Job: 26590 Proof: 1 Dated: 5-3-21 nnualReport

Job 26590 Proof 1 Dated 5-3-21DixonMRD amp Company Toll Free 1-800-585-0303 Telephone 262-338-6966 Fax 262-338-82313

OF-Annualqxp 6121 338 PM Page 1

Annual Report For the Year Ended March 31 2021

Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund Osterweis Emerging Opportunity Fund Osterweis Total Return Fund

Important Notice

Disclosures

Beginning on January 1 2021 as permitted by regulations adopted by the Securities and Exchange Commission paper copies of the Fundsrsquo annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports Instead the reports will be made available on the Fundsrsquo website wwwosterweiscomliterature and you will be notified by mail each time a report is posted and provided with a website to access the report If you already elected to receive shareholder reports electronically you will not be affected by this change and you need not take any action If you would like to receive paper copies and have not done so already you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary or if you invest directly with the Osterweis Funds calling (866) 236-0050 Your election to receive paper reports will apply to all funds held within your account(s)

Past performance is no guarantee of future results This commentary contains the current opinions of the author as of the referenced date which are subject to change at any time This commentary has been distributed for informational purposes only and is not a recommendation or offer of any particular security strategy or investment product Information contained herein has been obtained from sources believed to be reliable but is not guaranteed

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security Current and future portfolio holdings are subject to risk Please refer to the Schedules of Investments for complete fund holdings

No part of this document may be reproduced in any form or referred to in any other publication without the express written permission of Osterweis Capital Management

The SampP 500 Index is an unmanaged index that is widely regarded as the standard for measuring large-cap US stock market performance This index includes the reinvestment of dividends The index does not incur expenses and is not available for investment

The Bloomberg Barclays US Aggregate Bond Index (BC Agg) is an unmanaged index that is widely regarded as a standard for measuring US investment grade bond market performance The 6040 blend is composed of 60 SampP 500 and 40 BC Agg and assumes monthly rebalancing

The Bloomberg Barclays US Universal Bond Index (BC Univ) is an unmanaged index comprising US dollar-denominated taxable bonds that are rated investment grade or below investment grade

The Russell 2000 Growth Index is a market capitalization weighted index representing those stocks within the approximately 2000 smallest companies in the universe of US equities that exhibit growth characteristics

These indices reflect the reinvestment of dividends andor interest income These indices do not incur expenses and are not available for investment

A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages

All return and currency figures are shown in USD

Cash flow measures the cash generating capability of a company by adding non-cash charges (eg depreciation) and interest expense to pretax income

Spread is the difference in yield between a risk-free asset such as a US Treasury bond and another security with the same maturity but of lesser quality

Alpha is excess returns earned on an investment above the benchmark return

Asset-Backed Security (ABS) is a type of financial investment that is collateralized by an underlying pool of assets-usually ones that generate a cash flow from debt such as loans leases credit card balances or receivables

Duration is a commonly used measure of the potential volatility of the price of a debt security or the aggregate market value of a portfolio of debt securities prior to maturity Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration

A basis point is a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument One basis point is equal to 1100th of 1 or 001 (00001)

Investment grade and non-investment grade (high yield) categories are determined by credit ratings from Standard and Poorrsquos and Moodyrsquos which are private independent rating services that assign grades to bonds to represent their credit quality The issues are evaluated based on such factors as the bond issuerrsquos financial strength or its ability to pay a bondrsquos principal and interest in a timely fashion Standard and Poorrsquos ratings are expressed as letters ranging from lsquoAAArsquo which is the highest grade to lsquoDrsquo which is the lowest grade Moodyrsquos ratings are expressed as letters and numbers ranging from lsquoAaarsquo which is the highest grade to lsquoCrsquo which is the lowest grade A Standard and Poorrsquos rating of BBB- or higher is considered investment grade A Moodyrsquos rating of Baa3 or higher is considered investment grade A Standard and Poorrsquos rating below BBB- is considered noninvestment grade A Moodyrsquos rating below Baa3 is considered non-investment grade

