# EDGAR Filing Document

**Accession Number:** 0000811030
**File Stem:** 0001133228-25-013149
**Filing Date:** 2025-12
**Character Count:** 157455
**Document Hash:** f772674cba6c4c3dd1a8cc549ebd11f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013149.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001133228-25-013149

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05037
- **FILM NUMBER:** 251546374

**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'? 2025-08-04196650_OsterweisFund_TF_TSRSemiAnnual

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>**

**<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)

**Jason Hadler**

**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) 516-1523</u>**

Registrant's telephone number, including area code

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

Date of reporting period: **<u>September 30, 2025</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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171401_202510062134215.jpg) |

---

This semi-annual shareholder report contains important information about the Osterweis Fund for the period of April 1, 2025, to September 30, 2025. 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 LAST SIX MONTHS?** (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 | $49 | 0.91% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $153828385 |
| **Number of Holdings** | 36 |
| **Portfolio Turnover** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  Alphabet, Inc. - Class C  | 7.8% |
|  Microsoft Corp.  | 7.1% |
|  Amazon.com, Inc.  | 5.6% |
|  Broadcom, Inc.  | 5.2% |
|  Visa, Inc. - Class A  | 3.7% |
|  Danaher Corp.  | 3.6% |
|  AutoZone, Inc.  | 3.6% |
|  JPMorgan Chase & Co.  | 3.4% |
|  Airbus SE - ADR  | 3.0% |
|  Brown & Brown, 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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171401_202510062134215.jpg) |

---

This semi-annual shareholder report contains important information about the Osterweis Growth & Income Fund for the period of April 1, 2025, to September 30, 2025. 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 LAST SIX MONTHS?** (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 | $48 | 0.92% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $185144515 |
| **Number of Holdings** | 163 |
| **Portfolio Turnover** | 28% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  Alphabet, Inc. - Class C  | 4.7% |
|  Microsoft Corp.  | 4.2% |
|  Broadcom, Inc.  | 3.5% |
|  Amazon.com, Inc.  | 3.4% |
|  Federated Hermes US Treasury Cash Reserves - Class Institutional  | 3.0% |
|  Visa, Inc. - Class A  | 2.4% |
|  Danaher Corp.  | 2.3% |
|  AutoZone, Inc.  | 2.3% |
|  JPMorgan Chase & Co.  | 2.2% |
|  American Water Works Co., Inc.  | 2.2% |

---

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 Growth & Income Fund PAGE 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171401_202510062134215.jpg) |

---

This semi-annual shareholder report contains important information about the Osterweis Opportunity Fund for the period of April 1, 2025, to September 30, 2025. 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 LAST SIX MONTHS?** (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 | $59 | 1.10% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $305984930 |
| **Number of Holdings** | 42 |
| **Portfolio Turnover** | 80% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  Federated Hermes US Treasury Cash Reserves - Class Institutional  | 10.8% |
|  FirstService Corp.  | 4.7% |
|  SiTime Corp.  | 4.7% |
|  Rambus, Inc.  | 4.3% |
|  Guidewire Software, Inc.  | 4.0% |
|  Guardant Health, Inc.  | 3.6% |
|  Axos Financial, Inc.  | 3.2% |
|  Casella Waste Systems, Inc. - Class A  | 3.2% |
|  Glaukos Corp.  | 3.1% |
|  SPX Technologies, Inc.  | 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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171401_202510062134215.jpg) |

---

This semi-annual shareholder report contains important information about the Osterweis Strategic Income Fund for the period of April 1, 2025, to September 30, 2025. 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 LAST SIX MONTHS?** (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 | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5856763343 |
| **Number of Holdings** | 168 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
|  MSILF Treasury Securities Portfolio - Class Institutional  | 2.8% |
|  Federated Hermes US Treasury Cash Reserves - Class Institutional  | 2.8% |
|  Unisys Corp.  | 1.4% |
|  Vistra Operations Co. LLC  | 1.2% |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc.  | 1.2% |
|  GGAM Finance Ltd.  | 1.2% |
|  Airbnb, Inc.  | 1.2% |
|  United Natural Foods, Inc.  | 1.2% |
|  Cable One, Inc.  | 1.2% |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, 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 1 TSR-SAR-742935489

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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)** 

Semi-Annual Financial Statements & Additional Information

September 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<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) |
| [Additional Information](#addinf) | [32](#addinf) |

---

------

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

**OSTERWEIS FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.9%** <br>|  |  |
| **Aerospace & Defense - 7.5%** <br>|  |  |
| Airbus SE - ADR | 79115 | $4606075  |
| Boeing Co.<sup>(a)</sup> | 13550 | 2924497  |
| L3Harris Technologies, Inc. | 12989 | 3966970  |
|  |  | 11497542  |
| **Banks - 3.4%**<br>|  |  |
| JPMorgan Chase & Co. | 16400 | 5173052  |
| **Broadline Retail - 5.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 39342 | 8638323  |
| **Capital Markets - 1.5%**<br>|  |  |
| Intercontinental Exchange, Inc. | 13850 | 2333448  |
| **Chemicals - 2.9%**<br>|  |  |
| Air Products and Chemicals, Inc. | 9721 | 2651111  |
| Linde PLC | 3729 | 1771275  |
|  |  | 4422386  |
| **Commercial Services & Supplies - 2.7%** | **Commercial Services & Supplies - 2.7%** |  |
| Waste Connections, Inc. | 23560 | 4141848  |
| **Electrical Equipment - 2.0%**<br>|  |  |
| AMETEK, Inc. | 16195 | 3044660  |
|  **Electronic Equipment, Instruments & Components - 2.5%**<br>|  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 21810 | 3815005  |
| **Financial Services - 5.0%**<br>|  |  |
| Corpay, Inc.<sup>(a)</sup> | 6475 | 1865189  |
| Visa, Inc. - Class A | 16840 | 5748839  |
|  |  | 7614028  |
| **Ground Transportation - 1.7%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 35935 | 2676798  |
| **Health Care Equipment & Supplies - 2.7%** | **Health Care Equipment & Supplies - 2.7%** |  |
| Boston Scientific Corp.<sup>(a)</sup> | 42745 | 4173194  |
| **Health Care Providers & Services - 1.6%** | **Health Care Providers & Services - 1.6%** |  |
| Labcorp Holdings, Inc. | 8600 | 2468716  |
| **Insurance - 5.4%**<br>|  |  |
| Brown & Brown, Inc. | 48620 | 4560070  |
| Progressive Corp. | 15427 | 3809698  |
|  |  | 8369768 |
| **Interactive Media & Services - 7.8%**<br>|  |  |
| Alphabet, Inc. - Class C | 49139 | 11967803  |
| **Life Sciences Tools & Services - 3.6%**<br>|  |  |
| Danaher Corp. | 28193 | 5589544  |
| **Machinery - 1.4%**<br>|  |  |
| Deere & Co. | 4591 | 2099281  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Pharmaceuticals - 2.1%**<br>|  |  |
| Eli Lilly & Co. | 4155 | $3170265  |
|  **Semiconductors & Semiconductor Equipment - 12.4%**<br>|  |  |
| Analog Devices, Inc. | 17128 | 4208350  |
| Applied Materials, Inc. | 20795 | 4257568  |
| Broadcom, Inc. | 24206 | 7985802  |
| NVIDIA Corp. | 13995 | 2611187  |
|  |  | 19062907  |
| **Software - 12.6%**<br>|  |  |
| Intuit, Inc. | 4986 | 3404989  |
| Microsoft Corp. | 21200 | 10980540  |
| Salesforce, Inc. | 11186 | 2651082  |
| Synopsys, Inc.<sup>(a)</sup> | 4878 | 2406757  |
|  |  | 19443368  |
| **Specialty Retail - 3.6%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 1301 | 5581602  |
| **Trading Companies & Distributors - 2.1%** | **Trading Companies & Distributors - 2.1%** |  |
| Ferguson Enterprises, Inc. | 14521 | 3261126  |
| **Water Utilities - 2.8%**<br>|  |  |
| American Water Works Co., Inc. | 30905 | 4301667  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $85,250,985)** |  | 142846331  |
|  **REAL ESTATE INVESTMENT TRUSTS - 4.4%**<br>|  |  |
| **Industrial REITs - 2.4%**<br>|  |  |
| Terreno Realty Corp. | 65730 | 3730177  |
| **Specialized REITs - 2.0%**<br>|  |  |
| Lamar Advertising Co. - Class A | 25240 | 3089881  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $5,999,022)** |  | 6820058  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 2.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Federated Hermes US Treasury Cash Reserves - Institutional Class, <br>3.99%<sup>(b)</sup> | 4180556 | 4180556  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,180,556)** |  | 4180556  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $95,430,563)** |  | $153846945  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (18560)  |
| **TOTAL NET ASSETS - 100.0%** |  | $153828385 |

