sup>(a)</sup> | 41965000 | 42375292  |
| &nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC, <br>4.88%, 09/15/2028<sup>(a)</sup> | 54664000 | 53797609  |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., <br>4.63%, 11/15/2029<sup>(a)</sup> | 34500000 | 33458434  |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc., <br>6.38%, 02/15/2029<sup>(a)</sup> | 57600000 | 55864097  |
|  |  | 185495432  |
| **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** |
| &nbsp;&nbsp;&nbsp; William Carter Co., <br>7.38%, 02/15/2031<sup>(a)</sup> | 43300000 | 44209040  |
| **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  | Herc Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030<sup>(a)</sup> | 19000000 | 19494479  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2031<sup>(a)</sup> | 5500000 | 5418581  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2034<sup>(a)</sup> | 3500000 | 3386081  |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., <br>7.25%, 06/15/2028<sup>(a)</sup> | 64308000 | 64658029  |
|  |  | 92957170  |
| **Transportation Infrastructure - 0.4%** | **Transportation Infrastructure - 0.4%** | **Transportation Infrastructure - 0.4%** |
| &nbsp;&nbsp;&nbsp; Signature Aviation US Holdings, Inc., <br>4.00%, 03/01/2028<sup>(a)</sup> | 25600000 | 23712717  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $3,652,421,763)** |  | 3575630267  |
| **CONVERTIBLE BONDS - 7.5%**<br>|  |  |
| **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** | **Broadline Retail - 0.1%** |
| Etsy, Inc., 0.25%, 06/15/2028  | 7750000 | 6939350  |
| **Financial Services - 1.0%** | **Financial Services - 1.0%** | **Financial Services - 1.0%** |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc., <br>0.00%, 11/15/2026<sup>(c)</sup> | 56750000 | 55047500  |
| **Hotel & Resort REITs - 0.6%** | **Hotel & Resort REITs - 0.6%** | **Hotel & Resort REITs - 0.6%** |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, <br>1.75%, 12/15/2026  | 33350000 | 32567053 |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CONVERTIBLE BONDS - (Continued)** | **CONVERTIBLE BONDS - (Continued)** | **CONVERTIBLE BONDS - (Continued)** |
| **Hotels, Restaurants & Leisure - 1.4%** | **Hotels, Restaurants & Leisure - 1.4%** | **Hotels, Restaurants & Leisure - 1.4%** |
|  Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027  | $49500000 | $47643750  |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., <br>2.75%, 05/15/2026  | 34653000 | 34661663  |
|  |  | 82305413  |
| **Interactive Media & Services - 1.8%** | **Interactive Media & Services - 1.8%** | **Interactive Media & Services - 1.8%** |
| &nbsp;&nbsp;&nbsp; Match Group Financeco 2, Inc., <br>0.88%, 06/15/2026<sup>(a)</sup> | 44250000 | 43896000  |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc., <br>0.25%, 04/01/2026  | 29000000 | 29036251  |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc., <br>1.75%, 11/01/2026  | 30595000 | 30059588  |
|  |  | 102991839  |
| **Machinery - 0.7%** | **Machinery - 0.7%** | **Machinery - 0.7%** |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp., <br>0.25%, 05/15/2026  | 40779000 | 40707637  |
| **Media - 1.1%** | **Media - 1.1%** | **Media - 1.1%** |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp., <br>3.13%, 03/31/2053<sup>(a)</sup> | 60389000 | 60298416  |
| **Professional Services - 0.2%** | **Professional Services - 0.2%** | **Professional Services - 0.2%** |
| &nbsp;&nbsp;&nbsp; Upwork, Inc., <br>0.25%, 08/15/2026  | 14680000 | 14404750  |
| **Software - 0.6%** | **Software - 0.6%** | **Software - 0.6%** |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc., <br>0.75%, 06/01/2026  | 34678000 | 34535796  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $429,714,024)** | &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $429,714,024)** | 429797754  |
|  | **Shares** |  |
| **COMMON STOCKS - 0.7%** | **COMMON STOCKS - 0.7%** | **COMMON STOCKS - 0.7%** |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.0%<sup>(d)</sup>** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.0%<sup>(d)</sup>** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.0%<sup>(d)</sup>** |
| Southeastern Grocers, Inc.<sup>(b)(e)</sup> | 4649942 | 465  |
|  Tops Holding, Litigation Trust Proceeds<sup>(a)(b)(e)</sup> | 61582000 | 46248  |
|  |  | 46713  |
| **Metals & Mining - 0.7%** | **Metals & Mining - 0.7%** | **Metals & Mining - 0.7%** |
| Real Alloy Equity<sup>(b)(e)</sup> | 666 | 42097303  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $40,968,994)** |  | 42144016  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **COMMERCIAL PAPER - 21.5%** | **COMMERCIAL PAPER - 21.5%** | **COMMERCIAL PAPER - 21.5%** |
| **Automobiles - 1.0%** | **Automobiles - 1.0%** | **Automobiles - 1.0%** |
| Harley-Davidson Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.37%, 04/21/2026<sup>(a)(f)</sup> | 30000000 | 29926902  |
| &nbsp;&nbsp;&nbsp; 4.29%, 04/20/2026<sup>(a)(f)</sup> | 15000000 | 14965274  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/22/2026<sup>(a)(f)</sup> | 10000000 | 9974445  |
|  |  | 54866621 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **Beverages - 0.9%** | **Beverages - 0.9%** | **Beverages - 0.9%** |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., <br>3.88%, 04/07/2026<sup>(a)(f)</sup> | $50000000 | $49959750  |
| **Broadline Retail - 0.9%** | **Broadline Retail - 0.9%** | **Broadline Retail - 0.9%** |
| &nbsp;&nbsp;&nbsp; Dollarama, Inc., <br>3.97%, 04/27/2026<sup>(a)(f)</sup> | 49000000 | 48845851  |
| **Building Products - 0.4%** | **Building Products - 0.4%** | **Building Products - 0.4%** |