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc (MSCI) and Standard amp Poorrsquos a division of The McGraw-Hill Companies Inc (SampP) and is licensed for use by Osterweis Capital Management

Neither MSCI SampP nor any other party involved in making or compiling the GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof) and all such parties hereby expressly disclaim all warranties of originality accuracy completeness merchantability and fitness for a particular purpose with respect to any such standard or classification Without limiting any of the foregoing in no event shall MSCI SampP any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct indirect special punitive consequential or any other damages (including lost profits) even if notified of the possibility of such damages

This document must be preceded or accompanied by a current prospectus Please refer to the prospectus for important information about the investment company including objectives risks charges and expenses

Osterweis Capital Management is the adviser to the Osterweis Funds which are distributed by Quasar Distributors LLC [OSTE-20210525-0225]

Letter from the Chief Investment Officers 2 Manager Reviews Fund Overviews and Schedules of Investments

Osterweis Fund Portfolio Managersrsquo Review 4 Fund Overview 5 Schedule of Investments 6

Osterweis Strategic Income Fund Portfolio Managersrsquo Review 8 Fund Overview 9 Schedule of Investments 10

Osterweis Strategic Investment Fund Portfolio Managersrsquo Review 16 Fund Overview 18 Schedule of Investments 19

Osterweis Emerging Opportunity Fund Portfolio Managersrsquo Review 24 Fund Overview 25 Schedule of Investments 26

Osterweis Total Return Fund Portfolio Managersrsquo Review 28 Fund Overview 30 Schedule of Investments 31

Financial Statements Statements of Assets and Liabilities 37 Statements of Operations 38 Statements of Changes in Net Assets

Osterweis Fund 39 Osterweis Strategic Income Fund 40 Osterweis Strategic Investment Fund 41 Osterweis Emerging Opportunity Fund 42 Osterweis Total Return Fund 43

Financial Highlights Osterweis Fund 44 Osterweis Strategic Income Fund 45 Osterweis Strategic Investment Fund 46 Osterweis Emerging Opportunity Fund 47 Osterweis Total Return Fund 48

Notes to Financial Statements 49 Report of Independent Registered Public Accounting Firm 61 Expense Examples 62 Trustees and Executive Officers 63 Additional Information 67 Privacy Notice 69

Table of Contents

Letter from the Chief Investment Officers

April 15 2021

The past twelve months have been extraordinary The coronavirus pandemic was much more than a once-in-a-century public health disaster ndash it was a seismic societal event that upended long established norms and wreaked havoc on the economy Businesses and consumers spent most of 2020 adjusting to lockdowns shortages and travel restrictions in real time Life didnrsquot begin to return to normal until January when the vaccine rollout began in earnest and we still have a long way to go

The equity marketrsquos reaction to the unusual events of the past year was somewhat counterintuitive Following the sharp selloff in FebruaryMarch stocks began a protracted rally that continued throughout the entire fiscal year The SampP 500 increased 564 from April 1 2020 to March 31 2021

At first glance the disconnect between Wall St and Main St seems surprising particularly with unemployment reaching all-time highs last year Bull markets are supposed to be a reflection of strong underlying economic fundamentals and clearly that wasnrsquot the case in 2020

Nonetheless in our view there are two important reasons the rally was rational First during an extended period of low interest rates equity valuations tend to rise and the Federal Reserve slashed short-term rates to zero shortly after the onset of the pandemic Second despite overall weakness large parts of the economy were growing at accelerated rates due to structural changes caused by the pandemic

During the first three fiscal quarters of this year (April ndash December) our approach to managing our equity portfolios including the Osterweis Fund the equity portion of the Strategic Investment Fund and the Emerging Opportunity Fund was to focus on sectors that benefitted the most from the transition to a socially distant economy We invested in eCommerce platforms and package delivery companies as online shopping became indispensable Likewise we invested in the work-from-home ecosystem as the massive and sudden increase in remote employment benefitted those technology providers and simultaneously increased demand for internet bandwidth which helped networking firms data center providers and semiconductor companies