---

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

1<br>

------

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

**OSTERWEIS FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

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** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 58.9%** <br>|  |  |
| **Aerospace & Defense - 4.4%** <br>|  |  |
| Airbus SE - ADR | 64305 | $3743837  |
| Boeing Co.<sup>(a)</sup> | 7475 | 1613329  |
| L3Harris Technologies, Inc. | 9408 | 2873298  |
|  |  | 8230464  |
| **Banks - 2.2%** <br>|  |  |
| JPMorgan Chase & Co. | 12790 | 4034350  |
| **Broadline Retail - 3.4%** <br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 28967 | 6360284  |
| **Capital Markets - 0.9%** <br>|  |  |
| Intercontinental Exchange, Inc. | 9945 | 1675533  |
| **Chemicals - 3.1%** <br>|  |  |
| Air Products and Chemicals, Inc. | 13035 | 3554905  |
| Linde PLC | 4460 | 2118500  |
|  |  | 5673405  |
| **Commercial Services & Supplies - 1.8%** <br>|  |  |
| Waste Connections, Inc. | 19050 | 3348990  |
|  **Consumer Staples Distribution & Retail - 0.0%<sup>(b)</sup>** <br>|  |  |
| Southeastern Grocers, Inc.<sup>(a)(c)</sup> | 7928 | 318  |
|  Tops Holding, Litigation Trust Proceeds<sup>(a)(c)</sup> | 2292000 | 1721  |
|  |  | 2039  |
| **Electrical Equipment - 1.3%** <br>|  |  |
| AMETEK, Inc. | 13120 | 2466560  |
| **Electronic Equipment, Instruments & Components - 0.9%** <br>|  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 9395 | 1643373  |
| **Financial Services - 2.4%** <br>|  |  |
| Visa, Inc. - Class A | 13170 | 4495975  |
| **Ground Transportation - 1.2%** <br>|  |  |
| Canadian Pacific Kansas City Ltd. | 29485 | 2196338  |
| **Health Care Providers & Services - 1.1%** <br>|  |  |
| Labcorp Holdings, Inc. | 6975 | 2002243  |
| **Insurance - 3.1%** <br>|  |  |
| Brown & Brown, Inc. | 29525 | 2769150  |
| Progressive Corp. | 11858 | 2928333  |
|  |  | 5697483  |
| **Interactive Media & Services - 4.7%** <br>|  |  |
| Alphabet, Inc. - Class C | 35594 | 8668919  |
| **Life Sciences Tools & Services - 2.3%** <br>|  |  |
| Danaher Corp. | 21807 | 4323456  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Machinery - 0.9%** <br>|  |  |
| Deere & Co. | 3730 | $1705580  |
| **Metals & Mining - 0.3%** <br>|  |  |
| Real Alloy Equity<sup>(a)(c)</sup> | 9 | 582172  |
| **Pharmaceuticals - 2.9%** <br>|  |  |
| Eli Lilly & Co. | 2984 | 2276792  |
| Novartis AG - ADR | 24480 | 3139315  |
|  |  | 5416107  |
|  **Semiconductors & Semiconductor Equipment - 8.4%** <br>|  |  |
| Analog Devices, Inc. | 13773 | 3384026  |
| Applied Materials, Inc. | 17390 | 3560428  |
| Broadcom, Inc. | 19635 | 6477783  |
| NVIDIA Corp. | 11700 | 2182986  |
|  |  | 15605223  |
| **Software - 7.8%** <br>|  |  |
| Intuit, Inc. | 3799 | 2594375  |
| Microsoft Corp. | 14875 | 7704506  |
| Salesforce, Inc. | 8816 | 2089392  |
| Synopsys, Inc.<sup>(a)</sup> | 4068 | 2007111  |
|  |  | 14395384  |
| **Specialty Retail - 2.3%** <br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 979 | 4200145  |
| **Trading Companies & Distributors - 1.3%** <br>|  |  |
| Ferguson Enterprises, Inc. | 10415 | 2339001  |
| **Water Utilities - 2.2%** <br>|  |  |
| American Water Works Co., Inc. | 28680 | 3991969  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $66,934,445)** |  | 109054993  |
|  | **Par**  |  |
| **CORPORATE BONDS - 29.8%** <br>|  |  |
| **Aerospace & Defense - 0.3%** <br>|  |  |
|  Rolls-Royce PLC, 3.63%, 10/14/2025<sup>(d)</sup> | $572000 | 571757  |
| **Automobile Components - 1.7%** <br>|  |  |
| Adient Global Holdings Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2028<sup>(d)</sup> | 350000 | 359278  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/2033<sup>(d)</sup> | 400000 | 414150  |
| American Axle & Manufacturing, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/2027 | 750000 | 750894  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(d)</sup> | 500000 | 504024  |
| Goodyear Tire & Rubber Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 500000 | 483103  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2030 | 500000 | 507424 |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Automobile Components - (Continued)** | **Automobile Components - (Continued)** | **Automobile Components - (Continued)** |
|  Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029<sup>(d)</sup> | $140000 | $95646  |
|  |  | 3114519  |
| **Automobiles - 0.6%** <br>|  |  |
| Ford Motor Co., 9.63%, 04/22/2030 | 500000 | 583874  |
|  Ford Motor Credit Co. LLC, 6.95%, 03/06/2026 | 500000 | 503878  |
|  |  | 1087752  |
| **Banks - 0.3%** <br>|  |  |
| Bancorp, Inc., 7.38%, 09/01/2030 | 500000 | 522241  |
| **Beverages - 0.2%** <br>|  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029<sup>(d)</sup> | 300000 | 291977  |
| **Building Products - 0.5%** <br>|  |  |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027<sup>(d)</sup> | 500000 | 498833  |
| Griffon Corp., 5.75%, 03/01/2028 | 500000 | 500380  |
|  |  | 999213  |
| **Capital Markets - 0.3%** <br>|  |  |
| Morgan Stanley, 5.00%, 11/24/2025 | 500000 | 500386  |
| **Chemicals - 0.6%** <br>|  |  |
| Consolidated Energy Finance SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(d)</sup> | 100000 | 97409  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(d)</sup> | 400000 | 335197  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(d)</sup> | 250000 | 229638  |
|  INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029<sup>(d)</sup> | 500000 | 495389  |
|  |  | 1157633  |
| **Commercial Services & Supplies - 0.8%** <br>|  |  |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(d)</sup> | 750000 | 784466  |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., <br>7.25%, 03/15/2029<sup>(d)</sup> | 725000 | 737179  |
|  |  | 1521645  |
| **Computers & Peripherals - 0.9%** <br>|  |  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(d)</sup> | 558000 | 585534  |
|  Western Digital Corp., 4.75%, 02/15/2026 | 106000 | 106061  |
| Xerox Corp., 10.25%, 10/15/2030<sup>(d)</sup> | 500000 | 508573  |
| Xerox Holdings Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028<sup>(d)</sup> | 250000 | 147504  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029<sup>(d)</sup> | 500000 | 272626  |
|  |  | 1620298  |
| **Construction & Engineering - 1.6%** <br>|  |  |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(d)</sup> | 750000 | 736918  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(d)</sup> | 600000 | 582068  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(d)</sup> | $500000 | $495731  |
|  Tutor Perini Corp., 11.88%, 04/30/2029<sup>(d)</sup> | 1000000 | 1118724  |
|  |  | 2933441  |
| **Consumer Finance - 1.7%** <br>|  |  |
|  Atlanticus Holdings Corp., 9.75%, 09/01/2030<sup>(d)</sup> | 500000 | 493748  |
| Enova International, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(d)</sup> | 400000 | 426111  |
| &nbsp;&nbsp;&nbsp; 9.13%, 08/01/2029<sup>(d)</sup> | 350000 | 368717  |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(d)</sup> | 500000 | 533994  |
| FirstCash, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/2030<sup>(d)</sup> | 500000 | 499495  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2032<sup>(d)</sup> | 500000 | 517413  |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., <br>7.13%, 03/15/2026 | 242000 | 244339  |
|  |  | 3083817  |
|  **Consumer Staples Distribution & Retail - 1.7%** <br>|  |  |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028<sup>(d)</sup> | 500000 | 452841  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(d)</sup> | 750000 | 790044  |
|  Performance Food Group, Inc., 5.50%, 10/15/2027<sup>(d)</sup> | 750000 | 748955  |
|  United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(d)</sup> | 625000 | 626223  |
| US Foods, Inc., 4.75%, 02/15/2029<sup>(d)</sup> | 470000 | 463496  |
|  |  | 3081559  |
| **Diversified Consumer Services - 0.1%** <br>|  |  |
|  Carriage Services, Inc., 4.25%, 05/15/2029<sup>(d)</sup> | 200000 | 189639  |
| **Energy Equipment & Services - 0.3%** <br>|  |  |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(d)</sup> | 500000 | 537206  |
| **Entertainment - 0.4%** <br>|  |  |
|  Banijay Entertainment SAS, 8.13%, 05/01/2029<sup>(d)</sup> | 750000 | 779587  |
| **Financial Services - 1.0%** <br>|  |  |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(d)</sup> | 250000 | 250654  |
|  HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031<sup>(a)(c)(d)</sup> | 642000 | 417232  |
|  Nationstar Mortgage Holdings, Inc., 5.00%, 02/01/2026<sup>(d)</sup> | 250000 | 250000  |
| United Wholesale Mortgage LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025<sup>(d)</sup> | 320000 | 320094  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029<sup>(d)</sup> | 430000 | 424529  |
|  UWM Holdings LLC, 6.25%, 03/15/2031<sup>(d)</sup> | 250000 | 248980  |
|  |  | 1911489  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Food Products - 0.3%** <br>|  |  |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029<sup>(d)</sup> | $494000 | $474252  |
| **Ground Transportation - 0.3%** <br>|  |  |
| RXO, Inc., 7.50%, 11/15/2027<sup>(d)</sup> | 500000 | 508808  |
| **Health Care Equipment & Supplies - 0.6%** <br>|  |  |
|  Varex Imaging Corp., 7.88%, 10/15/2027<sup>(d)</sup> | 1100000 | 1123448  |
| **Health Care Providers & Services - 0.7%** <br>|  |  |
|  AMN Healthcare, Inc., 6.50%, 01/15/2031<sup>(d)</sup> | 500000 | 502084  |
|  Owens & Minor, Inc., 4.50%, 03/31/2029<sup>(d)</sup> | 1000000 | 804489  |
|  |  | 1306573  |
| **Hotels, Restaurants & Leisure - 0.8%** <br>|  |  |
| Carnival Corp., 6.00%, 05/01/2029<sup>(d)</sup> | 250000 | 253706  |
| NCL Corp. Ltd., 5.88%, 02/15/2027<sup>(d)</sup> | 750000 | 752482  |
|  Viking Cruises Ltd., 5.88%, 09/15/2027<sup>(d)</sup> | 500000 | 500522  |
|  |  | 1506710  |
| **Household Durables - 2.0%** <br>|  |  |
|  Adams Homes, Inc., 9.25%, 10/15/2028<sup>(d)</sup> | 750000 | 785156  |
|  Empire Communities Corp., 9.75%, 05/01/2029<sup>(d)</sup> | 500000 | 524885  |
|  K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031<sup>(d)</sup> | 500000 | 512776  |
|  Mattamy Group Corp., 5.25%, 12/15/2027<sup>(d)</sup> | 500000 | 497204  |
| New Home Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2029<sup>(d)</sup> | 750000 | 789083  |
| &nbsp;&nbsp;&nbsp; 8.50%, 11/01/2030<sup>(d)</sup> | 250000 | 259860  |
|  STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(d)</sup> | 250000 | 262854  |
|  |  | 3631818  |
| **Industrial Conglomerates - 0.0%<sup>(b)</sup>** <br>|  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 60000 | 59976  |
|  **Industrial Power & Renewable Electricity Products - 0.3%** <br>|  |  |
|  Vistra Operations Co. LLC, 5.05%, 12/30/2026<sup>(d)</sup> | 500000 | 503214  |
| **IT Services - 0.6%** <br>|  |  |
| Unisys Corp., 10.63%, 01/15/2031<sup>(d)</sup> | 1000000 | 1066301  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Machinery - 0.9%** <br>|  |  |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(d)</sup> | $500000 | $512272  |
|  Manitowoc Co., Inc., 9.25%, 10/01/2031<sup>(d)</sup> | 500000 | 526285  |
|  Wabash National Corp., 4.50%, 10/15/2028<sup>(d)</sup> | 750000 | 696091  |
|  |  | 1734648  |
| **Media - 0.1%** <br>|  |  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(d)</sup> | 287000 | 286909  |
| **Metals & Mining - 1.4%** <br>|  |  |
|  Century Aluminum Co., 6.88%, 08/01/2032<sup>(d)</sup> | 500000 | 518746  |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032<sup>(d)</sup> | 250000 | 261552  |
|  Coeur Mining, Inc., 5.13%, 02/15/2029<sup>(d)</sup> | 600000 | 591371  |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co., <br>7.25%, 02/15/2028 | 277000 | 279728  |
|  Perenti Finance Pty Ltd., 7.50%, 04/26/2029<sup>(d)</sup> | 500000 | 523420  |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(d)</sup> | 500000 | 467766  |
|  |  | 2642583  |
|  **Mortgage Real Estate Investment Trusts - REITS - 0.6%** <br>|  |  |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(d)</sup> | 500000 | 527923  |
|  Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027<sup>(d)</sup> | 500000 | 500415  |
|  |  | 1028338  |
| **Oil, Gas & Consumable Fuels - 1.3%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP / <br>Calumet Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 04/15/2026<sup>(d)</sup> | 176000 | 177431  |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(d)</sup> | 250000 | 248714  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 02/01/2028 | 450000 | 453542  |
|  Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033<sup>(d)</sup> | 800000 | 820606  |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029<sup>(d)</sup> | 750000 | 769635  |
|  |  | 2469928  |
| **Passenger Airlines - 1.8%** <br>|  |  |
|  Allegiant Travel Co., 7.25%, 08/15/2027<sup>(d)</sup> | 1000000 | 1012918  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(d)</sup> | 783250 | 784049  |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031<sup>(d)</sup> | 850000 | 863438  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Passenger Airlines - (Continued)**  | **Passenger Airlines - (Continued)**  | **Passenger Airlines - (Continued)**  |
|  United Airlines, Inc., 4.38%, 04/15/2026<sup>(d)</sup> | $750000 | $748421  |
|  |  | 3408826  |
| **Personal Care Products - 0.3%** <br>|  |  |
| Coty, Inc., 5.00%, 04/15/2026<sup>(d)</sup> | 500000 | 499151  |
| **Pharmaceuticals - 0.3%** <br>|  |  |
| Harrow, Inc., 8.63%, 09/15/2030<sup>(d)</sup> | 500000 | 520313  |
| **Professional Services - 1.1%** <br>|  |  |
|  CACI International, Inc., 6.38%, 06/15/2033<sup>(d)</sup> | 500000 | 516629  |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(d)</sup> | 750000 | 725563  |
| KBR, Inc., 4.75%, 09/30/2028<sup>(d)</sup> | 750000 | 742399  |
|  |  | 1984591  |
| **Software - 0.6%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp., <br>5.25%, 05/15/2026<sup>(d)</sup> | 500000 | 500539  |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp., <br>5.00%, 10/01/2028<sup>(d)</sup> | 175000 | 173006  |
|  Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030<sup>(d)</sup> | 500000 | 467889  |
|  |  | 1141434  |
| **Specialty Retail - 1.0%** <br>|  |  |
|  Advance Auto Parts, Inc., 7.00%, 08/01/2030<sup>(d)</sup> | 250000 | 257554  |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028<sup>(d)</sup> | 500000 | 489993  |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(d)</sup> | 500000 | 485425  |
|  Upbound Group, Inc., 6.38%, 02/15/2029<sup>(d)</sup> | 600000 | 592955  |
|  |  | 1825927  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 0.4%** <br>|  |  |
|  William Carter Co., 5.63%, 03/15/2027<sup>(d)</sup> | 750000 | 750628  |
| &nbsp;&nbsp;&nbsp; **Trading Companies &** <br>**Distributors - 1.2%** <br>|  |  |
|  GGAM Finance Ltd., 7.75%, 05/15/2026<sup>(d)</sup> | 500000 | 502485  |
| Herc Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2027<sup>(d)</sup> | 500000 | 499133  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030<sup>(d)</sup> | 1000000 | 1039407  |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028<sup>(d)</sup> | 250000 | 253463  |
|  |  | 2294488  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Transportation Infrastructure - 0.2%** <br>|  |  |
|  Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028<sup>(d)</sup> | $400000 | $374000  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $54,816,713)** |  | 55047023  |
|  | **Shares**  |  |
|  **REAL ESTATE INVESTMENT TRUSTS - 3.3%** <br>|  |  |
| **Industrial REITs - 1.6%** <br>|  |  |
| Terreno Realty Corp. | 53250 | 3021938  |
| **Specialized REITs - 1.7%** <br>|  |  |
| Lamar Advertising Co. - Class A | 25560 | 3129055  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $5,214,949)** |  | 6150993  |
|  | **Par**  |  |
| **CONVERTIBLE BONDS - 3.1%** <br>|  |  |
| **Automobiles - 0.0%<sup>(b)</sup>** <br>|  |  |
| Ford Motor Co., 0.00%, 03/15/2026<sup>(e)</sup> | $100000 | 101600  |
| **Health Care Equipment & Supplies - 0.4%** <br>|  |  |
| Dexcom, Inc., 0.25%, 11/15/2025 | 500000 | 496625  |
|  Haemonetics Corp., 0.00%, 03/01/2026<sup>(e)</sup> | 250000 | 245625  |
|  |  | 742250  |
| **Hotel & Resort REITs - 0.4%** <br>|  |  |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 271000 | 267744  |
|  Summit Hotel Properties, Inc., 1.50%, 02/15/2026 | 500000 | 492250  |
|  |  | 759994  |
| **Hotels, Restaurants & Leisure - 0.4%** <br>|  |  |
| Airbnb, Inc., 0.00%, 03/15/2026<sup>(e)</sup> | 750000 | 735000  |
| **Interactive Media & Services - 0.1%** <br>|  |  |
|  Match Group Financeco 2, Inc., 0.88%, 06/15/2026<sup>(d)</sup> | 250000 | 243427  |
| **Machinery - 0.1%** <br>|  |  |
| JBT Marel Corp., 0.25%, 05/15/2026 | 250000 | 252825  |
| **Media - 0.8%** <br>|  |  |
| Cable One, Inc., 0.00%, 03/15/2026<sup>(e)</sup> | 1000000 | 976505  |
|  Liberty Broadband Corp., 3.13%, 03/31/2053<sup>(d)</sup> | 500000 | 494750  |
|  |  | 1471255  |
| **Professional Services - 0.3%** <br>|  |  |
|  Fiverr International Ltd., 0.00%, 11/01/2025<sup>(e)</sup> | 500000 | 500100  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CONVERTIBLE BONDS - (Continued)** | **CONVERTIBLE BONDS - (Continued)** | **CONVERTIBLE BONDS - (Continued)** |
|  **Semiconductors & Semiconductor Equipment - 0.3%** <br>|  |  |
|  Enphase Energy, Inc., 0.00%, 03/01/2026<sup>(e)</sup> | $500000 | $488774  |
| **Specialty Retail - 0.3%** <br>|  |  |
| Wayfair, Inc., 0.63%, 10/01/2025 | 500000 | 499650  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $5,773,403)** |  | 5794875  |
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 3.0%** <br>|  |  |
|  Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.99%<sup>(f)</sup> | 5612817 | 5612817  |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds** <br>**(Cost $5,612,817)** |  | 5612817  |
|  | **Par**  |  |
| **Commercial Paper - 1.9%** <br>|  |  |
| **Automobiles - 0.8%** <br>|  |  |
|  Harley-Davidson Financial Services, Inc., 4.61%, 11/14/2025<sup>(d)(g)</sup> | $500000 | 497213  |
|  VW Credit, Inc., 4.59%, 10/28/2025<sup>(d)(g)</sup> | 1000000 | 996664  |
|  |  | 1493877  |
| **Distributors - 0.6%** <br>|  |  |
|  Genuine Parts Co., 4.44%, 10/09/2025<sup>(d)(g)</sup> | 1000000 | 998933  |
| **Specialized REITs - 0.5%** <br>|  |  |
|  Crown Castle, Inc., 4.82%, 10/09/2025<sup>(d)(g)</sup> | 1000000 | 998847  |
| &nbsp;&nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $3,491,740)** |  | 3491657  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $9,104,557)** |  | 9104474  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $141,844,067)** |  | $185152358  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(b)</sup> |  | (7843)  |
| **TOTAL NET ASSETS - 100.0%** |  | $185144515 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