| &nbsp;&nbsp;&nbsp; AGC Capital, Inc., <br>3.91%, 04/03/2026<sup>(a)(f)</sup> | 22000000 | 21992786  |
| **Chemicals - 2.6%** | **Chemicals - 2.6%** | **Chemicals - 2.6%** |
| &nbsp;&nbsp;&nbsp; BASF SE, <br>3.95%, 05/11/2026<sup>(a)(f)</sup> | 50000000 | 49768065  |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd., <br>3.84%, 04/08/2026<sup>(a)(f)</sup> | 50000000 | 49955215  |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co., <br>3.87%, 05/04/2026<sup>(a)(f)</sup> | 50000000 | 49818885  |
|  |  | 149542165  |
| **Distributors - 0.9%** | **Distributors - 0.9%** | **Distributors - 0.9%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co., <br>4.26%, 04/24/2026<sup>(a)(f)</sup> | 54000000 | 53846435  |
| **Electric Utilities - 1.7%** | **Electric Utilities - 1.7%** | **Electric Utilities - 1.7%** |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Holdings Canada, Inc., <br>4.01%, 04/22/2026<sup>(f)</sup> | 50000000 | 49872225  |
|  Constellation Energy Generation LLC, 3.93%, 04/20/2026<sup>(a)(f)</sup> | 50000000 | 49877065  |
|  |  | 99749290  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.9%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.9%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.9%** |
| &nbsp;&nbsp;&nbsp; Jabil, Inc., <br>4.07%, 04/16/2026<sup>(a)(f)</sup> | 49000000 | 48901892  |
| **Financial Services - 1.7%** | **Financial Services - 1.7%** | **Financial Services - 1.7%** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br>Services, Inc., <br>3.96%, 04/10/2026<sup>(a)(f)</sup> | 50000000 | 49944545  |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., <br>3.89%, 05/12/2026<sup>(f)</sup> | 50000000 | 49763985  |
|  |  | 99708530  |
| **Food Products - 1.7%** | **Food Products - 1.7%** | **Food Products - 1.7%** |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc./MD, <br>3.84%, 04/06/2026<sup>(a)(f)</sup> | 50000000 | 49967620  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., <br>3.84%, 04/30/2026<sup>(a)(f)</sup> | 50000000 | 49832915  |
|  |  | 99800535  |
| **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.37%, 04/24/2026<sup>(a)(f)</sup> | 50000000 | 49857145  |
| &nbsp;&nbsp;&nbsp; 4.12%, 04/29/2026<sup>(a)(f)</sup> | 30000000 | 29895537  |
|  |  | 79752682 |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **SHORT-TERM INVESTMENTS - (Continued)** | **SHORT-TERM INVESTMENTS - (Continued)** | **SHORT-TERM INVESTMENTS - (Continued)** |
| **COMMERCIAL PAPER - (Continued)** | **COMMERCIAL PAPER - (Continued)** | **COMMERCIAL PAPER - (Continued)** |
| **Machinery - 1.7%** | **Machinery - 1.7%** | **Machinery - 1.7%** |
| Parker-Hannifin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/19/2026<sup>(a)(f)</sup> | $29000000 | $28840097  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/20/2026<sup>(a)(f)</sup> | 20000000 | 19887500  |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc., <br>4.01%, 04/02/2026<sup>(a)(f)</sup> | 50000000 | 49988845  |
|  |  | 98716442  |
| **Metals & Mining - 0.9%** | **Metals & Mining - 0.9%** | **Metals & Mining - 0.9%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, <br>3.85%, 04/08/2026<sup>(a)(f)</sup> | 50000000 | 49956865  |
| **Office REITs - 0.6%** | **Office REITs - 0.6%** | **Office REITs - 0.6%** |
| &nbsp;&nbsp;&nbsp; Boston Properties LP, <br>3.93%, 04/13/2026<sup>(a)(f)</sup> | 33750000 | 33700577  |
| **Oil, Gas & Consumable Fuels - 1.0%** | **Oil, Gas & Consumable Fuels - 1.0%** | **Oil, Gas & Consumable Fuels - 1.0%** |
| Phillips 66, 3.91%, 04/01/2026<sup>(a)(f)</sup> | 58000000 | 57993591  |
| &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 0.6%** | &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 0.6%** | &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 0.6%** |
| &nbsp;&nbsp;&nbsp; CBRE Services, Inc., <br>4.01%, 06/30/2026<sup>(a)(f)</sup> | 34000000 | 33647627  |
| **Specialized REITs - 1.7%** | **Specialized REITs - 1.7%** | **Specialized REITs - 1.7%** |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc., <br>4.26%, 04/23/2026<sup>(a)(f)</sup> | 50000000 | 49865115  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.89%, 04/07/2026<sup>(a)(f)</sup> | 30000000 | 29976900  |
| &nbsp;&nbsp;&nbsp; 3.89%, 04/09/2026<sup>(a)(f)</sup> | 20000000 | 19980128  |
|  |  | 99822143  |
| &nbsp;&nbsp;&nbsp; **Wireless Telecommunication** <br>**Services - 0.9%** | &nbsp;&nbsp;&nbsp; **Wireless Telecommunication** <br>**Services - 0.9%** | &nbsp;&nbsp;&nbsp; **Wireless Telecommunication** <br>**Services - 0.9%** |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc./Ontario, <br>4.02%, 04/16/2026<sup>(a)(f)</sup> | 49000000 | 48911300  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** <br>**(Cost $1,229,943,701)** |  | 1229715082 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 6.8%** | **MONEY MARKET FUNDS - 6.8%** | **MONEY MARKET FUNDS - 6.8%** |
|  Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.51%<sup>(g)</sup> | 133203811 | $133203811  |
| &nbsp;&nbsp;&nbsp; First American US Treasury Money Market Fund - Class X, <br>3.54%<sup>(g)</sup> | 125368292 | 125368292  |
| MSILF Treasury Securities Portfolio - Institutional Class, 3.53%<sup>(g)</sup> | 133203811 | 133203811  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $391,775,914)** |  | 391775914  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $5,744,824,396)** |  | $5669063033  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1%  |  | 62064214  |
| **TOTAL NET ASSETS - 100.0%** |  | $5731127247 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $4,542,141,844 or 79.3% of the Fund's net assets.