Starting around the new calendar year as the vaccine rollout gained momentum the economic outlook finally began to improve Governments began easing lockdowns raising hopes for a recovery among the hardest hit industries (travel amp leisure restaurants etc) while the Biden administrationrsquos $19 trillion stimulus package provided relief directly to individuals and small businesses As the economy emerged from the depths of the pandemic investors began rotating out of technology stocks and started buying cyclical companies which tend to outperform as macro conditions improve This shift created some short-term volatility but did not derail the rally ndash it just changed the composition of the stocks that were outperforming

We also liked the so-called ldquoreopening traderdquo and started reorienting our portfolios toward more cyclical exposure In the Osterweis Fund and Strategic Investment Fund our goal is to strike the right balance between near-term cyclical opportunities and long-term secular growth winners as we prefer to invest in firms with the ability to outperform over a longer time horizon In the Emerging Opportunity Fund we added a few growth companies whose share prices were more sensitive to near-term profitability than to longer term financial projections and we added secular growth companies that have a cyclical dimension to their business

Fixed income markets did not follow quite the same path as the equity market during the past fiscal year mostly because the two major market segments - investment grade and high yield ndash performed very differently Both started the period well buoyed by the Fedrsquos massive quantitative easing (QE) program But the investment grade market finished the period roughly flat as it was unable to overcome the headwinds created by rising Treasury yields during the fourth fiscal quarter High yield bonds on the other hand performed well during the entire period as they tend to track the equity markets

Given the complexities in the market we believe that fixed income will require a bit of patience in 2021 Yields are still near historic lows while duration is still near all-time highs In the Strategic Income and Strategic Investment Funds we have been focusing on higher quality high yield issuers with shorter to intermediate maturities In our Total Return Fund we are focusing on opportunities in ABS non-agency MBS and corporates

For our latest investment insights we invite you to visit wwwosterweiscom Additionally if you are not currently receiving our quarterly shareholder letters electronically please send an email to contactosterweiscom or call (800) 700-3316 Thank you for investing with the Osterweis Funds and for your continued confidence in our management

Sincerely

Jim Callinan CFA John Osterweis Larry Cordisco Carl Kaufman Eddy Vataru CFA CIO ndash Co-CIO ndash Co-CIO ndash CIO ndash CIO ndash Emerging Growth Core Equity Core Equity Strategic Income Total Return

____________________ This commentary contains the current opinions of the author as of the date above which are subject to change at any time This commentary has been distributed for informational purposes only and is not a recommendation or offer of any particular security strategy or investment product Information contained herein has been obtained from sources believed to be reliable but is not guaranteed

____________________

Osterweis Fund | Portfolio Managersrsquo Review

Performance Summary

For the period of April 1 2020 to March 31 2021 the Osterweis Fund (the ldquoFundrdquo) generated a total return of 5348 versus 5635 for the SampP 500 (Please see standardized performance in the table following this review)

Market Review

The past twelve months have been an unusual period in the markets as equities performed well despite a substantial slowdown in the economy due to Covid-19 The first three fiscal quarters were particularly challenging for industries that relied on in-person customers (brick and mortar retail travel entertainment etc) but they were a boon to technology companies that provided virtual products and services Shares of eCommerce and work-from-home stocks surged during the pandemic igniting a market rally that lasted throughout the entire fiscal year However the composition of the rally changed during the fourth fiscal quarter as vaccines became more widely available and the economy began to reopen Investors rotated out of the technology stocks that had outperformed during the pandemic and began focusing on cyclical companies that tend to do better when the economy is improving

Portfolio Review

For the twelve-month period ending March 31 2021 the Fund slightly trailed the SampP 500 The equity portion of the portfolio outperformed the index but those gains were offset by the Fundrsquos small cash position which was a drag on performance In rapidly rising markets cash tends to have an outsized impact on returns because it lags the market by a wide margin

