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ck0000811030:C000174818Member 2025-01-01 2025-12-31 iso4217:USD pure 485BPOS 0000811030 false 0.0487 0.1443 -0.0726 0.3312 0.2313 0.1929 -0.2187 0.2265 0.1338 0.1287 0.1095 0.0599 -0.0066 0.0535 0.0902 0.0548 -0.0594 0.1230 0.0803 0.0547 0.0982 0.1285 -0.0733 0.2223 0.1754 0.1770 -0.1499 0.1476 0.1053 0.1063 0.0976 0.2644 0.0164 0.2803 0.8324 0.0395 -0.3300 0.2398 0.2248 0.0027 2026-06-30 N-1A PROFESSIONALLY MANAGED PORTFOLIOS OSTERWEIS FUND OSTERWEIS STRATEGIC INCOME FUND OSTERWEIS GROWTH & INCOME FUND OSTERWEIS OPPORTUNITY FUND 2026-06-30 Investment Objective The Osterweis Fund (the “Fund”) seeks long-term total returns. Fees and Expenses of the Fund <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0018 0.0001 0.0094 The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Example This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 96 300 520 1155 Portfolio Turnover <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent </span></div>fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio. 0.42 Principal Investment Strategies <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund invests primarily in common stocks of quality growth companies that Osterweis Capital Management, Inc. (the “Adviser”) believes offer superior investment value and opportunity for growth. The Fund may invest in companies of any size – large, medium and small. The Adviser focuses on quality growth companies that it believes to be undervalued or otherwise out-of-favor in the market, but that have durable competitive advantages. The team focuses on a select group of companies that it believes have such advantages, attractive growth prospects, and strong management teams. As such companies achieve greater visibility over time and their stocks are accorded valuations more in line with their growth rates, the Adviser may choose to sell those stocks. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">Other types of equity securities in which the Fund may invest include convertible securities and publicly traded Master Limited Partnerships (“MLPs”). MLPs are generally energy or natural resource-related companies and may comprise up to 15% of the Fund’s assets. The Fund may also invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including those in emerging markets. The Fund's investments in any one sector may exceed 25% of its net assets.</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> </span></div>In addition to taking temporary defensive positions in cash and short-term bonds from time to time, the Fund may invest up to 50% of its assets in fixed income securities, which include, but are not limited to, U.S. government and agency debt, investment grade corporate debt and convertible debt. Up to 40% of the Fund’s assets may be invested in below investment grade corporate debt (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&amp;P or lower than Baa3 by Moody’s), although the Fund does not expect to maintain significant positions in such securities on a normal basis. The Fund may also invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including those in emerging markets. The Fund's investments in any one sector may exceed 25% of its net assets. In addition to taking temporary defensive positions in cash and short-term bonds from time to time, the Fund may invest up to 50% of its assets in fixed income securities, which include, but are not limited to, U.S. government and agency debt, investment grade corporate debt and convertible debt. Up to 40% of the Fund’s assets may be invested in below investment grade corporate debt (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&P or lower than Baa3 by Moody’s), although the Fund does not expect to maintain significant positions in such securities on a normal basis. There is the risk that you could lose all or a portion of your investment in the Fund. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:10pt">Equity Risk: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span> Large Company Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Small and Medium Company Risk: Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Economic and Market Risk: Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on </span>goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. Management Risk: The risk that the Adviser may fail to implement the Fund’s investment strategies and meet its investment objective. Below Investment Grade Securities Risk: Investing in fixed income securities that are rated below investment grade involves risks such as increased possibility of default, decreased liquidity of the security and changes in value based on public perception of the issuer. Convertible Security Risk: As with a straight debt security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like a common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines. Currency Risk: Fluctuations in currency exchange rates may adversely affect the value of the Fund’s investments in foreign securities as well as the value of the Fund’s investments in domestic securities whose issuers earn at least a portion of their revenue in foreign currency. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.08pt">Debt Securities Risks: </span><div style="margin-bottom:6pt;padding-left:81pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in a security’s credit rating may affect a security’s value. In addition, investments in sovereign debt involves a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of default. Investments in sovereign debt are also subject to the risk that the issuer will default independently of its sovereign. Below investment grade securities have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Defaulted Securities Risk: The risk of the uncertainty of repayment of defaulted securities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> a security on which a principal or interest payment is not made when due) and obligations of distressed issuers. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Extension Risk: The risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. Certain other investments, such as interest-only securities and certain derivative instruments, may have a negative duration. The value of instruments with a negative duration will generally decline if interest rates decrease. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Prepayment Risk: The risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to </span></div>the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund. Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in a security’s credit rating may affect a security’s value. In addition, investments in sovereign debt involves a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of default. Investments in sovereign debt are also subject to the risk that the issuer will default independently of its sovereign. Below investment grade securities have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Defaulted Securities Risk: The risk of the uncertainty of repayment of defaulted securities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span> a security on which a principal or interest payment is not made when due) and obligations of distressed issuers. Extension Risk: The risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. Certain other investments, such as interest-only securities and certain derivative instruments, may have a negative duration. The value of instruments with a negative duration will generally decline if interest rates decrease. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Prepayment Risk: The risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to </span>the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund. Foreign Securities: Investing in foreign securities, including depositary receipts, may involve increased risks due to political, social and economic developments abroad, and differences between United States and foreign regulatory practices. Given the global interrelationships of today’s economy, volatility or threats to stability of any significant currency, such as occurred in the recent past with the European Monetary Union, or significant political instability, may affect other markets and affect the risk of an investment in the Fund. Emerging Markets Risk: Emerging markets may involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Liquidity Risk: Securities purchased by the Fund may become illiquid particularly during periods of market turbulence. Illiquid investments may be more difficult to trade and value than liquid ones and, if the Fund is forced to sell these investments promptly to meet redemption requests or for other needs, the Fund may incur a loss. Master Limited Partnership Risk: Investments held by an MLP may be relatively illiquid, limiting the MLP’s ability to vary its portfolio promptly in response to changes in economic or other conditions. In addition, MLPs may have limited financial resources, their securities may trade infrequently and in limited volume and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The risks of investing in an MLP are generally those inherent in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Additional risks involved with investing in an MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate or oil and gas industries. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Sector Emphasis Risk: The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.</span> Performance <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart below illustrates how the Fund’s total returns have varied from year to year for the past ten calendar years. The table below illustrates how the Fund’s average annual total returns over time compare with a domestic broad-based market index. The Fund’s past performance, before and after taxes, is not </span></div>necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at www.osterweis.com. The following performance information provides some indication of the risks of investing in the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.osterweis.com Osterweis Fund Calendar Year Total Returns as of December 31,* <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:40.544%"><tr><td style="width:1.0%"></td><td style="width:41.983%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.173%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Best Quarter:</span></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">2Q, 2020</span></td><td colspan="2" style="border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">17.85</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Worst Quarter:</span></div></td><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">1Q, 2020</span></div></td><td colspan="2" style="border-bottom:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">-16.16</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2020-06-30 0.1785 Worst Quarter: 2020-03-31 -0.1616 <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">* The</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:700;line-height:115%"> Osterweis Fund’s</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> calendar year-to-date return as of March 31, 2026 was -4.68%.</span> year-to-date return 2026-03-31 -0.0468 Average Annual Total Returns as of December 31, 2025 Return Before Taxes 0.1287 0.0790 0.1031 Return After Taxes on Distributions 0.1135 0.0590 0.0727 Return After Taxes on Distributions and Sale of Fund Shares 0.0870 0.0596 0.0744 S&P 500® Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that you still hold Fund shares at the end of the period. The “Return After Taxes on Distributions and Sale of Fund Shares” shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund’s shares were sold at the end of the specified period. The “Return After Taxes on Distributions and Sale of Fund Shares” is higher than other return figures when a capital loss occurs upon the redemption of Fund shares because there is an assumed tax benefit for the investor. </span></div>After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). The “Return After Taxes on Distributions and Sale of Fund Shares” is higher than other return figures when a capital loss occurs upon the redemption of Fund shares because there is an assumed tax benefit for the investor. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). Investment Objective The Osterweis Strategic Income Fund (the “Fund”) seeks to preserve capital and attain long-term total returns through a combination of current income and moderate capital appreciation. Fees and Expenses of the Fund <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0070 0 0.0015 0.0001 0.0086 The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Example This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 88 274 477 1061 Portfolio Turnover <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. </span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span></div>performance. During the most recent fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 37% of the average value of its portfolio. 