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $55,427,532 or 1.0% of net assets as of March 31, 2026.

<sup>(c)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis** <br>**Fund** | **Osterweis** <br>**Growth and** <br>**Income** <br>**Fund** | **Osterweis** <br>**Opportunity** <br>**Fund** | **Osterweis** <br>**Strategic** <br>**Income** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | $133939516 | $178574540 | $292887828 | $5669063033  |
| Dividends receivable | 70330 | 73786 | 79110 | 1342083  |
| Dividend tax reclaims receivable | 45900 | 121088 | 1492 | —  |
| Interest receivable |  | 959730 |  | 64160063  |
| Receivable for fund shares sold | 220 | 401172 | 33629 | 10125692  |
| Receivable for investments sold |  |  | 1146931 | —  |
| Prepaid expenses and other assets | 15947 | 15770 | 23673 | 87913  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 134071913 | 180146086 | 294172663 | 5744778784  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for fund shares redeemed | 403202 |  | 233066 | 3981888  |
| Payable to Adviser | 88618 | 116118 | 226181 | 3437439  |
| Payable for audit fees | 25376 | 26922 | 25355 | 31078  |
|  Payable for fund administration and accounting fees | 14635 | 19883 | 25703 | 435017  |
| Payable for shareholder servicing fees | 7932 | 8887 | 57956 | 1237824  |
| Payable for transfer agent fees and expenses | 5411 | 5122 | 6070 | 64075  |
| Payable for compliance fees | 2252 | 2252 | 2251 | 2252  |
| Payable for custodian fees | 1972 | 2282 | 4667 | 74160  |
| Payable for investments purchased |  | 747150 | 6353700 | 4233850  |
| Payable for registration fees |  | 73247 | 9322 | —  |
| Payable for expenses and other liabilities | 24898 | 38830 | 31355 | 153954  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 574296 | 1040693 | 6975626 | 13651537  |
| Commitments and contingencies (Note 3)  | —  | —  | —  |  |
| **NET ASSETS** | $133497617 | $179105393 | $287197037 | $5731127247  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | $77907003 | $137861140 | $266978112 | $6270827566  |
| Total distributable earnings/(accumulated losses) | 55590614 | 41244253 | 20218925 | (539700319)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $133497617 | $179105393 | $287197037 | $5731127247  |
| Net assets | $133497617 | $179105393 | $287197037 | $5731127247  |
| Shares issued and outstanding<sup>(a)</sup> | 7043682 | 10559978 | 17618098 | 518531598  |
| Net asset value per share | $18.95 | $16.96 | $16.30 | $11.05  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $88741878 | $142741971 | $272888246 | $5744824396  |
| **Loaned Securities:**<br>|  |  |  |  |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis** <br>**Fund** | **Osterweis** <br>**Growth and** <br>**Income** <br>**Fund** | **Osterweis** <br>**Opportunity** <br>**Fund** | **Osterweis** <br>**Strategic** <br>**Income** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $1777139 | $1821072 | $1415739 | $23588546  |
| Less: Issuance fees | (5935) | (5103) | (207) | —  |
| Less: Dividend withholding taxes | (17561) | (30587) | (12066) | —  |
| Interest income |  | 4231325 |  | 333235433  |
| Other income | 683 | 701 | 849 | 4204  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1754326 | 6017408 | 1404315 | 356828183  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 1110940 | 1379256 | 3109138 | 40883950  |
| Transfer agent fees | 59089 | 64113 | 303507 | 5593863  |
| Fund administration and accounting fees | 58205 | 90154 | 110506 | 1767151  |
| Trustees' fees | 45824 | 46996 | 52347 | 256438  |
| Audit fees | 25625 | 27171 | 25605 | 31329  |
| Federal and state registration fees | 22218 | 96101 | 35870 | 92961  |
| Compliance fees | 11627 | 11628 | 11628 | 11628  |
| Legal fees | 10848 | 10364 | 10363 | 10456  |
| Custodian fees | 8501 | 12201 | 23460 | 305648  |
| Interest expense | 659 |  |  |  |
| Reports to shareholders | 6061 | 18865 | 21521 | 147661  |
| Other expenses and fees | 19928 | 21108 | 26565 | 124956  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1379525 | 1777957 | 3730510 | 49226041  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (3353) |  | (310459) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1376172 | 1777957 | 3420051 | 49226041  |
| **Net investment income/(loss)** | 378154 | 4239451 | (2015736) | 307602142  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 13206918 | 5849235 | 4242847 | (38528197)  |
| &nbsp;&nbsp;&nbsp; Other investments |  |  | 6332 | —  |
| Net realized gain (loss) | 13206918 | 5849235 | 4249179 | (38528197)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2857509 | 6927536 | 35630345 | (4882459)  |
|  Net change in unrealized appreciation (depreciation) | 2857509 | 6927536 | 35630345 | (4882459)  |
| **Net realized and unrealized gain (loss)** | 16064427 | 12776771 | 39879524 | (43410656)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $16442581 | $17016222 | $37863788 | $264191486 |