Within the equity portfolio our security selection was additive to performance primarily because our positions in information technology health care and consumer staples each outperformed their counterparts in the index Our sector weighting had a slightly positive impact on performance mostly because we were underweight consumer staples which was one of the worst performing sectors in the index during the period

Over 85 of the individual stocks in the Fund and every sector delivered positive absolute returns during the period Consumer staples and information technology performed the best on a relative basis Utilities health care and communications services also performed well relative to the index On the downside our energy materials consumer discretionary real estate financials and industrial holdings each lagged the benchmark

Outlook amp Portfolio Positioning

In our view the economic outlook appears favorable so we have been gradually reorienting toward more exposure to leading cyclical businesses likely to benefit from the recovery while also maintaining positions in long-term secular growers that have dominant market positions enjoy pricing power and operate in industries with great long-term tailwinds

Mutual fund investing involves risk Principal loss is possible

The Osterweis Fund may invest in medium and smaller sized companies which involve additional risks such as limited liquidity and greater volatility The Fund may invest in foreign and emerging market securities which involve greater volatility and political economic and currency risks and differences in accounting methods These risks may increase for emerging markets The Fund may invest in Master Limited Partnerships which involve risk related to energy prices demand and changes in tax code The Fund may invest in debt securities that are un-rated or rated below investment grade Lower-rated securities may present an increased possibility of default price volatility or illiquidity compared to higher-rated securities Investments in debt securities typically decrease in value when interest rates rise This risk is usually greater for longer-term debt securities

Investment performance reflects periods during which fee waivers were in effect In the absence of such waivers total return would have been reduced

$20000

$40000

$60000

$80000

$100000

$120000

$140000

$160000

$180000 Osterweis Fund $170922 SampP 500 Index $147580

$10000

Average Annual Total Returns Periods Ended March 31 2021

1 Yr 3 Yr 5 Yr 10 Yr 15 Yr Since Inception

(October 1 1993) Osterweis Fund 5348 1787 1407 1008 807 1088 SampP 500 Index 5635 1678 1629 1391 1002 1028

GrossNet Expense Ratio as of 3312020 120096 1

1 As of most recent Prospectus dated June 30 2020 Please see the Fundrsquos Financial Highlights in this report for the most recent expense ratio The Adviser has contractually agreed to waive certain fees through June 30 2021 The net expense ratio is applicable to investors

The performance data quoted above represents past performance Past performance does not guarantee future results The investment return and principal value of an investment will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their original cost Current performance of the Fund may be lower or higher than the performance quoted Performance data current to the most recent month-end may be obtained by calling (866) 236-0050

Growth of $10K (Inception to 3312021)

Osterweis Fund | Fund Overview (Unaudited)

This chart illustrates the performance of a hypothetical $10000 investment made on October 1 1993 and is not intended to imply any future performance The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares The returns reflect fee waivers in effect In the absence of such waivers total return would be reduced (See Note 3) The chart assumes reinvestment of capital gains dividends and return of capital if applicable for the Fund and dividends for an index

Sector Allocation ( of Net Assets)

Information Technology 233 Consumer Discretionary 151 Industrials 139 Communication Services 115 Health Care 97 Financials 89 Real Estate 44 Materials 37 Consumer Staples 31 Utilities 18 Energy 17 Cash 29 Cash cash equivalents and other

assets less liabilities

Equities are classified by GICS sector Bonds are classified by bond type

Top Ten Equity Holdings ( of Net Assets) Alphabet Inc ndash Class C 66 Microsoft Corp 53 JPMorgan Chase amp Co 43 FedEx Corp 40 Charter Communications Inc ndash Class A 35 Danaher Corp 32 Union Pacific Corp 31 Sysco Corp 31 Applied Materials Inc 29 Visa Inc ndash Class A 28

Total 388

Fund holdings are subject to change

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

Osterweis Fund | Schedule of Investments at March 31 2021

Shares Value Shares Value Common Stocks 971 IT Services 39

Aerospace amp Defense 16 37125 LiveRamp Holdings Inc 1 $ 1926045

22335 Visa Inc ndash Class A 4728990 80580 Safran SA ndash ADR $ 2742943 ____________ 6655035 Air Freight amp Logistics 40