0.37 Principal Investment Strategies <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund invests primarily in income bearing securities. Osterweis Capital Management, LLC (the “Adviser”) takes a strategic approach and may invest in a wide array of fixed income securities of various credit qualities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> investment grade or below investment grade) and maturities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> long term, intermediate or short term). The Adviser seeks to control risk through rigorous credit analysis, economic analysis, interest rate forecasts and sector trend review, and is not constrained by any particular duration or credit quality targets. The Fund’s fixed income investments may include, but are not limited to, U.S. Federal and Agency obligations, investment grade corporate debt, below investment grade corporate debt (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&amp;P or lower than Baa3 by Moody’s), floating-rate debt, convertible debt, collateralized debt, foreign debt and/or depositary receipts, commercial paper and preferred stock. The Fund may invest up to 100% of its net assets in dividend-paying equities of companies of any size – large, medium and small. Additionally, the Fund may also invest up to 100% of its assets in foreign debt and/or depositary receipts. The Fund’s investments in any one sector may exceed 25% of its net assets. The Fund’s allocation among various fixed income securities is based on the portfolio managers’ assessment of opportunities for total return relative to the risk of each type of investment. </span></div>The Adviser may sell a security when it believes doing so is appropriate and consistent with the Fund’s investment objectives and policies or when conditions affecting relevant markets, particular industries or individual issues warrant such action, regardless of the effect on the Fund’s portfolio turnover rate. The Fund may invest up to 100% of its net assets in dividend-paying equities of companies of any size – large, medium and small. Additionally, the Fund may also invest up to 100% of its assets in foreign debt and/or depositary receipts. The Fund’s investments in any one sector may exceed 25% of its net assets. There is the risk that you could lose all or a portion of your investment in the Fund. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Debt Securities Risks: </span><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in a security’s credit rating may affect a security’s value. In addition, investments in sovereign debt involves a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of default. Investments in sovereign debt are also subject to the risk that the issuer will default independently of its sovereign. Below investment grade securities have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Defaulted Securities Risk: The risk of the uncertainty of repayment of defaulted securities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> a security on which a principal or interest payment is not made when due) and obligations of distressed issuers. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Extension Risk: The risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. Certain other investments, such as interest-only securities and certain derivative instruments, may have a negative duration. The value of instruments with a negative duration will generally decline if interest rates decrease. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. </span></div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span>Prepayment Risk: The risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund. Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in a security’s credit rating may affect a security’s value. In addition, investments in sovereign debt involves a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of default. Investments in sovereign debt are also subject to the risk that the issuer will default independently of its sovereign. Below investment grade securities have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Defaulted Securities Risk: The risk of the uncertainty of repayment of defaulted securities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span> a security on which a principal or interest payment is not made when due) and obligations of distressed issuers. Extension Risk: The risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a </span>positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. Certain other investments, such as interest-only securities and certain derivative instruments, may have a negative duration. The value of instruments with a negative duration will generally decline if interest rates decrease. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Prepayment Risk: The risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund. Below Investment Grade Securities Risk: Investing in fixed income securities that are rated below investment grade involves risks such as increased possibility of default, decreased liquidity of the security and changes in value based on public perception of the issuer. Sector Emphasis Risk: The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Management Risk: The risk that the Adviser may fail to implement the Fund’s investment strategies and meet its investment objectives.</span> Convertible Security Risk: As with a straight debt security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like a common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines. Currency Risk: Fluctuations in currency exchange rates may adversely affect the value of the Fund’s investments in foreign securities as well as the value of the Fund’s investments in domestic securities whose issuers earn at least a portion of their revenue in foreign currency. Foreign Securities: Investing in foreign securities, including depositary receipts, may involve increased risks due to political, social and economic developments abroad, and differences between United States and foreign regulatory practices. Given the global interrelationships of today’s economy, volatility or threats to stability of any significant currency, such as occurred in the recent past with the European Monetary Union, or significant political instability, may affect other markets and affect the risk of an investment in the Fund. Large Company Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Liquidity Risk: Securities purchased by the Fund may become illiquid particularly during periods of market turbulence. Illiquid investments may be more difficult to trade and value than liquid ones and, if the Fund is forced to sell these investments promptly to meet redemption requests or for other needs, the Fund may incur a loss. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Economic and Market Risk: Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, </span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied in U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span> Small and Medium Company Risk: Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies. U.S. Government and Agency Issuer Risk: Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Performance The following performance information provides some indication of the risks of investing in the Fund. The bar chart below illustrates how the Fund’s total returns have varied from year to year for the past ten calendar years. The table below illustrates how the Fund’s average annual total returns over time compare with a domestic broad-based market index. The Fund’s past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at www.osterweis.com. The following performance information provides some indication of the risks of investing in the Fund. The Fund’s past performance, before and after taxes is not necessarily an indication of how the Fund will perform in the future. www.osterweis.com Osterweis Strategic Income Fund Calendar Year Total Returns as of December 31,* <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:39.102%"><tr><td style="width:1.0%"></td><td style="width:43.