---

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis Fund** | **Osterweis Fund** | **Osterweis Growth and Income Fund**  | **Osterweis Growth and Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $378154 | $299820 | $4239451 | $3995602  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13206918 | 23515762 | 5849235 | 11638509  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2857509 | (23945394) | 6927536 | (11661888)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 16442581 | (129812) | 17016222 | 3972223  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (8423365) | (19947730) | (6652319) | (16646298)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (8423365) | (19947730) | (6652319) | (16646298)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4759301 | 4884548 | 11591215 | 14269354  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 8217734 | 19069756 | 5065559 | 11446538  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (30232402) | (18615783) | (25999904) | (9570130)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (17255367) | 5338521 | (9343130) | 16145762  |
| **Net increase (decrease) in net assets** | (9236151) | (14739021) | 1020773 | 3471687  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 142733768 | 157472789 | 178084620 | 174612933  |
| &nbsp;&nbsp;&nbsp; End of the year | $133497617 | $142733768 | $179105393 | $178084620  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 250516 | 244711 | 669865 | 826130  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 414409 | 981965 | 295074 | 682118  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1522939) | (925251) | (1523112) | (558960)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (858014) | 301425 | (558173) | 949288 |

---

The accompanying notes are an integral part of these financial statements.

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**OSTERWEIS FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis Opportunity Fund** | **Osterweis Opportunity Fund** | **Osterweis Strategic Income Fund**  | **Osterweis Strategic Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2015736) | $(1943463) | $307602142 | $301679201  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4249179 | 41351650 | (38528197) | (3903377)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 35630345 | (74269587) | (4882459) | 42993234  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 37863788 | (34861400) | 264191486 | 340769058  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (6991032) | (3454256) | (307875345) | (311726639)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (6991032) | (3454256) | (307875345) | (311726639)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 40136873 | 180999268 | 1117871671 | 1467067432  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 6487243 | 3283822 | 266784396 | 272382932  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (143486048) | (57106763) | (1646211074) | (1088421786)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (96861932) | 127176327 | (261555007) | 651028578  |
| **Net increase (decrease) in net assets** | (65989176) | 88860671 | (305238866) | 680070997  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 353186213 | 264325542 | 6036366113 | 5356295116  |
| &nbsp;&nbsp;&nbsp; End of the year | $287197037 | $353186213 | $5731127247 | $6036366113  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2511555 | 10749786 | 99773371 | 131185492  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 378045 | 180430 | 23855928 | 24435372  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9277827) | (3504628) | (147447387) | (97414585)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (6388227) | 7425588 | (23818088) | 58206279 |

---

The accompanying notes are an integral part of these financial statements.

18<br>

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**OSTERWEIS FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.06 | $20.72 | $16.99 | $20.36 | $21.34  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.04 | 0.07 | 0.06 | (0.02)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.03 | 0.09 | 4.42 | (2.18) | 1.33  |
| **Total from investment operations** | 2.08 | 0.13 | 4.49 | (2.12) | 1.31  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.02) | (0.04) | (0.12) |  | (0.19)  |
| Net realized gains | (1.17) | (2.75) | (0.64) | (1.25) | (2.10)  |
| **Total distributions** | (1.19) | (2.79) | (0.76) | (1.25) | (2.29)  |
| **Net asset value, end of year** | $18.95 | $18.06 | $20.72 | $16.99 | $20.36  |
| Total return | 11.22% | (0.33)% | 26.94% | (10.12)% | 5.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $133498 | $142734 | $157473 | $139726 | $176962  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.93% | 0.89% | 0.93% | 0.92% | 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment  | 0.93% | 0.95% | 0.95% | 0.95% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets  | 0.26% | 0.20% | 0.37% | 0.36% | (0.07)%  |
| Portfolio turnover rate | 42% | 42% | 22% | 54% | 38% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