Media 35 23960 FedEx Corp 6805598 9472 Charter Communications Auto Components 23

Inc ndash Class A 1 5844413 28170 Aptiv PLC ndash ADR 1 3884643

Multiline Retail 25 Banks 67

20845 Dollar General Corp 4223614 24945 First Republic Bank 4159579

Oil Gas amp Consumable Fuels 17 47395 JPMorgan Chase amp Co 7214941

17785 Pioneer Natural Resources Co 2824614 11374520

Pharmaceuticals 40 Chemicals 37

18185 Johnson amp Johnson 2988704 15455 Air Products amp Chemicals Inc 4348110

45550 Nektar Therapeutics 1 911000 13740 International Flavors amp

33610 Novartis AG ndash ADR 2872983 Fragrances Inc 1918241 ____________ 6772687 6266351 ____________

Commercial Services amp Supplies 26 Road amp Rail 56

41135 Waste Connections Inc 4441757 17895 Old Dominion Freight Line Inc 4302137

23530 Union Pacific Corp 5186247 Diversified Consumer Services 19 9488384 18805 Bright Horizons Family

Solutions Inc 1 3224117 Semiconductors amp Semiconductor Equipment 95

Electric Utilities 18 51170 Advanced Micro Devices Inc 1 4016845

40102 NextEra Energy Inc 3032112 36859 Applied Materials Inc 4924362

43370 Micron Technology Inc 1 3825668 Equity Real Estate Investment Trusts ndash REITS 44 9350 Monolithic Power Systems Inc 3302514 19795 Crown Castle International Corp 3407313 ____________

16069389 25660 PS Business Parks Inc 3966523

7373836 Software 99

37795 Microsoft Corp 8910927 Food amp Staples Retailing 31 13855 Synopsys Inc 1 3432992 65370 Sysco Corp 5147234 32635 Zendesk Inc 1 4328054 Health Care Equipment amp Supplies 57

16671973 24270 Danaher Corp 5462692

Specialty Retail 46 9990 Teleflex Inc 4150445 11250 The Home Depot Inc 3434062 9613137 35780 Ross Stores Inc 4290380 Insurance 22

7724442 38825 The Progressive Corp 3712058

Wireless Telecommunication Services 15 Interactive Media amp Services 66

20195 T-Mobile US Inc 1 2530232 5374 Alphabet Inc ndash Class C 1 11116818

Total Common Stocks Internet amp Direct Marketing Retail 38

(Cost $92509912) 164021909 12145 Alibaba Group Holding Ltd ndash ADR 1 2753636

1205 Amazoncom Inc 1 3728366

6482002

The accompanying notes are an integral part of these financial statements

____________

____________ ____________

Osterweis Fund | Schedule of Investments at March 31 2021 (Continued)

Shares Value Short-Term Investments 27

Money Market Funds 27

4565972 Federated Hermes US Treasury Cash Reserves ndash Class I 0010 2 $ 4565972

Total Money Market Funds (Cost $4565972) 4565972

Total Short-Term Investments (Cost $4565972) 4565972

Total Investments in Securities 998 (Cost $97075884) 168587881

Other Assets in Excess of Liabilities 02 324267

Total Net Assets 1000 $168912148

ADR ndash American Depositary Receipt 1 Non-income producing security 2 Annualized seven-day effective yield as of March 31 2021

____________________

Strategic Income Fund | Portfolio Managersrsquo Review

Performance Summary

For the twelve-month period ending March 31 2021 the Osterweis Strategic Income Fund (the ldquoFundrdquo) generated a total return of 1873 outperforming the Bloomberg Barclays US Aggregate Bond Index (the ldquoBC Aggrdquo) which returned 071 over the same period (Please see standardized performance in the table following this review) The Fund also outperformed the Bloomberg Barclays US Universal Bond Index (the ldquoBC Univrdquo) which returned 295 over the same period1