<sup>(c)</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 $1,001,443 or 0.5% of net assets as of September 30, 2025.

<sup>(d)</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 September 30, 2025, the value of these securities total $53,781,031 or 29.0% of the Fund's net assets.

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

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(g)</sup> The rate shown is the annualized yield as of September 30, 2025.

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

7<br>

------

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

**OSTERWEIS OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.5%** <br>|  |  |
| **Automobile Components - 2.4%** <br>|  |  |
| Modine Manufacturing Co.<sup>(a)</sup> | 51745 | $7356069  |
| **Banks - 3.3%**<br>|  |  |
| Axos Financial, Inc.<sup>(a)</sup> | 117330 | 9931985  |
| **Biotechnology - 3.8%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 255395 | 3744090  |
| Vericel Corp.<sup>(a)</sup> | 254610 | 8012577  |
|  |  | 11756667  |
| **Building Products - 2.7%**<br>|  |  |
| Trex Co., Inc.<sup>(a)</sup> | 161400 | 8339538  |
| **Commercial Services & Supplies - 6.1%** | **Commercial Services & Supplies - 6.1%** |  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - <br>Class A<sup>(a)</sup> | 101815 | 9660207  |
| CECO Environmental Corp.<sup>(a)</sup> | 174255 | 8921856  |
|  |  | 18582063  |
| **Electrical Equipment - 0.5%**<br>|  |  |
| Amprius Technologies, Inc.<sup>(a)</sup> | 154925 | 1629811  |
| **Financial Services - 2.3%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 52500 | 3836700  |
| Chime Financial, Inc. - Class A<sup>(a)</sup> | 158020 | 3187263  |
|  |  | 7023963  |
| **Food Products - 2.6%**<br>|  |  |
| Vital Farms, Inc.<sup>(a)</sup> | 191265 | 7870555  |
| **Health Care Equipment & Supplies - 11.2%** | **Health Care Equipment & Supplies - 11.2%** |  |
| Artivion, Inc.<sup>(a)</sup> | 198982 | 8424898  |
| AtriCure, Inc.<sup>(a)</sup> | 266200 | 9383550  |
| Glaukos Corp.<sup>(a)</sup> | 117600 | 9590280  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 193885 | 6919756  |
|  |  | 34318484  |
| **Health Care Providers & Services - 5.0%** | **Health Care Providers & Services - 5.0%** |  |
| Ensign Group, Inc. | 23850 | 4120564  |
| Guardant Health, Inc.<sup>(a)</sup> | 177710 | 11103321  |
|  |  | 15223885  |
| **Health Care Technology - 2.2%**<br>|  |  |
| Waystar Holding Corp.<sup>(a)</sup> | 180690 | 6851765  |
| **Hotels, Restaurants & Leisure - 5.0%**<br>|  |  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 58645 | 3069479  |
| Genius Sports Ltd.<sup>(a)</sup> | 373200 | 4620216  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 274060 | 7564056  |
|  |  | 15253751  |
| **Life Sciences Tools & Services - 2.6%**<br>|  |  |
| Repligen Corp.<sup>(a)</sup> | 60280 | 8057628  |
| **Machinery - 3.1%**<br>|  |  |
| SPX Technologies, Inc.<sup>(a)</sup> | 50248 | 9385321  |
| **Oil, Gas & Consumable Fuels - 2.9%**<br>|  |  |
| Magnolia Oil & Gas Corp. - Class A | 373280 | 8910194  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Real Estate Management & Development - 4.7%**<br>|  |  |
| FirstService Corp. | 75910 | $14460096  |
|  **Semiconductors & Semiconductor Equipment - 14.5%**<br>|  |  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 31005 | 4514638  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 109290 | 8013143  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 12620 | 1571064  |
| Rambus, Inc.<sup>(a)</sup> | 125265 | 13052613  |
|  Silicon Motion Technology Corp. - ADR | 31380 | 2975138  |
| SiTime Corp.<sup>(a)</sup> | 47300 | 14251963  |
|  |  | 44378559  |
| **Software - 13.5%**<br>|  |  |
| Agilysys, Inc.<sup>(a)</sup> | 63785 | 6713371  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 370435 | 6675239  |
| Guidewire Software, Inc.<sup>(a)</sup> | 53462 | 12288775  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | 81435 | 2254935  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 62830 | 5167768  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | 79770 | 8043209  |
|  |  | 41143297  |
| **Specialty Retail - 0.9%**<br>|  |  |
| Lithia Motors, Inc. | 9053 | 2860748  |
| **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** |  |
| Birkenstock Holding PLC<sup>(a)</sup> | 106625 | 4824781  |
| **Tobacco - 2.2%**<br>|  |  |
| Turning Point Brands, Inc. | 69080 | 6829249  |
| **Trading Companies & Distributors - 2.4%** | **Trading Companies & Distributors - 2.4%** |  |
| FTAI Aviation Ltd. | 43335 | 7230878  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $266,968,377)** |  | 292219287  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 10.8%**<br>|  |  |
|  Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.99%<sup>(b)</sup> | 33078658 | 33078658  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $33,078,658)** |  | 33078658  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.3%**<br>**(Cost $300,047,035)** |  | $325297945  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.3)% |  | (19313015)  |
| **TOTAL NET ASSETS - 100.0%** |  | $305984930 |