19<br>

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**OSTERWEIS GROWTH AND INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.02 | $17.17 | $15.22 | $17.89 | $17.98  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.39 | 0.38 | 0.44 | 0.33 | 0.27  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.17 | 0.05 | 2.18 | (1.68) | 1.10  |
| **Total from investment operations** | 1.56 | 0.43 | 2.62 | (1.35) | 1.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.39) | (0.40) | (0.44) | (0.31) | (0.54)  |
| Net realized gains | (0.23) | (1.18) | (0.23) | (1.01) | (0.92)  |
| **Total distributions** | (0.62) | (1.58) | (0.67) | (1.32) | (1.46)  |
| **Net asset value, end of year** | $16.96 | $16.02 | $17.17 | $15.22 | $17.89  |
| Total return | 9.76% | 2.22% | 17.60% | (7.33)% | 7.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $179105 | $178085 | $174613 | $151892 | $171037  |
| Ratio of expenses to average net assets | 0.97% | 0.90% | 0.91% | 0.93% | 0.97%  |
|  Ratio of net investment income (loss) to average net assets  | 2.31% | 2.21% | 2.78% | 2.07% | 1.44%  |
| Portfolio turnover rate | 46% | 44% | 32% | 33% | 34% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS OPPORTUNITY FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $14.71 | $15.94 | $12.62 | $14.04 | $19.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.11) | (0.09) | (0.06) | (0.07) | (0.19)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.09 | (1.00) | 3.38 | (1.35) | (2.08)  |
| **Total from investment operations** | 1.98 | (1.09) | 3.32 | (1.42) | (2.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net realized gains | (0.39) | (0.14) |  |  | (3.68)  |
| **Total distributions** | (0.39) | (0.14) |  |  | (3.68)  |
| **Net asset value, end of year** | $16.30 | $14.71 | $15.94 | $12.62 | $14.04  |
| Total return | 13.34% | (6.98)% | 26.31% | (10.18)% | (14.14)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $287197 | $353186 | $264326 | $198035 | $194165  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.20% | 1.17% | 1.18% | 1.22% | 1.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment  | 1.10% | 1.10% | 1.10% | 1.10% | 1.10%  |
|  Ratio of net investment income (loss) to average net assets  | (0.65)% | (0.52)% | (0.45)% | (0.58)% | (0.98)%  |
| Portfolio turnover rate | 178% | 137% | 110% | 124% | 133% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS STRATEGIC INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.13 | $11.06 | $10.46 | $11.15 | $11.37  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.59 | 0.59 | 0.63 | 0.50 | 0.47  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.08) | 0.09 | 0.60 | (0.68) | (0.22)  |
| **Total from investment operations** | 0.51 | 0.68 | 1.23 | (0.18) | 0.25  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.59) | (0.61) | (0.63) | (0.51) | (0.47)  |
| **Total distributions** | (0.59) | (0.61) | (0.63) | (0.51) | (0.47)  |
| **Net asset value, end of year** | $11.05 | $11.13 | $11.06 | $10.46 | $11.15  |
| Total return | 4.69% | 6.25% | 12.10% | (1.49)% | 2.13%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of year (in thousands) | $5731127 | $6036366 | $5356295 | $4693136 | $5390062  |
| Ratio of expenses to average net assets | 0.85% | 0.83% | 0.86% | 0.85% | 0.84%  |
|  Ratio of net investment income (loss) to average net assets  | 5.30% | 5.28% | 5.91% | 4.74% | 4.10%  |
| Portfolio turnover rate | 37% | 40% | 24% | 10% | 49% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

The accompanying notes are an integral part of these financial statements.

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**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026** 

**NOTE 1 – ORGANIZATION** 

The Osterweis Fund, Osterweis Growth & Income Fund, Osterweis Opportunity Fund, and Osterweis Strategic Income Fund (each a "Fund", collectively the "Funds") are diversified series of shares of beneficial interest of Professionally Managed Portfolios (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services — Investment Companies." The Funds commenced operations on October 1, 1993, August 31, 2010, November 30, 2016, and August 30, 2002, respectively.

The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Adviser's Management Committee, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

The investment objective of the Osterweis Fund is to attain long-term total returns, which it seeks by investing primarily in equity securities. The investment objective of the Osterweis Growth & Income Fund is to attain long- term total returns and capital preservation, which it seeks by investing in both equity and fixed income securities that the Adviser believes can deliver attractive long-term returns and enhanced capital preservation. The investment objective of the Osterweis Opportunity Fund is to attain long-term capital appreciation. The investment objective of the Osterweis Strategic Income Fund is to preserve capital and attain long- term total returns through a combination of current income and moderate capital appreciation, which it seeks by investing primarily in income bearing securities. Osterweis Capital Management, Inc. and Osterweis Capital Management, LLC may be referred to individually or collectively as the "Adviser" or "Advisers" throughout this report.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs")
 and Master Limited Partnerships ("MLPs"), that are traded on U.S. national or foreign securities exchanges are valued either
 at the last reported sale price on the exchange on which the security is principally traded or the exchange's official closing price.
 If, on a particular day, an exchange-traded security does not trade, then the mean between the most recent quoted bid and asked prices
 will be used. All equity securities which may include REITs, BDCs and MLPs that are not traded on a listed exchange are valued at the
 last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between
 the last quoted closing bid and asked price will be used.

Debt securities, including short-term debt instruments having a maturity of less than 60 days, are valued by using the evaluated mean price supplied by an approved independent pricing service. The independent pricing service may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions.

Securities for which market quotations are not ready available are valued at their respective fair values as determined in accordance with procedures approved by the Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Osterweis Capital Management (the "Adviser") as valuation designee to perform fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

As described above, the Funds utilize various methods to measure the fair value of their 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 Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026:

**Osterweis Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $123128965 | $— | $— | $123128965  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 7338741 |  |  | 7338741  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3471810 |  |  | 3471810  |
| **Total Investments** | $133939516 | $— | $— | $133939516 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Osterweis Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $100319473  | $—  | $541244  | $100860717  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | —  | 52972780  | 391068  | 53363848  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 7100065  | —  | —  | 7100065  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds  | —  | 5512268  | —  | 5512268  |
| &nbsp;&nbsp;&nbsp; Commercial Paper  | —  | 5983326  | —  | 5983326  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 5754316  | —  | —  | 5754316  |
| **Total Investments**  | $113173854  | $64468374  | $932312  | $178574540 |

---

Refer to the Schedule of Investments for industry classifications and disclosure of Level 3 securities.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **Common** <br>**Stocks**  | **Corporate** <br>**Bonds**  | **Total**  |
| **Balance as of March 31, 2025**  | $637004  | $387077  | $1024081  |
| &nbsp;&nbsp;&nbsp; Acquisitions  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Dispositions  | (1923)  | —  | (1923)  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss)  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation  | (93837)  | 3991  | (89846)  |
| &nbsp;&nbsp;&nbsp; Transfer in and/or out of Level 3  | —  | —  | —  |
| **Balance as of March 31, 2026**  | $541244  | $391068  | $932312  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at March 31, 2026  | $(93837)  | $3991  | $(89846) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security**  | **Fair Value at** <br>**3/31/2026**  | **Valuation** <br>**Techniques**  | **Unobservable** <br>**Input**  | **Input** <br>**Value(s)**  |
| Common Stocks  |  | Market Approach  | Last Trade Price  | $63250  |
|  |  | Estimated Proceeds  | Future Proceeds from Equity Take-Out  | 0.0001  |
|  | $541244  | Estimated Proceeds  | Future Proceeds from the Litigation Trust  | 0.0007514  |
|  Private Mortgage Backed Obligations  | $391068  | Discounted Cash Flow  | Adjustment to yield  | 300 bps |

---

Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.