Market Review

During the past twelve months the performance of the investment grade and high yield bond markets diverged substantially Both started the period well buoyed by the Fedrsquos decisions last March to lower short-term rates to zero and initiate a massive round of quantitative easing (ldquoQErdquo) But the investment grade market finished the period roughly flat as it was unable to overcome the headwinds created by rising Treasury yields during the fourth fiscal quarter High yield bonds on the other hand performed well as they tend to track the equity markets which also had a strong fiscal year

Portfolio Review

For the twelve months ending March 31 2021 the Fund significantly outperformed the BC Univ driven primarily by beneficial sector allocation and secondarily by issue selection These relative gains were somewhat offset by duration management

Sector allocation was the largest contributor to the Fundrsquos relative results adding 1300 basis points Our significant overweight to high yield (71 for the Fund vs 5 for the index) was a boon to relative performance as the high yield market did well during the period Our allocation to equity-sensitive convertibles also provided a substantive boost over the benchmark

Issue selection also produced a solid contribution to our outperformance during the period adding over 520 basis points Most of the value added came from our high yield bonds though our investment grade picks also gave us a further leg up Overall the Fund generated gains in all sectors and double-digit returns in most boosting both absolute and relative results

During the past four quarters corporate bonds which make up the majority of the Fund generally fared better on the long end As the Fund continued to focus on shorter term securities and a more defensive position compared to the benchmark our duration management detracted from relative returns

Although the economy is improving as we emerge from the pandemic we continue to take a cautious approach The high yield market is not cheap so rather than stretch for yield in lower quality companies or longer maturity paper we are focusing on higher quality companies and bonds with shorter to medium maturities Our healthy combination of short-term positions and cash gives us the flexibility to acquire attractive bonds when opportunities present themselves

The Osterweis Strategic Income Fund may invest in debt securities that are un-rated or rated below investment grade Lower-rated securities may present an increased possibility of default price volatility or illiquidity compared to higher-rated securities The Fund may invest in foreign and emerging market securities which involve greater volatility and political economic and currency risks and differences in accounting methods Investments in debt securities typically decrease in value when interest rates rise This risk is usually greater for longer-term debt securities Small- and mid-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies Higher turnover rates may result in increased transaction costs which could impact performance From time to time the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk The Fund may invest in municipal securities which are subject to the risk of default

1 The Bloomberg Barclays US Universal Bond Index is used in the above fixed income analysis as its investment universe more closely resembles that of the Fundrsquos fixed income holdings

$10000

$13000

$16000

$19000

$22000

$25000

$28000

$31000

$34000 Osterweis Strategic Income Fund $32225 Bloomberg Barclays US Aggregate Bond Index $21440

(August 30 2002) Osterweis Strategic Income Fund 1873 478 619 481 584 650 Bloomberg Barclays US Aggregate Bond Index 071 465 310 344 429 419 GrossNet Expense Ratio as of 3312020 087 1

1 As of most recent Prospectus dated June 30 2020 Please see the Fundrsquos Financial Highlights in this report for the most recent expense ratio

Strategic Income Fund | Fund Overview (Unaudited)

This chart illustrates the performance of a hypothetical $10000 investment made on August 30 2002 and is not intended to imply any future performance The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares The chart assumes reinvestment of capital gains dividends and return of capital if applicable for the Fund and dividends for an index

Asset Sector Allocation ( of Net Assets)

Corporate Bonds 788 Convertible Bonds 83 Consumer Staples 20 Convertible Preferred Stocks 14 Materials 06 Private Mortgage

Backed Obligations 03 Warrants 00^ Cash 86 Cash cash equivalents and

other assets less liabilities ^ Does not round to 01 or (01)

of net assets if applicable

Top Holdings ( of Net Assets) Consolidated Energy Finance SA 3934 20 Southeastern Grocers Inc 19 Avation Capital SA 8250 14 Caleres Inc 6250 14 Xerox Holdings Corp 5000 14 Donnelley Financial Solutions Inc 8250 14 American Airlines 2012-2 Class C