---

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

8<br>

------

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

**OSTERWEIS OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

9<br>

------

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

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 72.2%** <br>|  |  |
| **Aerospace & Defense - 0.9%** <br>|  |  |
|  Rolls-Royce PLC, 3.63%, 10/14/2025<sup>(a)</sup> | $52550000 | $52527659  |
| **Automobile Components - 3.6%** <br>|  |  |
| Adient Global Holdings Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2028<sup>(a)</sup> | 14650000 | 15038357  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/2033<sup>(a)</sup> | 31000000 | 32096617  |
| American Axle & Manufacturing, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/2027 | 21310000 | 21335401  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/2028 | 53595000 | 53824601  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(a)</sup> | 29000000 | 29233380  |
| Goodyear Tire & Rubber Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 14500000 | 14009970  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/2030 | 36682000 | 37226654  |
|  Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029<sup>(a)</sup> | 16022000 | 10946046  |
|  |  | 213711026  |
| **Automobiles - 1.1%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., <br>9.63%, 04/22/2030 | 9000000 | 10509739  |
|  Ford Motor Credit Co. LLC, 6.95%, 03/06/2026 | 14000000 | 14108580  |
|  Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026<sup>(a)</sup> | 33400000 | 32221524  |
|  Thor Industries, Inc., 4.00%, 10/15/2029<sup>(a)</sup> | 10000000 | 9487632  |
|  |  | 66327475  |
| **Banks - 0.3%** <br>|  |  |
| Bancorp, Inc., 7.38%, 09/01/2030 | 19500000 | 20367413  |
| **Beverages - 0.4%** <br>|  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.38%, 04/30/2029<sup>(a)</sup> | 25728000 | 25039928  |
| **Building Products - 1.7%** <br>|  |  |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027<sup>(a)</sup> | 37338000 | 37250853  |
| Griffon Corp., 5.75%, 03/01/2028 | 60288000 | 60333795  |
|  |  | 97584648  |
| **Capital Markets - 1.7%** <br>|  |  |
|  Goldman Sachs Group, Inc., 4.25%, 10/21/2025 | 50000000 | 50000779  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, <br>5.00%, 11/24/2025 | 49500000 | 49538220  |
|  |  | 99538999  |
| **Chemicals - 1.2%** <br>|  |  |
| Consolidated Energy Finance SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2026<sup>(a)</sup> | 7050000 | 6867359  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 31700000 | 26564327  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 19750000 | 18141363  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029<sup>(a)</sup> | $17500000 | $17338632  |
|  |  | 68911681  |
| **Commercial Services & Supplies - 2.1%** <br>|  |  |
| Deluxe Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029<sup>(a)</sup> | 33721000 | 33676537  |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029<sup>(a)</sup> | 23450000 | 24527621  |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(a)</sup> | 62645000 | 63697373  |
|  |  | 121901531  |
| **Computers & Peripherals - 1.5%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; CPI CG, Inc., <br>10.00%, 07/15/2029<sup>(a)</sup> | 29196000 | 30636677  |
|  Western Digital Corp., 4.75%, 02/15/2026 | 13029000 | 13036438  |
| &nbsp;&nbsp;&nbsp; Xerox Corp., <br>10.25%, 10/15/2030<sup>(a)</sup> | 15000000 | 15257190  |
| Xerox Holdings Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028<sup>(a)</sup> | 22339000 | 13180385  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029<sup>(a)</sup> | 28000000 | 15267037  |
|  |  | 87377727  |
| **Construction & Engineering - 3.1%** <br>|  |  |
|  APi Group DE, Inc., 4.13%, 07/15/2029<sup>(a)</sup> | 26650000 | 25777754  |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(a)</sup> | 51157000 | 50264658  |
|  Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 30747000 | 29828089  |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(a)</sup> | 46500000 | 46102997  |
|  Tutor Perini Corp., 11.88%, 04/30/2029<sup>(a)</sup> | 24500000 | 27408738  |
|  |  | 179382236  |
| **Consumer Finance - 3.9%** <br>|  |  |
|  Ally Financial, Inc., 5.75%, 11/20/2025 | 31981000 | 31998873  |
|  Atlanticus Holdings Corp., 9.75%, 09/01/2030<sup>(a)</sup> | 29500000 | 29131116  |
| Enova International, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(a)</sup> | 11750000 | 12517005  |
| &nbsp;&nbsp;&nbsp; 9.13%, 08/01/2029<sup>(a)</sup> | 43950000 | 46300335  |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc., <br>7.38%, 04/01/2032<sup>(a)</sup> | 23500000 | 25097718  |
| FirstCash, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/2028<sup>(a)</sup> | 15000000 | 14701047  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/01/2030<sup>(a)</sup> | 19500000 | 19480317  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/01/2032<sup>(a)</sup> | 24500000 | 25353261  |
|  OneMain Finance Corp., 7.13%, 03/15/2026 | 23917000 | 24148140  |
|  |  | 228727812  |

---

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

10<br>

------

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

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
|  **Consumer Staples Distribution & Retail - 4.4%** <br>|  |  |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028<sup>(a)</sup> | $45765000 | $41448573  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(a)</sup> | 62250000 | 65573652  |
|  Performance Food Group, Inc., 5.50%, 10/15/2027<sup>(a)</sup> | 57195000 | 57115282  |
|  United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(a)</sup> | 67549000 | 67681173  |
|  US Foods, Inc., 4.75%, 02/15/2029<sup>(a)</sup> | 23384000 | 23060413  |
|  |  | 254879093  |
| **Containers & Packaging - 0.2%** <br>|  |  |
|  Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026 | 13984000 | 13922484  |
| **Diversified Consumer Services - 0.1%** <br>|  |  |
|  Carriage Services, Inc., 4.25%, 05/15/2029<sup>(a)</sup> | 7800000 | 7395936  |
| **Energy Equipment & Services - 0.4%** <br>|  |  |
|  Tidewater, Inc., 9.13%, 07/15/2030<sup>(a)</sup> | 24000000 | 25785882  |
| **Entertainment - 0.5%** <br>|  |  |
|  Banijay Entertainment SAS, 8.13%, 05/01/2029<sup>(a)</sup> | 27911000 | 29012061  |
| **Financial Services - 3.0%** <br>|  |  |
|  Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(a)</sup> | 25489000 | 25555680  |
|  HAS Capital Income Opportunity Fund II LLC, 8.00%, 08/31/2031<sup>(a)(b)(e)</sup> | 21807000 | 14172238  |
| Nationstar Mortgage Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026<sup>(a)</sup> | 23250000 | 23250000  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028<sup>(a)</sup> | 24680000 | 24680000  |
| United Wholesale Mortgage LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025<sup>(a)</sup> | 45580000 | 45593291  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027<sup>(a)</sup> | 10000000 | 9999514  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029<sup>(a)</sup> | 20820000 | 20555113  |
|  UWM Holdings LLC, 6.25%, 03/15/2031<sup>(a)</sup> | 9750000 | 9710227  |
|  |  | 173516063  |
| **Food Products - 0.5%** <br>|  |  |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029<sup>(a)</sup> | 27438000 | 26341169  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Ground Transportation - 0.4%** <br>|  |  |
| RXO, Inc., 7.50%, 11/15/2027<sup>(a)</sup> | $24500000 | $24931603  |
|  **Health Care Equipment & Supplies - 0.9%** <br>|  |  |
|  Varex Imaging Corp., 7.88%, 10/15/2027<sup>(a)</sup> | 50334000 | 51406920  |
| **Health Care Providers & Services - 1.9%** <br>|  |  |
| AMN Healthcare, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/01/2027<sup>(a)</sup> | 39815000 | 39823958  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031<sup>(a)</sup> | 29500000 | 29622938  |
|  Owens & Minor, Inc., 4.50%, 03/31/2029<sup>(a)</sup> | 52310000 | 42082830  |
|  |  | 111529726  |
| **Hotels, Restaurants & Leisure - 2.9%** <br>|  |  |
|  Carnival Corp., 6.00%, 05/01/2029<sup>(a)</sup> | 19750000 | 20042735  |
|  NCL Corp. Ltd., 5.88%, 02/15/2027<sup>(a)</sup> | 55490000 | 55673672  |
|  Royal Caribbean Cruises Ltd., 5.50%, 08/31/2026<sup>(a)</sup> | 61302000 | 61567216  |
|  Viking Cruises Ltd., 5.88%, 09/15/2027<sup>(a)</sup> | 29900000 | 29931216  |
|  |  | 167214839  |
| **Household Durables - 4.1%** <br>|  |  |
|  Adams Homes, Inc., 9.25%, 10/15/2028<sup>(a)</sup> | 40389000 | 42282234  |
|  Empire Communities Corp., 9.75%, 05/01/2029<sup>(a)</sup> | 48250000 | 50651403  |
|  Installed Building Products, Inc., 5.75%, 02/01/2028<sup>(a)</sup> | 6750000 | 6744583  |
|  K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031<sup>(a)</sup> | 3500000 | 3589431  |
|  Mattamy Group Corp., 5.25%, 12/15/2027<sup>(a)</sup> | 56529000 | 56212946  |
| New Home Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2029<sup>(a)</sup> | 52500000 | 55235775  |
| &nbsp;&nbsp;&nbsp; 8.50%, 11/01/2030<sup>(a)</sup> | 14750000 | 15331755  |
|  STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(a)</sup> | 7750000 | 8148466  |
|  |  | 238196593  |
| **Industrial Conglomerates - 0.1%** <br>|  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 6885000 | 6882214  |
|  **Industrial Power & Renewable Electricity Products - 1.4%** <br>|  |  |
| Vistra Operations Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026<sup>(a)</sup> | 73016000 | 73023014  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> | 6500000 | 6541782  |
|  |  | 79564796  |