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.637%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.491%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Best Quarter:</span></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">2Q, 2020</span></td><td colspan="2" style="border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">7.38</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Worst Quarter:</span></div></td><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">2Q, 2022</span></div></td><td colspan="2" style="border-bottom:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">-7.34</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2020-06-30 0.0738 Worst Quarter: 2022-06-30 -0.0734 <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">* The</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:700;line-height:115%"> Osterweis Strategic Income Fund’s</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> calendar year-to-date return as of March 31, 2026 was -0.09%.</span> year-to-date return 2026-03-31 -0.0009 Average Annual Total Returns as of December 31, 2025 Return Before Taxes 0.0547 0.0489 0.0547 Return After Taxes on Distributions 0.0323 0.0282 0.0343 Return After Taxes on Distributions and Sale of Fund Shares 0.0323 0.0285 0.0332 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0730 -0.0036 0.0201 <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions) but assumes that you still hold Fund shares at the end of the period. The “Return After Taxes on Distributions and Sale of Fund Shares” shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund’s shares were sold at the end of the specified period. The “Return After Taxes on Distributions and Sale of Fund Shares” is higher than other return figures when a capital loss occurs upon the redemption of Fund shares because there is an assumed tax benefit for the investor.</span></div>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). The “Return After Taxes on Distributions and Sale of Fund Shares” is higher than other return figures when a capital loss occurs upon the redemption of Fund shares because there is an assumed tax benefit for the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). Investment Objective The Osterweis Growth &amp; Income Fund (the “Fund”) seeks long-term total returns and capital preservation. Fees and Expenses of the Fund <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0022 0.0001 0.0098 The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Example This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 100 312 542 1201 Portfolio Turnover <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. </span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent </span></div>fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 46% of the average value of its portfolio. 0.46 Principal Investment Strategies <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund invests in both equity and fixed income securities that Osterweis Capital Management, LLC (the “Adviser”) believes can deliver attractive long-term returns and enhanced capital preservation. The Fund also focuses on generating consistent and growing income over time in addition to capital appreciation. The Fund’s investments in any one sector may exceed 25% of its net assets. In executing the strategy, the advisors seek to deliver returns through both income and growth.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Equity Investments </span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">In selecting equity investments, the Adviser focuses on the common stocks of quality growth companies that it believes offer superior investment value and opportunity for total returns. The Adviser focuses on the securities of quality growth companies that it believes to be undervalued or otherwise out-of-favor in the market but that have durable competitive advantages. As such companies achieve greater visibility over time and their stocks are accorded valuations more in line with the growth rates, the Adviser may choose to sell those stocks. The Fund may invest in equity securities of companies of all market capitalization sizes – large, medium and small. In addition to common stock, the Fund may also invest in preferred stock, convertible securities and up to 15% of its assets in publicly traded Master Limited Partnerships (“MLPs”) that are generally energy or natural resource related companies. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Fixed Income Investments </span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">In selecting fixed income investments, the Adviser takes a strategic approach and may invest in a wide array of fixed income securities of various credit qualities and maturities. The Adviser seeks to control risk through rigorous credit analysis, economic analysis, interest rate forecasts and sector trend review, and is not constrained by any particular duration or credit quality targets. The Fund’s fixed income investments may include, but are not limited to, U.S. Federal and Agency obligations, investment grade corporate debt, below investment grade corporate debt (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&amp;P or lower than Baa3 by Moody’s), floating-rate debt, convertible debt, mortgage-backed securities (including privately issued mortgage backed securities), asset-backed securities, collateralized debt, foreign debt and/or depositary receipts, commercial paper and preferred stock. The Fund’s allocation among various fixed income securities is based on the portfolio managers’ assessment of opportunities for total return relative to the risk of each type of investment, but generally there is no limit on any type of fixed income security, meaning that the Fund could have up to 75% of its net assets invested in below investment grade securities, for instance. Un-rated securities may be deemed investment grade, particularly in the case of government agency securities. The Fund may at times be invested in fixed income securities of varying maturities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">, long-term, intermediate or short-term) and credit qualities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">, investment grade or below investment grade), while at other times the Fund may emphasize one particular maturity or credit quality. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Adviser will sell a security when it believes doing so is appropriate and consistent with the Fund’s investment objectives and policies or when conditions affecting relevant markets, particular industries or individual issues warrant such action. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Allocation of Investments</span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The allocation of assets between equity and fixed income securities is a function of the relative opportunity set based on earnings growth, dividend yields, valuations, and fixed income yields. The allocation is reviewed on an ongoing basis and adjustments are made as needed based on the Adviser’s assessment of the risk/reward profiles of individual securities and broad macro risk factors. Under normal market conditions, the minimum allocation to either fixed income (including cash) or equity securities is expected to be 25% of the Fund’s net assets; conversely, the maximum allocation to either fixed income (including cash) or equity securities at any given time is expected to be 75%. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund may invest up to 50% of its net assets in foreign securities (in developed and in emerging markets), including depositary receipts traded on foreign exchanges. The Fund may also invest, without </span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">limitation, in depositary receipts that are traded on domestic exchanges and that evidence ownership of foreign equity securities. The Fund’s investments in any one sector may exceed 25% of its net assets.</span></div> Under normal market conditions, the minimum allocation to either fixed income (including cash) or equity securities is expected to be 25% of the Fund’s net assets; conversely, the maximum allocation to either fixed income (including cash) or equity securities at any given time is expected to be 75%. The Fund may invest up to 50% of its net assets in foreign securities (in developed and in emerging markets), including depositary receipts traded on foreign exchanges. The Fund may also invest, without limitation, in depositary receipts that are traded on domestic exchanges and that evidence ownership of foreign equity securities. The Fund’s investments in any one sector may exceed 25% of its net assets. There is the risk that you could lose all or a portion of your investment in the Fund. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:10pt">Equity Risk: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.</span> <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Debt Securities Risks: </span><div style="margin-bottom:6pt;padding-left:81pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in a security’s credit rating may affect a security’s value. In addition, investments in sovereign debt involves a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of default. Investments in sovereign debt are also subject to the risk that the issuer will default independently of its sovereign. Below investment grade securities have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities. </span></div><div style="margin-bottom:6pt;padding-left:81pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Below Investment Grade Securities Risk: Investing in fixed income securities that are rated below investment grade involves risks such as increased possibility of default, decreased liquidity of the security and changes in value based on public perception of the issuer. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Defaulted Securities Risk: The risk of the uncertainty of repayment of defaulted securities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> a security on which a principal or interest payment is not made when due) and obligations of distressed issuers. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Extension Risk: The risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. </span></div><div style="margin-bottom:6pt;padding-left:81pt;padding-right:4.5pt;text-indent:-18pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. Certain other investments, such as interest-only securities and certain derivative instruments, may have a negative duration. The value of instruments with a negative duration will generally decline if interest rates decrease. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. </span></div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">◦</span>Prepayment Risk: The risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund. Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in a security’s credit rating may affect a security’s value. In addition, investments in sovereign debt involves a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of default. Investments in sovereign debt are also subject to the risk that the issuer will default independently of its sovereign. Below investment grade securities have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities. Below Investment Grade Securities Risk: Investing in fixed income securities that are rated below investment grade involves risks such as increased possibility of default, decreased liquidity of the security and changes in value based on public perception of the issuer. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.46pt">Defaulted Securities Risk: The risk of the uncertainty of repayment of defaulted securities (</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">e.g.,</span> a security on which a principal or interest payment is not made when due) and obligations of distressed issuers. Extension Risk: The risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. Certain other investments, such as interest-only securities and certain derivative instruments, may have a negative duration. The value of instruments with a negative duration will generally decline if interest rates decrease. Inverse floaters, interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. Prepayment Risk: The risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Economic and Market Risk: Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied in U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span> Management Risk: The risk that the Adviser may fail to implement the Fund’s investment strategies and meet its investment objective. This risk includes the risk that the Adviser’s allocation decisions between equity and fixed income may be incorrect and result in lower performance than if the Fund’s allocation remained static. Convertible Security Risk: As with a straight debt security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like a common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines. Currency Risk: Fluctuations in currency exchange rates may adversely affect the value of the Fund’s investments in foreign securities as well as the value of the Fund’s investments in domestic securities whose issuers earn at least a portion of their revenue in foreign currency. Foreign Securities: Investing in foreign securities, including depositary receipts, may involve increased risks due to political, social and economic developments abroad, and differences between United States and foreign regulatory practices. Given the global interrelationships of today’s economy, volatility or threats to stability of any significant currency, such as occurred in the recent past with the European Monetary Union, or significant political instability, may affect other markets and affect the risk of an investment in the Fund. Emerging Markets Risk: Emerging markets may involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Large Company Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Liquidity Risk: Securities purchased by the Fund may become illiquid particularly during periods of market turbulence. Illiquid investments may be more difficult to trade and value than liquid ones and, if the Fund is forced to sell these investments promptly to meet redemption requests or for other needs, the Fund may incur a loss. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:7.33pt">Master Limited Partnership Risk: Investments held by an MLP may be relatively illiquid, limiting the MLP’s ability to vary its portfolio promptly in response to changes in economic or other conditions. In addition, MLPs may have limited financial resources, their securities may trade infrequently and in limited volume and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The risks of investing in an MLP are generally those inherent in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing </span>corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Additional risks involved with investing in an MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate or oil and gas industries. Mortgage-Related and Other Asset-Backed Securities Risk: The risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. Sector Emphasis Risk: The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector that the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors. Small and Medium Company Risk: Investing in securities of small-cap and mid-cap companies, even indirectly, may involve greater volatility than investing in larger and more established companies. U.S. Government and Agency Issuer Risk: Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Performance The following performance information provides some indication of the risks of investing in the Fund. The bar chart below illustrates how the Fund’s total returns have varied from year to year for the past ten calendar years. The table below illustrates how the Fund’s average annual total returns over time compare with two domestic broad-based market indices. A blend of the two broad-based indices is also provided as the Adviser believes it illustrates a closer representation of the Fund’s portfolio composition. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance is available on the Fund’s website at www.osterweis.com. The following performance information provides some indication of the risks of investing in the Fund. The table below illustrates how the Fund’s average annual total returns over time compare with two domestic broad-based market indices. A blend of the two broad-based indices is also provided as the Adviser believes it illustrates a closer representation of the Fund’s portfolio composition. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.osterweis.com Osterweis Growth & Income Fund Calendar Year Total Returns as of December 31,* <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:40.384%"><tr><td style="width:1.0%"></td><td style="width:42.153%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.661%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Best Quarter:</span></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">2Q, 2020</span></td><td colspan="2" style="border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">14.59</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Worst Quarter:</span></div></td><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">1Q, 2020</span></div></td><td colspan="2" style="border-bottom:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">-14.12</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2020-06-30 0.1459 Worst Quarter: 2020-03-31 -0.1412 <div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">* The</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:700;line-height:115%"> Osterweis Growth &amp; Income Fund’s</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> calendar year-to-date return as of March 31, 2026 was -2.13%.</span></div> year-to-date return 2026-03-31 -0.0213 Average Annual Total Returns as of December 31, 2025 Return Before Taxes 0.1063 0.0703 0.0877 Return After Taxes on Distributions 0.0941 0.0511 0.0701 Return After Taxes on Distributions and Sale of Fund Shares 0.0662 0.0501 0.0653 60% S&P 500® Index/40% Bloomberg U.S. Aggregate Bond Index Blend (reflects no deduction for fees, expenses or taxes) 0.1370 0.0847 0.0978 S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0730 -0.0036 0.0201 <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions), but assumes that you still hold Fund shares at the end of the period. The “Return After Taxes on Distributions and Sale of Fund Shares” shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund’s shares were sold at the end of the specified period. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”).</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). Investment Objective The Osterweis Opportunity Fund (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0100 0 0.0020 0.0002 0.0122 -0.0010 0.0112 The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. June 30, 2027 Example This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap in the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 114 377 661 1468 Portfolio Turnover <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. </span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%"> </span>178% of the average value of its portfolio. 1.78 Principal Investment Strategies <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund invests primarily in the common stocks of companies that the Adviser believes should experience strong revenue growth and rising profits. Although the Fund may invest in companies of any size, it will generally focus its investments in small-capitalization companies and mid-capitalization companies. The Adviser seeks to identify quality companies with investment potential, which is generally equated with the ability to generate revenue growth over time. Target companies typically possess one or more of the following characteristics: a distinct competitive advantage; a leading position in the industry; the potential for margin expansion; and/or the presence of a strong management team. Some of the companies in which the Fund may invest may have limited operational or earnings history or may have limited products, markets, financial resources or management depth. The Fund may invest in initial public offerings (IPOs). In seeking to achieve the Fund’s investment objective, the Adviser may engage in active or frequent trading.