The Adviser, as the Funds' Valuation Designee, oversees valuation techniques.

**Osterweis Opportunity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $265544995  | $—  | $—  | $265544995  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 27342833  | —  | —  | 27342833  |
| **Total Investments**  | $292887828  | $—  | $—  | $292887828 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

**Osterweis Strategic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $3562346751 | $13283516 | $3575630267  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 429797754 |  | 429797754  |
| &nbsp;&nbsp;&nbsp; Common Stocks |  |  | 42144016 | 42144016  |
| &nbsp;&nbsp;&nbsp; Commercial Paper |  | 1229715082 |  | 1229715082  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 391775914 |  |  | 391775914  |
| **Total Investments** | $391775914 | $5221859587 | $55427532 | $5669063033 |

---

Refer to the Schedule of Investments for industry classifications and disclosure of Level 3 securities.

The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **Common** <br>**Stocks** | **Corporate** <br>**Bonds** | **Total**  |
| **Balance as of March 31, 2025** | $50596617 | $13147942 | $63744559  |
| &nbsp;&nbsp;&nbsp; Acquisitions |  |  | —  |
| &nbsp;&nbsp;&nbsp; Dispositions | (1127773) |  | (1127773)  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums |  |  | —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | (7324828) | 135574 | (7189254)  |
| &nbsp;&nbsp;&nbsp; Transfer in and/or out of Level 3 |  |  | —  |
| **Balance as of March 31, 2026** | $42144016 | $13283516 | $55427532  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at March 31, 2026 | $(7324828) | $135574 | $(7189254) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value at** <br>**3/31/2026** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Input** <br>**Value(s)**  |
| Common Stocks |  | Market Approach | Last Trade Price | $63250  |
|  |  | Estimated Proceeds | Future Proceeds from Equity Take-Out | 0.0001  |
|  | $42144016 | Estimated Proceeds | Future Proceeds from the Litigation Trust | 0.0007514  |
|  Private Mortgage Backed Obligations | $13283516 | Discounted Cash Flow | Adjustment to yield | 300 bps |

---

Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.

The Adviser, as the Funds' Valuation Designee, oversees valuation techniques.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency.* Foreign currency amounts, other than the cost of investments, are translated into U.S. dollar values based upon the spot exchange
 rate prior to the close of regular trading. The cost of investments is translated at the rates of exchange prevailing on the dates the
 portfolio securities were acquired. The Funds include foreign exchange gains and losses from dividends receivable, interest receivable

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

and other foreign currency denominated payables and receivables in Change in net unrealized appreciation/depreciation on foreign currency translation and Net realized gain (loss) on foreign currency translation. The Funds do not isolate that portion of realized and unrealized gain (loss) on investments resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the market price of securities for financial reporting purposes. Fluctuations in foreign exchange rates on investments are thus included in Change in net unrealized appreciation/depreciation on investments and Net realized gain (loss) on investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* Each Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially
 all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment
 companies. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends, in each calendar year, at least 98.0% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of each Fund's next taxable year. Net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Fund's next taxable year.

As of the most recent fiscal year end March 31, 2026, there were $582,355 of late-year losses for the Opportunity Fund. There were no post-October losses for the Funds.

As of the most recent fiscal year end March 31, 2026, the Funds had the following capital loss carryovers available for federal income tax purposes:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryovers**  | **Capital Loss Carryovers**  |
|  | **Short-Term** | **Long-Term**  |
| Osterweis Fund | $— | $—  |
| Osterweis Growth & Income Fund |  | —  |
| Osterweis Opportunity Fund |  | —  |
| Osterweis Strategic Income Fund | (2067753) | (464576778) |

---

As of March 31, 2026, the Funds did not have any tax positions that did not meet the "more likely-than-not" threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdictions as U.S. Federal and the Commonwealth of Massachusetts; however, as of March 31, 2026, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on an identified cost basis. Discounts/premiums on debt securities purchased are accreted/amortized over
 the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends
 received from REITs and MLPs are generally comprised of ordinary income, capital gains and may include return of capital. Interest income
 is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding
 of the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders*. Distributions to shareholders from net investment income and net realized gains on securities for the Osterweis
 Fund and Osterweis Opportunity Fund normally are declared and paid on an annual basis. Distributions to shareholders from net investment
 income for the Osterweis Growth & Income Fund normally are declared and paid on a quarterly basis, and distributions to shareholders
 from net realized gains on securities normally are declared and paid on an annual basis. Distributions to shareholders