---

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

11<br>

------

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

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **IT Services - 1.4%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Unisys Corp., <br>10.63%, 01/15/2031<sup>(a)</sup> | $79000000 | $84237779  |
| **Machinery - 2.1%** <br>|  |  |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(a)</sup> | 33604000 | 34428755  |
|  Manitowoc Co., Inc., 9.25%, 10/01/2031<sup>(a)</sup> | 34500000 | 36313665  |
|  Wabash National Corp., 4.50%, 10/15/2028<sup>(a)</sup> | 54550000 | 50629017  |
|  |  | 121371437  |
| **Media - 0.4%** <br>|  |  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027<sup>(a)</sup> | 22666000 | 22658831  |
| **Metals & Mining - 4.1%** <br>|  |  |
|  Century Aluminum Co., 6.88%, 08/01/2032<sup>(a)</sup> | 27500000 | 28531057  |
|  Champion Iron Canada, Inc., 7.88%, 07/15/2032<sup>(a)</sup> | 51750000 | 54141161  |
|  Coeur Mining, Inc., 5.13%, 02/15/2029<sup>(a)</sup> | 66150000 | 65198703  |
|  Hecla Mining Co., 7.25%, 02/15/2028 | 33967000 | 34301473  |
|  Perenti Finance Pty Ltd., 7.50%, 04/26/2029<sup>(a)</sup> | 12000000 | 12562086  |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 49066000 | 45902828  |
|  |  | 240637308  |
|  **Mortgage Real Estate Investment Trusts - REITS - 2.4%** <br>|  |  |
|  Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(a)</sup> | 26000000 | 27451970  |
|  HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026<sup>(a)</sup> | 65841000 | 65178161  |
|  Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027<sup>(a)</sup> | 47341000 | 47380293  |
|  |  | 140010424  |
| **Oil, Gas & Consumable Fuels - 3.3%** <br>|  |  |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 04/15/2026<sup>(a)</sup> | 9880000 | 9960334  |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028<sup>(a)</sup> | 64232000 | 63901526  |
|  Genesis Energy LP / Genesis Energy Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 | 51550000 | 51955699  |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/2030 | 10000000 | 10591490  |
|  Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033<sup>(a)</sup> | 18700000 | 19181675  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029<sup>(a)</sup> | $37030000 | $37999445  |
|  |  | 193590169  |
| **Passenger Airlines - 4.0%** <br>|  |  |
|  Allegiant Travel Co., 7.25%, 08/15/2027<sup>(a)</sup> | 62975000 | 63788511  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026<sup>(a)</sup> | 52404250 | 52457702  |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. / JetBlue Loyalty LP, <br>9.88%, 09/20/2031<sup>(a)</sup> | 54650000 | 55513995  |
|  United Airlines, Inc., 4.38%, 04/15/2026<sup>(a)</sup> | 63930000 | 63795415  |
|  |  | 235555623  |
| **Personal Care Products - 0.7%** <br>|  |  |
| Coty, Inc., 5.00%, 04/15/2026<sup>(a)</sup> | 38503000 | 38437637  |
| **Pharmaceuticals - 0.3%** <br>|  |  |
| Harrow, Inc., 8.63%, 09/15/2030<sup>(a)</sup> | 17315000 | 18018422  |
| **Professional Services - 1.8%** <br>|  |  |
|  CACI International, Inc., 6.38%, 06/15/2033<sup>(a)</sup> | 4500000 | 4649668  |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(a)</sup> | 74500000 | 72072581  |
| KBR, Inc., 4.75%, 09/30/2028<sup>(a)</sup> | 29780000 | 29478180  |
|  |  | 106200429  |
| **Software - 1.1%** <br>|  |  |
|  Fair Isaac Corp., 5.25%, 05/15/2026<sup>(a)</sup> | 32378000 | 32412904  |
|  NCR Voyix Corp., 5.00%, 10/01/2028<sup>(a)</sup> | 3825000 | 3781417  |
|  Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030<sup>(a)</sup> | 30000000 | 28073350  |
|  |  | 64267671  |
| **Specialized REITs - 0.3%** <br>|  |  |
|  Iron Mountain, Inc., 5.25%, 03/15/2028<sup>(a)</sup> | 20000000 | 19980880  |
| **Specialty Retail - 2.9%** <br>|  |  |
|  Advance Auto Parts, Inc., 7.00%, 08/01/2030<sup>(a)</sup> | 27080000 | 27898272  |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028<sup>(a)</sup> | 54664000 | 53569922  |
|  Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(a)</sup> | 34500000 | 33494346  |
|  Upbound Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup> | 57600000 | 56923689  |
|  |  | 171886229  |

---

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

12<br>

------

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

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Textiles, Apparel & Luxury Goods - 1.0%** <br>|  |  |
|  William Carter Co., 5.63%, 03/15/2027<sup>(a)</sup> | $59636000 | $59685945  |
| &nbsp;&nbsp;&nbsp; **Trading Companies &** <br>**Distributors - 3.7%** <br>|  |  |
|  GGAM Finance Ltd., 7.75%, 05/15/2026<sup>(a)</sup> | 70448000 | 70798168  |
| Herc Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2027<sup>(a)</sup> | 57418000 | 57318397  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030<sup>(a)</sup> | 19000000 | 19748738  |
|  Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029<sup>(a)</sup> | 7000000 | 7288950  |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028<sup>(a)</sup> | 62308000 | 63171153  |
|  |  | 218325406  |
| **Transportation Infrastructure - 0.4%** <br>|  |  |
|  Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028<sup>(a)</sup> | 25600000 | 23936000  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $4,234,547,794)** |  | 4230777704  |
| **CONVERTIBLE BONDS - 10.6%** <br>|  |  |
| **Automobiles - 0.0%<sup>(c)</sup>** <br>|  |  |
|  Ford Motor Co., 0.00%, 03/15/2026<sup>(d)</sup> | 2900000 | 2946400  |
| **Broadline Retail - 0.1%** <br>|  |  |
| Etsy, Inc., 0.25%, 06/15/2028 | 7750000 | 6864562  |
|  **Health Care Equipment & Supplies - 1.7%** <br>|  |  |
| Dexcom, Inc., 0.25%, 11/15/2025 | 54000000 | 53635500  |
|  Haemonetics Corp., 0.00%, 03/01/2026<sup>(d)</sup> | 48320000 | 47474461  |
|  |  | 101109961  |
| **Hotel & Resort REITs - 1.0%** <br>|  |  |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 6400000 | 6323104  |
|  Summit Hotel Properties, Inc., 1.50%, 02/15/2026 | 53537000 | 52707177  |
|  |  | 59030281  |
| **Hotels, Restaurants & Leisure - 1.7%** <br>|  |  |
| Airbnb, Inc., 0.00%, 03/15/2026<sup>(d)</sup> | 70000000 | 68600000  |
|  Vail Resorts, Inc., 0.00%, 01/01/2026<sup>(d)</sup> | 31704000 | 31339404  |
|  |  | 99939404  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Interactive Media & Services - 0.9%** <br>|  |  |
|  Match Group Financeco 2, Inc., 0.88%, 06/15/2026<sup>(a)</sup> | $42250000 | $41139158  |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc., <br>1.75%, 11/01/2026 | 10595000 | 10189741  |
|  |  | 51328899  |
| **Machinery - 0.2%** <br>|  |  |
|  JBT Marel Corp., 0.25%, 05/15/2026 | 9450000 | 9556785  |
| **Media - 2.2%** <br>|  |  |
|  Cable One, Inc., 0.00%, 03/15/2026<sup>(d)</sup> | 69305000 | 67676656  |
|  Liberty Broadband Corp., 3.13%, 03/31/2053<sup>(a)</sup> | 60389000 | 59754916  |
|  |  | 127431572  |
| **Professional Services - 1.0%** <br>|  |  |
|  Fiverr International Ltd., 0.00%, 11/01/2025<sup>(d)</sup> | 58500000 | 58511700  |
|  **Real Estate Management & Development - 0.5%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Redfin Corp., <br>0.00%, 10/15/2025<sup>(d)</sup> | 27385000 | 27412385  |
|  **Semiconductors & Semiconductor Equipment - 0.1%** <br>|  |  |
|  Enphase Energy, Inc., 0.00%, 03/01/2026<sup>(d)</sup> | 9500000 | 9286708  |
| **Software - 0.7%** <br>|  |  |
|  Alarm.com Holdings, Inc., 0.00%, 01/15/2026<sup>(d)</sup> | 28635000 | 28320015  |
|  Jamf Holding Corp., 0.13%, 09/01/2026 | 11600000 | 11159185  |
|  |  | 39479200  |
| **Specialty Retail - 0.5%** <br>|  |  |
| Wayfair, Inc., 0.63%, 10/01/2025 | 28079000 | 28059344  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $620,930,087)** |  | 620957201  |
|  | **Shares** |  |
| **COMMON STOCKS - 0.8%** <br>|  |  |
|  **Consumer Staples Distribution & Retail - 0.0%<sup>(c)</sup>** <br>|  |  |
| Southeastern Grocers, Inc.<sup>(b)(e)</sup> | 4649942 | 186202  |
|  Tops Holding, Litigation Trust Proceeds<sup>(b)(e)</sup> | 61582000 | 46248  |
|  |  | 232450  |
| **Metals & Mining - 0.8%** <br>|  |  |
| Real Alloy Equity<sup>(b)(e)</sup> | 666 | 45425153  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $41,151,172)** |  | 45657603  |