Pass Through Trust 4700 13 XPO Logistics Inc 6250 13 Michael Baker International LLC 8750 13 Navistar International Corp 6625 13

Total 147

_____________

_____________ _____________

_____________

Strategic Income Fund | Schedule of Investments at March 31 2021

Principal Shares Value Amount Value Common Stocks 26 Auto Components 33 (Continued)

Real Hero Merger Sub 2 Inc Food amp Staples Retailing 20 $23500000 6250 02012029 $ 24293125

7949377 Southeastern Grocers Inc 12 $ 101354557 174157942

61582000 Tops Holding Litigation Trust Proceeds 126 46248 Automobiles 19

101400805 Ford Motor Co 9000000 9625 04222030 12574305

Metals amp Mining 06 Ford Motor Credit Co LLC

823 Real Alloy Holding Inc 12 32902800 23405000 1048 (3 Month LIBOR Total Common Stocks USD + 0810) 04052021 3 23405000 (Cost $146373981) 134303605 7925000 3377 (3 Month LIBOR

USD + 3140) 01072022 3 8020331 Convertible Preferred Stocks 14 12051000 4250 09202022 12448442

10000000 4687 06092025 10632000 Media 03 Volkswagen Group of

196000 ViacomCBS Inc 5750 13161400 America Finance LLC 34000000 1141 (3 Month LIBOR Road amp Rail 11

USD + 0940) 11122021 3 34178263 490000 Daseke Inc 7625 59488936

101258341 Total Convertible Preferred Stocks

Banks 05 (Cost $60662000) 72650336

CIT Group Inc 26720000 5000 08152022 28161277 Principal

Amount Beverages 09 Bonds 874

Primo Water Holdings Inc Corporate Bonds 788 47745000 5500 04012025 3 49131992

Air Freight amp Logistics 14 Building Products 30

Cargo Aircraft Management Inc Builders FirstSource Inc $ 4590000 4750 02012028 4742044 13059000 6750 06012027 14022101

XPO Logistics Inc Griffon Corp 64500000 6250 05012025 69179475 45000000 5750 03012028 48015000

73921519 Patrick Industries Inc 39500000 7500 10152027 43203125 Airlines 21

PGT Innovations Inc American Airlines 2012-2 48405000 6750 08012026 51551325 Class C Pass Through Trust _____________

69540000 4700 06032021 69469973 156791551

United Airlines Holdings Inc Capital Markets 23 26346000 4250 10012022 26839988

Donnelley Financial Solutions Inc 12896000 5000 02012024 13113620

67379000 8250 10152024 70411055 109423581

Oppenheimer Holdings Inc Auto Components 33 49250000 5500 10012025 50973750

American Axle amp Manufacturing Inc 121384805 4900000 6250 04012025 5053125

Chemicals 39 16600000 6250 03152026 17023300 40000000 6875 07012028 42012000 Consolidated Energy Finance SA

103840000 3934 (3 Month LIBOR The Goodyear Tire amp Rubber Co USD + 3750) 06152022 3 102827380 25485000 5125 11152023 25604779

34500000 6875 06152025 35211563 53605000 9500 05312025 60171613

_____________

_____________ _____________

_____________

_____________ _____________

_____________

_____________ _____________

_____________

Principal Principal Amount Value Amount Value

Chemicals 39 (Continued) Construction Materials 11

INEOS Quattro Finance 2 PLC Cemex SAB de CV $32914000 3375 01152026 $ 32955142 $ 4750000 7375 06052027 $ 5385313

Olin Corp US Concrete Inc 1750000 5500 08152022 1830526 6567000 6375 06012024 6718862 6750000 9500 06012025 8336250 42607000 5125 03012029 43965098

19296000 5625 08012029 20836400 _____________ 56069273 201997261

Consumer Finance 18 Commercial Services amp Supplies 39 American Express Co

The Brinkrsquos Co 39000000 0717 (3 Month LIBOR 10000000 5500 07152025 10581250 USD + 0525) 05172021 3 39008090