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

from net investment income for the Osterweis Strategic Income Fund normally are declared and paid on a monthly basis, and distributions to shareholders from net realized gains on securities are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses
 during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The net asset value ("NAV") per share of each Fund is calculated by dividing the sum of the value of the securities
 held by each Fund, plus cash and other assets, minus all liabilities by the total number of shares outstanding for each Fund, rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange is closed for trading.
 The offering and redemption price per share for each Fund is equal to each Fund's net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Illiquid Securities.* Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board approved liquidity risk management program that requires,
 among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment
 is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or
 less without the sale or disposition significantly changing the market value of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended
 March 31, 2026, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** | **Paid In** <br>**Capital**  |
| Osterweis Fund | $(1200017) | $1200017  |
| Osterweis Growth & Income Fund | (262871) | 262871  |
| Osterweis Opportunity Fund | 93619 | (93619)  |
| Osterweis Strategic Income Fund |  |  |

---

The permanent differences primarily relate to equalization, net operating loss, and passive foreign investment company (PFIC) adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Restricted Cash.* Restricted cash represents amounts that are held by third parties under certain of the Fund's derivative transactions.
 Such cash is excluded from cash and equivalents in the Statements of Assets and Liabilities. Interest income earned on restricted cash
 is recorded in other income on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;L. *Recently Issued Accounting Pronouncements*. In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income
 Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements
 in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer
 beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management
 has determined that additional disclosures were not necessary due to being deemed immaterial.

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;M. *Subsequent Events.* In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. The Funds have determined that there were no subsequent events that
 would need to be disclosed in the Funds' financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

The Advisers provide the Funds with investment management services under separate Investment Advisory Agreements (the "Advisory Agreements"). Under the Advisory Agreements, the Advisers furnish all investment advice, office space, certain administrative services, and most of the personnel needed by each Fund. As compensation for their services, the Advisers are entitled to a monthly fee. For the Osterweis Fund, the Adviser is entitled to a monthly fee at an annual rate of 0.75%. For the Osterweis Growth & Income Fund, the Adviser is entitled to a monthly fee at the annual rate of 0.75%. For the Osterweis Opportunity Fund, the Adviser is entitled to a monthly fee at an annual rate of 1.00% of the average daily net assets up to $500 million, 0.85% of the average daily net assets from $500 million to $1 billion, and 0.75% of the average daily net assets greater than $1 billion. For the Osterweis Strategic Income Fund, the Adviser is entitled to a monthly fee at an annual rate of 1.00% of the average daily net assets up to $250 million, 0.75% of the average daily net assets from $250 million to $2.5 billion, and 0.65% of the average daily net assets greater than $2.5 billion. The amount of investment advisory fees incurred by the Funds for the year ended March 31, 2026 are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Adviser, net of any waiver or reimbursement discussed below.

The Adviser has contractually agreed to limit the annual ratio of expenses (Expense Cap) at least until June 30, 2026 for the Osterweis Fund and the Osterweis Opportunity Fund by reducing all or a portion of their fees and reimbursing Fund expenses so that each Fund's ratios of expenses to average net assets will not exceed 0.95% and 1.10%, respectively. Each Operating Expenses Limitation Agreement has an indefinite term and may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Fund, upon sixty (60) days' written notice to the Adviser. Any fees waived and/or any Fund expenses absorbed by the Adviser pursuant to an agreed-upon expense cap shall be reimbursed by the Fund to the Adviser, if so requested by the Adviser, any time before the end of the third year following the fee waiver and/or expense absorption, provided the aggregate amount of the Fund's current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. The Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursements of fees and/or expenses. Any such reimbursement is also contingent upon Board review and approval. Any amount due from the Adviser is paid monthly to the Funds, if applicable. The amount of fees waived and expenses absorbed by the Adviser during the year ended March 31, 2026, are disclosed in the Statements of Operations.

The Adviser may recapture a portion of the above no later than the years as stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** <br>**2027** | **March 31,** <br>**2028** | **March 31,** <br>**2029** | **Total**  |
| Osterweis Fund | $— | $— | $3353 | $3353  |
| Osterweis Opportunity Fund | 168962 | 263121 | 310459 | 742542 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), acts as the Funds' administrator, fund accountant and transfer agent. In those capacities Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Funds to Fund Services for these services for the year ended March 31, 2026, are disclosed in the Statements of Operations.

Quasar Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. U.S. Bank N.A. serves as custodian to the Funds. U.S. Bank N.A. is an affiliate of Fund Services.

The Funds have entered into Sub-Transfer Agent Arrangements (the "Arrangements"). All Arrangements must be approved by the Board. For the year ended March 31, 2026, the Sub-Transfer Agent Fees and Transfer Agent Fees incurred by the Funds are disclosed in the Statements of Operations.

29<br>

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**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

For the year ended March 31, 2026, the cost of purchases and proceeds from sales and maturities of securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Osterweis Fund | $59995192 | $77251343  |
| Osterweis Growth & Income Fund | 75636084 | 83749873  |
| Osterweis Opportunity Fund | 512448431 | 613035463  |
| Osterweis Strategic Income Fund | 1534585656 | 2521135598 |

---

The Funds did not purchase or sell long-term U.S. Government securities during the year ended March 31, 2026.

**NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid during the year ended March 31, 2026 and the year ended March 31, 2025, was as follows:

**Ordinary Income** 

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025**  |
| Osterweis Fund | $118892 | $432263  |
| Osterweis Growth & Income Fund | 4190865 | 4334982  |
| Osterweis Opportunity Fund |  | —  |
| Osterweis Strategic Income Fund | 307875345 | 311726639 |

---

**Long-Term Capital Gains<sup>1</sup>** 

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025**  |
| Osterweis Fund | $8304473 | $19515467  |
| Osterweis Growth & Income Fund | 2461454 | 12311316  |
| Osterweis Opportunity Fund | 6991032 | 3454256  |
| Osterweis Strategic Income Fund |  |  |

---

<sup>1</sup> Designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3).