---

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

13<br>

------

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

**OSTERWEIS STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Commercial Paper - 10.5%** <br>|  |  |
| **Automobiles - 1.9%** <br>|  |  |
|  Harley-Davidson Financial Services, Inc., 4.61%, 11/14/2025<sup>(a)(f)</sup> | $11000000 | $10938675  |
|  Hyundai Capital America, 4.51%, 10/17/2025<sup>(a)(f)</sup> | 50000000 | 49898565  |
|  VW Credit, Inc., 4.59%, 10/28/2025<sup>(a)(f)</sup> | 50000000 | 49833195  |
|  |  | 110670435  |
| **Broadline Retail - 0.8%** <br>|  |  |
|  Dollarama, Inc., 4.47%, 10/30/2025<sup>(a)(f)</sup> | 50000000 | 49807500  |
| **Chemicals - 0.8%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; FMC Corp., <br>5.17%, 10/09/2025<sup>(a)(f)</sup> | 15000000 | 14981616  |
|  Sherwin-Williams Co., 4.28%, 10/21/2025<sup>(a)(f)</sup> | 34000000 | 33916503  |
|  |  | 48898119  |
| **Distributors - 0.9%** <br>|  |  |
|  Genuine Parts Co., 4.44%, 10/09/2025<sup>(a)(f)</sup> | 50000000 | 49946650  |
|  **Diversified Telecommunication Services - 0.9%** <br>|  |  |
|  Bell Telephone Co. of Canada or Bell Canada, 4.53%, 10/01/2025<sup>(a)(f)</sup> | 50000000 | 49994175  |
| **Food Products - 0.4%** <br>|  |  |
|  McCormick & Co., Inc./MD, 4.26%, 10/10/2025<sup>(a)(f)</sup> | 25000000 | 24970692  |
| **Ground Transportation - 0.8%** <br>|  |  |
|  Penske Truck Leasing Co. LP, 4.53%, 10/22/2025<sup>(f)</sup> | 50000000 | 49865215  |
|  **Industrial Power & Renewable Electricity Products - 0.9%** <br>|  |  |
|  Brookfield Renewable Partners, 4.61%, 10/15/2025<sup>(f)</sup> | 50000000 | 49911025  |
| **Machinery - 0.9%** <br>|  |  |
| Parker-Hannifin Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 11/24/2025<sup>(a)(f)</sup> | 45000000 | 44707010  |
| &nbsp;&nbsp;&nbsp; 4.36%, 11/25/2025<sup>(a)(f)</sup> | 6000000 | 5960246 |
|  |  | 50667256  |
| **Metals & Mining - 0.9%** <br>|  |  |
|  Glencore Funding LLC, 4.43%, 10/03/2025<sup>(a)(f)</sup> | 50000000 | 49982065  |
| **Software - 0.4%** <br>|  |  |
|  Oracle Corp., 4.36%, 11/13/2025<sup>(a)(f)</sup> | 25000000 | 24870588  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Specialized REITs - 0.9%** <br>|  |  |
|  Crown Castle, Inc., 4.82%, 10/09/2025<sup>(a)(f)</sup> | $50000000 | $49942355  |
| &nbsp;&nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $609,570,635)** |  | 609526075  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 5.6%** <br>|  |  |
|  Federated Hermes US Treasury Cash Reserves - Institutional Class, 3.99%<sup>(g)</sup> | 164921648 | 164921648  |
|  MSILF Treasury Securities Portfolio - Institutional Class, 3.97%<sup>(g)</sup> | 164921648 | 164921648  |
| &nbsp;&nbsp;&nbsp; **Total Money Market Funds** <br>**(Cost $329,843,296)** |  | 329843296  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $939,413,931)** |  | 939369371  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $5,836,042,984)** |  | $5836761879  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 20001464  |
| **TOTAL NET ASSETS - 100.0%** |  | $5856763343 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<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 September 30, 2025, the value of these securities total $4,323,329,649 or 73.8% 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 $59,829,841 or 1.0% of net assets as of September 30, 2025.

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

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

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

<sup>(f)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

14<br>

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

**OSTERWEIS FUNDS** 

**Statements of Assets and Liabilities** 

**September 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $153846945 | $185152358 | $325297945 | $5836761879  |
| Dividends receivable | 83190 | 70513 | 115667 | 1065258  |
| Dividend tax reclaims receivable | 45959 | 100053 | 2087 | —  |
| Receivable for fund shares sold | 5515 | 5330 | 163900 | 3210206  |
| Receivable for investments sold |  |  | 630987 | 23206997  |
| Interest receivable |  | 996268 |  | 70018095  |
| Prepaid expenses and other assets | 20429 | 22758 | 17387 | 94634  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 154002038 | 186347280 | 326227973 | 5934357069  |
| **LIABILITIES:** <br>|  |  |  |  |
| Payable to adviser | 95062 | 113798 | 230928 | 3380248  |
| Payable for capital shares redeemed | 39030 | 26869 | 11056408 | 1805830  |
|  Payable for fund administration and accounting fees | 9575 | 15682 | 23601 | 293990  |
| Payable for audit fees | 9251 | 10081 | 9548 | 11759  |
|  Payable for distribution and shareholder servicing fees | 7984 | 7929 | 81230 | 1081818  |
| Payable to custodian | 4800 | 4913 | 5438 | 26278  |
| Payable for transfer agent fees and expenses | 4615 | 4444 | 5660 | 57703  |
| Payable for compliance fees | 1969 | 1969 | 1969 | 1969  |
| Payable for investments purchased |  | 1000000 | 8814019 | 70845146  |
| Payable for custodian fees | 4800 | 1889 | 4318 | 51521  |
| Payable for expenses and other liabilities | 4797 | 15191 | 9924 | 37464  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 173653 | 1202765 | 20243043 | 77593726  |
| **NET ASSETS** | $153828385 | $185144515 | $305984930 | $5856763343  |
| **NET ASSETS CONSISTS OF:** <br>|  |  |  |  |
| Paid-in capital | $87341219 | $139128760 | $277597227 | $6281988646  |
| Total distributable earnings/(accumulated losses) | 66487166 | 46015755 | 28387703 | (425225303)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $153828385 | $185144515 | $305984930 | $5856763343  |
| Net assets | $153828385 | $185144515 | $305984930 | $5856763343  |
| Shares issued and outstanding<sup>(a)</sup> | 7557176 | 10642802 | 18225342 | 519521000  |
| Net asset value per share | $20.36 | $17.40 | $16.79 | $11.27  |
| **COST:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $95430563 | $141844067 | $300047035 | $5836042984 |

---

<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 Period Ended September 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $884800 | $852267 | $849480 | $11969282  |
| Less: Issuance fees | (5935) | (5103) |  | —  |
| Less: Dividend withholding taxes | (13372) | (11317) | (6660) | —  |
| Interest income |  | 2068887 |  | 169588883  |
| Other income | 683 | 701 | 849 | 4204  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 866176 | 2905435 | 843669 | 181562369  |
| **EXPENSES:** <br>|  |  |  |  |
| Investment advisory fee | 557288 | 677037 | 1579148 | 20460390  |
| Transfer agent fees | 29934 | 31030 | 192253 | 2821143  |
| Fund administration and accounting fees | 27315 | 44734 | 61565 | 870290  |
| Trustees' fees | 16148 | 16324 | 18905 | 88350  |
| Federal and state registration fees | 10648 | 23169 | 21491 | 49827  |
| Audit fees | 9501 | 10330 | 9798 | 12010  |
| Compliance fees | 5719 | 5719 | 5719 | 5719  |
| Legal fees | 4890 | 5397 | 5403 | 5430  |
| Custodian fees | 4157 | 5819 | 13057 | 153414  |
| Reports to shareholders | 1764 | 2728 | 9074 | 69383  |
| Other expenses and fees | 10330 | 10603 | 12844 | 63356  |
| &nbsp;&nbsp;&nbsp; Total expenses | 677694 | 832890 | 1929257 | 24599312  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (4478) |  | (192194) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 673216 | 832890 | 1737063 | 24599312  |
| **Net investment income/(loss)** | 192960 | 2072545 | (893394) | 156963057  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1446538 | 377324 | (853126) | (1489506)  |
| Net realized gain (loss) | 1446538 | 377324 | (853126) | (1489506)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 16076253 | 14403258 | 40881673 | 71597799  |
|  Net change in unrealized appreciation (depreciation) | 16076253 | 14403258 | 40881673 | 71597799  |
| **Net realized and unrealized gain (loss)** | 17522791 | 14780582 | 40028547 | 70108293  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $17715751 | $16853127 | $39135153 | $227071350 |

---

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**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $192960 | $299820 | &nbsp;&nbsp; $2072545 | $3995602  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1446538 | 23515762 | &nbsp;&nbsp; 377324 | 11638509  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16076253 | (23945394) | &nbsp;&nbsp; 14403258 | (11661888)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 17715751 | (129812) | &nbsp;&nbsp; 16853127 | 3972223  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; — | (19947730) | &nbsp;&nbsp; (1980593) | (16646298)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; — | (19947730) | &nbsp;&nbsp; (1980593) | (16646298)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 2415186 | 4884548 | &nbsp;&nbsp; 2887946 | 14269354  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | 19069756 | &nbsp;&nbsp; 1522042 | 11446538  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (9036320) | (18615783) | &nbsp;&nbsp; (12222627) | (9570130)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (6621134) | 5338521 | &nbsp;&nbsp; (7812639) | 16145762  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 11094617 | (14739021) | &nbsp;&nbsp; 7059895 | 3471687  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 142733768 | 157472789 | &nbsp;&nbsp; 178084620 | 174612933  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $153828385 | $142733768 | &nbsp;&nbsp; $185144515 | $178084620  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 133899 | 244711 | &nbsp;&nbsp; 171684 | 826130  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | 981965 | &nbsp;&nbsp; 89346 | 682118  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (478419) | (925251) | &nbsp;&nbsp; (736379) | (558960)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (344520) | 301425 | &nbsp;&nbsp; (475349) | 949288 |

---

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

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

**OSTERWEIS FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis Opportunity Fund** | **Osterweis Opportunity Fund** | **Osterweis Strategic Income Fund**  | **Osterweis Strategic Income Fund**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(893394) | $(1943463) | $156963057 | $301679201  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (853126) | 41351650 | (1489506) | (3903377)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 40881673 | (74269587) | 71597799 | 42993234  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 39135153 | (34861400) | 227071350 | 340769058  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (3454256) | (156280193) | (311726639)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (3454256) | (156280193) | (311726639)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 27520572 | 180999268 | 475847155 | 1467067432  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 3283822 | 136209662 | 272382932  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (113857008) | (57106763) | (862450744) | (1088421786)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (86336436) | 127176327 | (250393927) | 651028578  |
| **Net increase (decrease) in net assets** | (47201283) | 88860671 | (179602770) | 680070997  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 353186213 | 264325542 | 6036366113 | 5356295116  |
| &nbsp;&nbsp;&nbsp; End of the period | $305984930 | $353186213 | $5856763343 | $6036366113  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1771586 | 10749786 | 42431089 | 131185492  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 180430 | 12159708 | 24435372  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (7552569) | (3504628) | (77419483) | (97414585)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (5780983) | 7425588 | (22828686) | 58206279 |