</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund may also invest in other investment companies, including exchange-traded funds (“ETFs”) for the purpose of gaining exposure to certain markets while maintaining liquidity. The Fund may invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including in securities issued by companies domiciled in emerging market countries. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Fund’s investments in any one sector may exceed 25% of its net assets. As of March 31, 2026, over 25% of the Fund’s assets were invested in securities within the health care sector.</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> </span></div>The Fund may sell a position if the Adviser believes it is overvalued, fundamentals erode or another more attractive investment is identified. The Fund may invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including in securities issued by companies domiciled in emerging market countries. The Fund’s investments in any one sector may exceed 25% of its net assets. As of March 31, 2026, over 25% of the Fund’s assets were invested in securities within the health care sector. There is the risk that you could lose all or a portion of your investment in the Fund. Small and Medium Company Risk: Investing in securities of small- and medium-sized companies, even indirectly, may involve greater volatility than investing in larger and more established companies. Equity Risk: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.08pt">Sector Emphasis Risk: The Fund, from time to time, may invest 25% or more of its assets in one or more sectors subjecting the Fund to sector emphasis risk. This is the risk that the Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector the Fund has a focused position in, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors. </span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">–</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:11.57pt">Health Care Sector Risk: The profitability of companies in the health care sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many health care companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. Many health care companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments.</span> <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:11.57pt">Health Care Sector Risk: The profitability of companies in the health care sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many health care companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. Many health care companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments.</span> <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.08pt">Economic and Market Risk: Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied in U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span> Management Risk: The risk that the Adviser may fail to implement the Fund’s investment strategies and meet its investment objective. Currency Risk: Fluctuations in currency exchange rates may adversely affect the value of the Fund’s investments in foreign securities as well as the value of the Fund’s investments in domestic securities whose issuers earn at least a portion of their revenue in foreign currency. Foreign Securities: Investing in foreign securities, including depositary receipts, may involve increased risks due to political, social and economic developments abroad, and differences between United States and foreign regulatory practices. Given the global interrelationships of today’s economy, volatility or threats to stability of any significant currency, such as occurred in the recent past with the European Monetary Union, or significant political instability, may affect other markets and affect the risk of an investment in the Fund. <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.08pt">Emerging Markets Risk: Emerging markets may involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar.</span> <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:14.08pt">Investment Company and Exchange-Traded Fund Risk: Investing in other investment companies involves the risk that an investment company or other pooled investment vehicle, including any </span>ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must pay its pro rata portion of an investment company’s fees and expenses. IPO Risk: The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. Liquidity Risk: Securities purchased by the Fund may become illiquid particularly during periods of market turbulence. Illiquid investments may be more difficult to trade and value than liquid ones and if the Fund is forced to sell these investments promptly to meet redemption requests or for other needs, the Fund may incur a loss. Portfolio Turnover Risk: High portfolio turnover may involve correspondingly greater expenses to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which may result in adverse tax consequences to the Fund’s shareholders. Unseasoned Company Risk: The possibility that the Fund’s investment in relatively new or unseasoned companies that are in their early stages of development may expose the Fund to greater risks than investments in more established companies with more extensive financial histories and greater liquidity. Unseasoned companies generally do not have proven track records and may lack substantial capital reserves. Performance <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The performance shown in the bar chart and performance table since October 1, 2012 is that of another investment vehicle (the “Predecessor Fund”) prior to the commencement of the Fund’s operations. The Predecessor Fund was converted into the Fund on November 30, 2016. On October 31, 2016, the Adviser acquired substantially all the advisory business of Callinan Asset Management, LLC (“CAM”), which had served as the general partner to the Predecessor Fund prior to being acquired by the Adviser. From the date of CAM’s acquisition by the Adviser until the date of the conversion, the Adviser served as both investment manager and general partner of the Predecessor Fund. Throughout all periods from October 1, 2012 onward, the same individual was responsible for the day-to-day investment decisions for the Predecessor Fund and continues to be the Fund’s portfolio manager. CAM and the Adviser managed the Predecessor Fund’s assets using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">Updated Fund performance information is available at no cost by visiting www.osterweis.com or by calling (866) 236-0050. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The bar chart below illustrates how the Predecessor Fund’s and the Fund’s total returns varied from year to year for the past ten calendar years. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Predecessor Fund’s and the Fund’s performance from year to year and by showing how the Predecessor Fund’s and the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with an index of a domestic broad-based market and a secondary index representative of the Fund’s investment strategy. Of course, the Predecessor Fund’s and Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The Predecessor Fund’s performance shown below includes the deduction of the Predecessor Fund’s actual operating expenses. In addition, the Predecessor Fund’s performance shown below has been recalculated using the management fee that applies to the Fund, which has the effect of reducing the Predecessor Fund’s performance. The Predecessor Fund was not a registered mutual fund and so was not subject to the same operating expenses or investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower. The performance of the private investment fund </span></div><div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">prior to November 30, 2016 is based on calculations that are different than the standardized method of calculations specified by the Securities and Exchange Commission (the “SEC”). If the private investment fund’s performance had been readjusted to reflect the Fund’s expenses, the performance would have been lower. The private investment fund was not registered under the Investment Company Act of 1940, as amended (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”) which, if applicable, may have adversely affected its performance.</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> </span></div>The performance shown below is that of the Predecessor Fund and the Fund. www.osterweis.com (866) 236-0050 The bar chart below illustrates how the Predecessor Fund’s and the Fund’s total returns varied from year to year for the past ten calendar years. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Predecessor Fund’s and the Fund’s performance from year to year and by showing how the Predecessor Fund’s and the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with an index of a domestic broad-based market and a secondary index representative of the Fund’s investment strategy. Of course, the Predecessor Fund’s and Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Osterweis Opportunity FundCalendar Year Total Returns as of December 31,* <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:40.865%"><tr><td style="width:1.0%"></td><td style="width:41.645%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.744%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Best Quarter:</span></td><td colspan="3" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">2Q, 2020</span></td><td colspan="2" style="border-top:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">45.94</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">Worst Quarter:</span></div></td><td colspan="3" style="border-bottom:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">4Q, 2018</span></div></td><td colspan="2" style="border-bottom:1.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">-24.41</span><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Georgia',serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2020-06-30 0.4594 Worst Quarter: 2018-12-31 -0.2441 <span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">* The</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:700;line-height:115%"> Osterweis Opportunity Fund’s</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> calendar year-to-date return as of March 31, 2026 was -3.78%.</span> year-to-date return 2026-03-31 -0.0378 Average Annual Total Returns as of December 31, 2025 Return Before Taxes 0.0027 0.0118 0.1338 Return After Taxes on Distributions -0.0026 -0.0017 0.1120 Return After Taxes on Distributions and Sale of Fund Shares 0.0055 0.0057 0.1026 S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 Russell 2000 Growth Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1301 0.0318 0.0957 <div><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%">The “Return After Taxes on Distributions” shows the effect of taxable distributions (dividends and capital gains distributions), but assumes that you still hold Fund shares at the end of the period. The “Return After Taxes on Distributions and Sale of Fund Shares” shows the effect of both taxable distributions and any taxable gain or loss that would be realized if a Fund’s shares were sold at the end of the specified period. The “Return After Taxes on Distributions and Sale of Fund Shares” is higher than other return figures when a capital loss occurs upon the redemption of Fund shares because there is an assumed tax benefit for the investor.</span><span style="color:#000000;font-family:'Georgia',serif;font-size:10pt;font-weight:400;line-height:115%"> </span></div>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed end funds, business development companies or certain exchange-traded funds. The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Osterweis Fund’s calendar year-to-date return as of March 31, 2026 was -4.68%. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed end funds, business development companies or certain exchange-traded funds. The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Osterweis Strategic Income Fund’s calendar year-to-date return as of March 31, 2026 was -0.09%. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed end funds, business development companies or certain exchange-traded funds. The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Osterweis Growth & Income Fund’s calendar year-to-date return as of March 31, 2026 was -2.13% Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and other mutual funds, closed end funds, business development companies or certain exchange-traded funds. The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Osterweis Capital Management, LLC (the “Adviser”) has contractually agreed to reduce its fees and/or pay Fund expenses (excluding any front-end or contingent deferred loads, taxes, interest expenses, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation, or any class-specific expenses such as Rule 12b-1 fees or shareholder servicing plan fees) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund to 1.10% of the Fund’s average net assets (the “Expense Cap”). The Expense Cap will remain in effect until at least June 30, 2027, except that the Agreement may be terminated at any time by the Board of Trustees upon 60 days’ written notice to the Adviser, or by the Adviser with consent of the Board. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and/or expenses were paid. This reimbursement may be requested if the aggregate amount actually paid by the Fund toward operating expenses for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in place at the time of waiver or at the time of reimbursement. The Osterweis Opportunity Fund’s calendar year-to-date return as of March 31, 2026 was -3.78%.