The cost basis of investments for federal income tax purposes at most recent fiscal year end, March 31, 2026, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis** <br>**Fund** | **Growth &** <br>**Income Fund** | **Opportunity** <br>**Fund** | **Strategic** <br>**Income Fund**  |
| Cost of investments | $88742387 | $142742063 | $276262331 | $5745389839  |
| Gross tax unrealized appreciation | 46471286 | 38575501 | 33406167 | 43655494  |
| Gross tax unrealized depreciation | (1274157) | (2743024) | (16780670) | (119982300)  |
| Gross tax unrealized appreciation/depreciation | 45197129 | 35832477 | 16625497 | (76326806)  |
| Undistributed ordinary income | 259262 | 48586 |  | 3271018  |
| Undistributed long-term capital gain | 10134223 | 5363190 | 4175783 | —  |
| Total distributable earnings | 10393485 | 5411776 | 4175783 | 3271018  |
| Other accumulated gain/(loss) |  |  | (582355) | (466644531)  |
| Total distributable (accumulated) earnings (losses) | $55590614 | $41244253 | $20218925 | $(539700319) |

---

The tax difference between book basis and tax basis unrealized appreciation is primarily attributable to wash sale deferrals.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OSTERWEIS FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026(Continued)** 

**NOTE 6 – CREDIT FACILITY** 

U.S. Bank N.A. has made available to the Funds credit facilities pursuant to separate Loan and Security Agreements for temporary or extraordinary purposes. Credit facility details for the year ended March 31, 2026, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis** <br>**Fund** | **Osterweis** <br>**Growth &** <br>**Income Fund** | **Osterweis** <br>**Opportunity** <br>**Fund** | **Osterweis** <br>**Strategic** <br>**Income Fund**  |
| Maximum available credit | $20000000 | $20000000 | $15000000 | $300000000  |
| Largest amount outstanding on an individual day | 2525000 |  |  | —  |
| Average balance when in use | 1695500 |  |  | —  |
| Credit facility outstanding as of March 31, 2026 |  |  |  | —  |
| Average interest rate when in use | 7% |  |  |  |

---

Interest expenses for the year ended March 31, 2026, are disclosed in the Statements of Operations, as applicable.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Osterweis Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees of Professionally Managed Portfolios** 

**and Shareholders of the Osterweis Funds** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Osterweis Fund, Osterweis Growth & Income Fund, Osterweis Opportunity Fund, and Osterweis Strategic Income Fund (the "Funds"), each a series of Professionally Managed Portfolios (the "Trust"), including the schedules of investments, as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](sign_24811.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**May 29, 2026**

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Osterweis Funds** 

**Additional Information (Unaudited)** 

**Qualified Dividend Income/Dividends Received Deduction**

For the fiscal year ended March 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Osterweis Fund | 100.00%  |
| Osterweis Growth & Income Fund | 30.13%  |
| Osterweis Opportunity Fund | 0.00% |
| Osterweis Strategic Income Fund  | 2.38% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2026, was as follows:

---

| | |
|:---|:---|
| Osterweis Fund | 100.00%  |
| Osterweis Growth & Income Fund | 23.90%  |
| Osterweis Opportunity Fund | 0.00% |
| Osterweis Strategic Income Fund  | 2.38% |

---

**Information About Proxy Voting** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (866) 236-0050. Furthermore, you can obtain the description on the SEC's website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (866) 236-0050. Furthermore, you can obtain this information on the SEC's website at www.sec.gov, and the Fund's website at www.osterweis.com/mutual_funds/literature.

**Information About the Portfolio Holdings** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds Form N-PORT reports are available on the SEC's website at www.sec.gov. The Funds Form N-PORT reports may also be obtained by (866) 236-0050.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Osterweis Funds** 

**Additional Information (Unaudited)(Continued)** 

**The below information is required disclosure from Form N-CSR** 

**Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

34<br>

(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

 ****

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable as the investment advisory contract was not approved during the reporting period.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end management investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end management investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end management investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end management investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](of-efp24811_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. *Not applicable.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](of-efp24811_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end management investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end management investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](of-efp24811_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Professionally
 Managed Portfolios

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Craig Benton |
|  | Craig Benton, President/Principal Executive Officer |

---

Date <u>6/8/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Craig Benton |
|  | Craig Benton, President/Principal Executive Officer |

---

Date <u>6/8/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Kathryn LaPlante Johnson |
|  | Kathryn LaPlante Johnson, Treasurer/Principal Financial Officer |

---

Date <u>6/8/2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

**<u>Exhibit A</u>**

**PROFESSIONALLY MANAGED PORTFOLIOS**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Professionally Managed Portfolios' (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

1. HONEST AND ETHICAL CONDUCT.

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

5. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the

Investment Company Act of 1940.

**Adopted by the Board of Trustees on June 2, 2003, amended March 2, 2012**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Craig Benton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/2026 | /s/ Craig Benton |
|  |  | Craig Benton<br> President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kathryn LaPlante Johnson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Professionally Managed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/2026 | /s/ Kathryn LaPlante Johnson |
|  |  | Kathryn LaPlante Johnson<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Professionally Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Professionally Managed Portfolios for the year ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Professionally Managed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Craig Benton | /s/ Kathryn LaPlante Johnson |
| Craig Benton<br> President/Principal Executive Officer<br> Professionally Managed Portfolios | Kathryn LaPlante Johnson<br> Treasurer/Principal Financial Officer<br> Professionally Managed Portfolios |

---

Dated: <u>6/8/2026</u> Dated: <u>6/8/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Professionally Managed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.