---

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

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**Osterweis Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.06 | $20.72 | $16.99 | $20.36 | $21.34 | $14.68  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.04 | 0.07 | 0.06 | (0.02) | 0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | 0.09 | 4.42 | (2.18) | 1.33 | 7.75  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | 0.13 | 4.49 | (2.12) | 1.31 | 7.78  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.04) | (0.12) |  | (0.19) | (0.10)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.75) | (0.64) | (1.25) | (2.10) | (1.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.79) | (0.76) | (1.25) | (2.29) | (1.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.36 | $18.06 | $20.72 | $16.99 | $20.36 | $21.34  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.74% | (0.33)% | 26.94% | (10.12)% | 5.49% | 53.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $153828 | $142734 | $157473 | $139726 | $176962 | $168912  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91% | 0.89% | 0.93% | 0.92% | 0.96% | 1.19%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26% | 0.20% | 0.37% | 0.36% | (0.07)% | 0.16%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% | 42% | 22% | 54% | 38% | 37% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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**Osterweis Growth and Income Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.02 | $17.17 | $15.22 | $17.89 | $17.98 | $13.02  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.38 | 0.44 | 0.33 | 0.27 | 0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | 0.05 | 2.18 | (1.68) | 1.10 | 5.35  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | 0.43 | 2.62 | (1.35) | 1.37 | 5.58  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | (0.40) | (0.44) | (0.31) | (0.54) | (0.11)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.18) | (0.23) | (1.01) | (0.92) | (0.51)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | (1.58) | (0.67) | (1.32) | (1.46) | (0.62)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.40 | $16.02 | $17.17 | $15.22 | $17.89 | $17.98  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.80% | 2.22% | 17.60% | (7.33)% | 7.46% | (43.15)%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $185145 | $178085 | $174613 | $151892 | $171037 | $157277  |
|  Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | 0.90% | 0.91% | 0.93% | 0.97% | 1.19%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 2.21% | 2.78% | 2.07% | 1.44% | 1.44%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% | 44% | 32% | 33% | 34% | 51% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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**Osterweis Opportunity Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.71 | $15.94 | $12.62 | $14.04 | $19.99 | $10.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | (0.09) | (0.06) | (0.07) | (0.19) | (0.18)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | (1.00) | 3.38 | (1.35) | (2.08) | 11.81  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | (1.09) | 3.32 | (1.42) | (2.27) | 11.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.14) |  |  | (3.68) | (2.12)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.14) |  |  | (3.68) | (2.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.79 | $14.71 | $15.94 | $12.62 | $14.04 | $19.99  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.14% | (6.98)% | 26.31% | (10.18)% | (14.14)% | 111.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $305985 | $353186 | $264326 | $198035 | $194165 | $231715  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | 1.17% | 1.18% | 1.22% | 1.17% | 1.19%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)% | (0.52)% | (0.45)% | (0.58)% | (0.98)% | (0.99)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80% | 137% | 110% | 124% | 133% | 111% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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**Osterweis Strategic Income Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.13 | $11.06 | $10.46 | $11.15 | $11.37 | $9.97  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 0.59 | 0.63 | 0.50 | 0.47 | 0.45  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.09 | 0.60 | (0.68) | (0.22) | 1.40  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.68 | 1.23 | (0.18) | 0.25 | 1.85  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | (0.61) | (0.63) | (0.51) | (0.47) | (0.45)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | (0.61) | (0.63) | (0.51) | (0.47) | (0.45)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.27 | $11.13 | $11.06 | $10.46 | $11.15 | $11.37  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02% | 6.25% | 12.10% | (1.49)% | 2.13% | 18.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5856763 | $6036366 | $5356295 | $4693136 | $5390062 | $5203890  |
|  Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | 0.83% | 0.86% | 0.85% | 0.84% | 0.86%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 5.28% | 5.91% | 4.74% | 4.10% | 4.14%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17% | 40% | 24% | 10% | 49% | 60% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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**Osterweis Funds** 

**Notes to Financial Statements** 

**at September 30, 2025 (Unaudited)** 

**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 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.

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.

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**Osterweis Funds** 

**Notes to Financial Statements** 

**at September 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| 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 Fund's investments as of September 30, 2025:

**Osterweis Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $142846331 | $— | $— | $142846331  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 6820058 |  |  | 6820058  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4180556 |  |  | 4180556  |
| **Total Investments** | $153846945 | $— | $— | $153846945 |

---

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 | $108470782 | $— | $584211 | $109054993  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 54629791 | 417232 | 55047023  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 6150993 |  |  | 6150993  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 5794875 |  | 5794875  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5612817 |  |  | 5612817  |
| &nbsp;&nbsp;&nbsp; Commercial Paper |  | 3491657 |  | 3491657  |
| **Total Investments** | $120234592 | $63916323 | $1001443 | $185152358 |

---

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 September 30, 2025 (Unaudited)(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** | **Private** <br>**Mortgage** <br>**Backed** <br>**Obligations** | **Total**  |
| **Balance as of March 31, 2025** | $637004 | $387077 | $1024081  |
| &nbsp;&nbsp;&nbsp; Acquisitions |  |  | —  |
| &nbsp;&nbsp;&nbsp; Dispositions | (1613) |  | (1613)  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums |  |  | —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | (51180) | 30155 | (21025)  |
| &nbsp;&nbsp;&nbsp; Transfer in and/or out of Level 3 |  |  | —  |
| **Balance as of September 30, 2025** | $584211 | $417232 | $1001443  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at September 30, 2025 | $(51180) | $30155 | $(21025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value at** <br>**9/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Input** <br>**Value<sup>(s)</sup>**  |
| Common Stocks |  | Market Data | Last Trade Price | $68250.00  |
|  |  | Estimated Proceeds | Future Proceeds from Equity Take-Out | 0.040044  |
|  | $584211  | Estimated Proceeds | Future Proceeds from the Litigation Trust | 0.0007514  |
|  Private Mortgage Backed Obligations | $417232  | 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 | $292219287 | $— | $— | $292219287  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 33078658 |  |  | 33078658  |
| **Total Investments** | $325297945 | $— | $— | $325297945 |

---

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 September 30, 2025 (Unaudited)(Continued)** 

**Osterweis Strategic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $4216605466 | $14172238 | $4230777704  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 620957201 |  | 620957201  |
| &nbsp;&nbsp;&nbsp; Common Stocks |  |  | 45657603 | 45657603  |
| &nbsp;&nbsp;&nbsp; Commercial Paper |  | 609526075 |  | 609526075  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 329843296 |  |  | 329843296  |
| **Total Investments** | $329843296 | $5447088742 | $59829841 | $5836761879 |

---

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** | **Private** <br>**Mortgage** <br>**Backed** <br>**Obligations** | **Total**  |
| **Balance as of March 31, 2025** | $50596617 | $13147942 | $63744559  |
| Acquisitions |  |  | —  |
| Dispositions | (945595) |  | (945595)  |
| Accrued discounts/premiums |  |  | —  |
| Realized gain (loss) |  |  | —  |
| Change in unrealized appreciation/depreciation | (3993419) | 1024297 | (2969123)  |
| Transfer in and/or out of Level 3 |  |  | —  |
| **Balance as of September 30, 2025** | $45657603 | $14172238 | $59829841  |
|  Change in unrealized appreciation/depreciation for Level 3 investments held at September 30, 2025 | $(3993419) | $1024297 | $(2969123) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value at** <br>**9/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Input** <br>**Value<sup>(s)</sup>**  |
| Common Stocks |  | Market Data | Last Trade Price | $68250.00  |
|  |  | Estimated Proceeds | Future Proceeds from Equity Take-Out | 0.040044 |
|  | $45657603 | Estimated Proceeds | Future Proceeds from the Litigation Trust | 0.0007514  |
|  Private Mortgage Backed Obligations | $14172238 | 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

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

**Osterweis Funds** 

**Notes to Financial Statements** 

**at September 30, 2025 (Unaudited)(Continued)** 

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 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, 2025, there were $525,540 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, 2025, 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 | (3636380) | (424982704) |

---

As of March 31, 2025, 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, 2025, 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 &

27<br>

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

**Osterweis Funds** 

**Notes to Financial Statements** 

**at September 30, 2025 (Unaudited)(Continued)** 

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 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. *Recently Issued Accounting Pronouncements*. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements
 to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact
 for the Funds. The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly
 monitored and assessed by the Advisor's Management Committee, which serves as the chief operating decision maker, using the information
 presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;K. *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 Transctions** 

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 six months ended September 30, 2025 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.

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

**Osterweis Funds** 

**Notes to Financial Statements** 

**at September 30, 2025 (Unaudited)(Continued)** 

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 six months ended September 30, 2025, 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>**2026** | **March 31,** <br>**2027** | **March 31,** <br>**2028** | **September 30,** <br>**2029** | **Total**  |
| Osterweis Opportunity Fund | $141956 | $168962 | $263121 | &nbsp;&nbsp; $192194 | $766233 |

---

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 six months ended September 30, 2025, 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 six months ended September 30, 2025, the Sub-Transfer Agent Fees and Transfer Agent Fees incurred by the Funds are disclosed in the Statements of Operations.

**Note 4 – Purchases and Sales of Securities** 

For the six months ended September 30, 2025, the cost of purchases and proceeds from sales and maturities of securities, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Osterweis Fund | $37254510 | $37014002  |
| Osterweis Growth & Income Fund | 46718998 | 45170983  |
| Osterweis Opportunity Fund | 233490597 | 307558737  |
| Osterweis Strategic Income Fund | 744126476 | 1090914663 |

---

The Funds did not purchase or sell long-term U.S. Government securities during the six months ended September 30, 2025.

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

**Osterweis Funds** 

**Notes to Financial Statements** 

**at September 30, 2025 (Unaudited)(Continued)** 

**Note 5 – Distributions to Shareholders** 

The tax character of distributions paid during the six months ended September 30, 2025 and the year ended March 31, 2025, was as follows:

**Ordinary Income** 

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **March 31, 2025**  |
| Osterweis Fund | &nbsp;&nbsp; $— | $432263  |
| Osterweis Growth & Income Fund | &nbsp;&nbsp; 1980593 | 4334982  |
| Osterweis Opportunity Fund | &nbsp;&nbsp; — | —  |
| Osterweis Strategic Income Fund | &nbsp;&nbsp; 156280193 | 311726639 |

---

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

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **March 31, 2025**  |
| Osterweis Fund | &nbsp;&nbsp;&nbsp; $— | $19515467  |
| Osterweis Growth & Income Fund | &nbsp;&nbsp;&nbsp; — | 12311316  |
| Osterweis Opportunity Fund | &nbsp;&nbsp;&nbsp; — | 3454256  |
| Osterweis Strategic Income Fund | &nbsp;&nbsp;&nbsp; — |  |

---

<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, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Osterweis** <br>**Fund** | **Growth &** <br>**Income Fund** | **Opportunity** <br>**Fund** | **Strategic** <br>**Income Fund**  |
| Cost of investments | $99687967 | $148032496 | $367109739 | $6032899012  |
| Gross tax unrealized appreciation | 45006318 | 32453378 | 26278953 | 51774054  |
| Gross tax unrealized depreciation | (2666189) | (3548345) | (43491808) | (122715651)  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation/<br>depreciation | 42340129 | 28905033 | (17212855) | (70941597)  |
| Undistributed ordinary income |  |  |  | 3544221 |
| Undistributed long-term capital gain | 6431286 | 2238188 | 6990945 |  |
| Total distributable earnings | 6431286 | 2238188 | 6990945 | 3544221  |
| Other accumulated gain/(loss) |  |  | (525540) | (428619084) |
|  Total distributable (accumulated) earnings (losses) | $48771415 | $31143221 | $(10747450) | $(496016460) |

---

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

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

**Osterweis Funds** 

**Notes to Financial Statements** 

**at September 30, 2025 (Unaudited)(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 six months ended September 30, 2025, 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 |  |  |  | —  |
| Average balance when in use |  |  |  | —  |
|  Credit facility outstanding as of September 30, 2025 |  |  |  | —  |
| Average interest rate when in use |  |  |  |  |

---

Interest expenses for the six months ended September 30, 2025, are disclosed in the Statements of Operations, as applicable.

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**Osterweis Funds** 

**Additional Information (Unaudited)** 

**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.

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**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.** 

**OSTERWEIS STRATEGIC INCOME FUND** 

**OSTERWEIS GROWTH & INCOME FUND** 

**OSTERWEIS OPPORTUNITY FUND** 

**Approval of Investment Advisory Agreements** 

At a meeting held on August 13-14, 2025, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act) considered and approved the continuance of the Investment Advisory Agreements (the "Advisory Agreements") between Professionally Managed Portfolios (the "Trust") and Osterweis Capital Management, Inc. for the Osterweis Fund and Osterweis Capital Management, LLC for each of the Osterweis Strategic Income Fund, the Osterweis Growth & Income Fund, and the Osterweis Opportunity Fund (each a "Fund," and together, the "Funds"). Osterweis Capital Management, Inc. and Osterweis Capital Management, LLC are referred to individually as an "Adviser" and collectively as the "Advisers" or "Osterweis." At this meeting and at a prior meeting held on June 18, 2025, the Board received and reviewed substantial information regarding the Funds, the Advisers and the services provided by the Advisers to the Funds under the Advisory Agreements. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **The nature, extent and quality of the services provided and to be provided by the Advisers under the Advisory Agreements.** The Trustees considered the nature, extent and quality of the Advisers' overall services provided to the Funds as well as their specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Advisers involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Advisers, including information regarding their compliance program, their chief compliance officer and the Advisers' compliance record, as well as the Advisers' cybersecurity program, business continuity plan and risk management process. The Board also considered the prior relationship between the Advisers and the Trust, as well as the Board's knowledge of the Advisers' operations, and noted that during the course of the prior year they had met with certain personnel of the Advisers to discuss fund performance and investment outlook, as well as, various marketing and compliance topics, including the Advisers' risk management process. The Board concluded that the Advisers had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing their duties under the Advisory Agreements, and that they were satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **The Funds' historical performance and the overall performance of the Advisers**. In assessing the quality of the portfolio management delivered by the Advisers, the Board reviewed the short-term and long-term performance of each Fund on both an absolute basis, and in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks and the Advisers' similarly managed accounts, all for periods ended March 31, 2025. The Board also considered performance against a smaller group of peers selected by an independent third-party consultant engaged by the Board to assist it in its 15(c) review (the "Cohort"). While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term

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**Osterweis Funds** 

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

performance. When reviewing each Fund's performance against its comparative peer group universe, the Board took into account that the investment objective and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in its respective peer universe. When reviewing the Funds' performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Funds and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues.

For the Osterweis Fund, the Board noted that the Fund underperformed its Morningstar peer group average for the one-, three-, five- and ten-year periods. The Board also noted that the Fund underperformed the average of its Cohort for the one-, three-, five-, and ten-year periods. The Board also considered the underperformance of the Fund against its broad-based securities market benchmark for the one-, three-, five-, and ten-year periods. The Board also considered the Fund's performance compared to the Adviser's similarly managed composite, noting there were no significant differences.

For the Osterweis Strategic Income Fund, the Board noted that the Fund underperformed its Morningstar peer group average for the one-year period and outperformed for the three- , five-, and ten-year periods. The Board also noted that the Fund underperformed the average of its Cohort for the one- and five- year periods, and outperformed for the three- and ten-year periods. The Board also considered the outperformance of the Fund against its broad-based securities market benchmark for the one-, three-, five-, and ten-year periods. The Board also considered the Fund's performance compared to the Adviser's similarly managed composite, noting there were no significant differences.

For the Osterweis Growth & Income Fund, the Board noted that the Fund had underperformed its Morningstar peer group average for the one- and three-year periods, and outperformed for the five- and ten-year periods. The Board also noted that the Fund underperformed the average of its Cohort for the one-, three- and ten-year periods and outperformed for the five-year period. The Board also considered the performance of the Fund against its broad-based securities market benchmark, noting it underperformed for the one-, three- and ten-year periods and outperformed for the five-year period. The Board also considered the Fund's performance compared to the Adviser's similarly managed composite, noting there were no significant differences.

For the Osterweis Opportunity Fund, the Board noted that the Fund had underperformed its Morningstar peer group average for the one-year period, and outperformed for the three- and five-year periods. The Board also noted that the Fund underperformed for the one-year period and outperformed the average of its Cohort for the three- and five- year periods. The Board also considered the performance of the Fund against its broad-based securities market benchmark, noting it underperformed for the one-year period and outperformed for the three-, five-, and ten-year periods. The Board also considered the Fund's performance compared to the Adviser's similarly managed composite, noting there were no significant differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **The costs of the services provided by the Advisers and the structure of the Advisers' fees under the Advisory Agreements**. In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the peer funds and similarly managed separate accounts for other types of clients advised by the Advisers, as well as all expense waivers and reimbursements. When reviewing fees charged to other similarly managed accounts, the Board took into consideration the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.

For the Osterweis Fund, the Board noted that the Adviser had contractually agreed to maintain an annual expense ratio of 0.95% excluding certain operating expenses (the "Expense Cap"). The Board noted that the Fund's net expense ratio was higher than its peer group average. The Board noted that the Fund's advisory fee was above the median and average of its Cohort and the Fund's net expense ratio was above the median and average of its Cohort. The Board noted that the fees charged to other similarly managed account clients were higher than, equal to, or lower than those charged to the Osterweis Fund depending on the level of assets. The Board concluded that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

34<br>

------

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

**Osterweis Funds** 

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

For the Osterweis Strategic Income Fund, the Board noted that the Fund's net expense ratio was lower than its peer group average. The Board noted that the Fund's advisory fee and net expense ratio were higher than the median and average of its Cohort. The Board considered that the advisory fee included breakpoints in order to share economies of scale with the Fund and that the breakpoints were currently in effect. The Board noted that the fees charged to other similarly managed account clients were equal to or lower than those charged to the Osterweis Strategic Income Fund depending on the level of assets and they considered the different services provided to those accounts. The Board concluded that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

For the Osterweis Growth & Income Fund, the Board noted that the Fund's net expense ratio was higher than the average of its peer group median. The Board also noted that the Fund's advisory fee and net expense ratio were higher than the Cohort median and average. The Board noted that the fees charged to other similarly managed account clients were higher than, equal to, or lower than those charged to the Osterweis Growth & Income Fund depending on the level of assets. The Board concluded that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

For the Osterweis Opportunity Fund, the Board noted that the Adviser had contractually agreed to maintain an annual expense ratio of 1.10% (the "Expense Cap"). The Board noted that the Fund's net expense ratio was lower than that of its peer group average. The Board noted that the Fund's advisory fee and net expense ratio were higher than the median and average of its Cohort. The Board considered that the advisory fee included breakpoints in order to share economies of scale with the Fund, although Fund assets had not yet grown to a point where the breakpoint has been reached. The Board noted that the fees charged to other similarly managed account clients were higher than, equal to or lower than those charged to the Osterweis Opportunity Fund depending on the level of assets. The Board concluded that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Economies of Scale**. The Board also considered whether economies of scale were being realized by the Advisers that should be shared with shareholders. The Board noted that the Advisory Agreements for the Osterweis Strategic Income Fund and Osterweis Opportunity Fund contain breakpoints in the advisory fee. The Board also noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse expenses so that the Osterweis Fund and Osterweis Opportunity Fund do not exceed their respective Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Adviser that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continued to increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **The profits to be realized by the Advisers and their affiliates from their relationship with the Funds**. The Board reviewed the Advisers' financial information and took into account both the direct benefits and the indirect benefits to the Advisers from advising the Funds. The Board considered the profitability to the Advisers from their relationship with the Funds and considered any additional material benefits derived by the Advisers from their relationship with the Funds, particularly benefits received in exchange for "soft dollars" paid to the Advisers. After such review, the Board determined that the profitability to the Advisers with respect to the Advisory Agreements was not excessive, and that the Advisers had maintained adequate financial resources to support the services they provide to the Funds.

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreements, but rather the Board based its determination on the total mix of information available to the Trustees. Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangements with the Advisers, including each Fund's advisory fee, were fair and reasonable. The Board therefore determined that the continuance of the Advisory Agreements would be in the best interest of each Fund and its shareholders.

35<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>**

See Item 7(a).

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end 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 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. Incorporated by reference to previous Form N-CSR filing.*](https://www.sec.gov/Archives/edgar/data/811030/000113322825006234/oaf-efp15505_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.*](o-efp19074_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 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 investment companies.*

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.*](o-efp19074_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/ Jason Hadler |
|  | Jason Hadler, President/Principal Executive Officer |

---

Date <u>December 3, 2025</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/ Jason Hadler |
|  | Jason Hadler, President/Principal Executive Officer |

---

Date <u>December 3, 2025</u>

---

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

---

Date <u>December 3, 2025</u>

 

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Jason Hadler, 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: | December 3, 2025 | /s/ Jason Hadler |
|  |  | Jason Hadler<br> President/Principal Executive Officer |

---

**<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: | December 3, 2025 | /s/ Craig Benton |
|  |  | Craig Benton<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 period ended September 30, 2025 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/ Jason Hadler | /s/ Craig Benton |
| Jason Hadler<br> President/Principal Executive Officer Professionally Managed Portfolios | Craig Benton<br> Treasurer/Principal Financial Officer Professionally Managed Portfolios |

---

Dated: <u>December 3, 2025</u> Dated: <u>December 3, 2025</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.