GFL Environmental Inc Enova International Inc 11100000 5125 12152026 11711610 40000000 8500 09012024 41145800 19781000 8500 05012027 21820916 FirstCash Inc

KAR Auction Services Inc 15000000 4625 09012028 15395625 47718000 5125 06012025 48326405 95549515

Pitney Bowes Inc Distributors 10 44500000 7250 03152029 44117745

American Builders amp Contractors QuadGraphics Inc Supply Co Inc

29258000 7000 05012022 29008868 47314000 5875 05152026 48948935 RR Donnelley amp Sons Co 2468000 4000 01152028 2472171

22311000 8875 04152021 22478332 51421106 12928000 7000 02152022 13393602

Diversified Financial Services 17 201438728 Aviation Capital Group LLC

Communications Equipment 06 30000000 1141 (3 Month LIBOR Plantronics Inc USD + 0950) 06012021 3 30002325

30270000 5500 05312023 _____________ 14420000 30454950 0882 (3 Month LIBOR USD + 0670) 07302021 3 14405877 Computers amp Peripherals 36

5500000 5500 12152024 6154317 CPI CG Inc

Burford Capital Global Finance LLC 42825000 8625 03152026 44978669 38650000 6250 04152028 39664563

Dell International LLC EMC Corp 90227082 15441000 5875 06152021 15479603

Diversified Telecommunication Services 16 NCR Corp 34425000 5750 09012027 36490500 Lumen Technologies Inc

5750000 5000 10012028 5818281 57818000 6450 06152021 58294999 10000000 5125 04152029 10132050 22925000 5800 03152022 23756031

Xerox Holdings Corp 82051030 70000000 5000 08152025 72800000

Equity Real Estate Investment Trusts ndash REITS 21 185699103

Diversified Healthcare Trust Construction amp Engineering 23 26267000 6750 12152021 26595338

Michael Baker International LLC HAT Holdings I LLC 66404000 8750 03012023 67649075 HAT Holdings II LLC

41500000 5250 07152024 42930920 Tutor Perini Corp 4000000 6000 04152025 4225000 48644000 6875 05012025 50361133

Iron Mountain Inc 118010208 20000000 4500 02152031 19797000

Strategic Income Fund | Schedule of Investments at March 31 2021 (Continued)

_____________

Principal Amount Value

Equity Real Estate Investment Trusts ndash REITS 21 (Continued)

SL Green Operating Partnership LP $13150000 1174 (3 Month LIBOR

USD + 0980) 08162021 3 $ 13150431

106698689

Food amp Staples Retailing 37

CampS Group Enterprises LLC 39500000 5000 12152028 38512500

KeHE Distributors LLC KeHE Finance Corp

53420000 8625 10152026 59555020

SEG Holding LLC SEG Finance Corp

15000000 5625 10152028 15731250

United Natural Foods Inc 5000000 6750 10152028 5350000

US Foods Inc 38949000 6250 04152025 41805325 29354000 4750 02152029 29390692

190344787

Food Products 01

Simmons Food Inc Simmons 5000000 4625 03012029 5050100

Health Care Providers amp Services 25

AMN Healthcare Inc 5000000 4625 10012027 5121875

Centene Corp 54965000 5375 06012026 57545607 21913000 5375 08152026 23170806

Owens amp Minor Inc 36210000 4500 03312029 36436312

RP Escrow Issuer LLC 5000000 5250 12152025 5187500

127462100

Hotels Restaurants amp Leisure 29

Carnival Corp 4750000 11500 04012023 5451599

23616000 7625 03012026 25400189 9500000 5750 03012027 9777495

International Game Technology PLC 5000000 4125 04152026 5150400

NCL Corp Ltd 14750000 12250 05152024 17873312 15510000 3625 12152024 14666644

7000000 5875 03152026 7104230

Hotels Restaurants amp Leisure 29 (Continued)

Six Flags Entertainment Corp $31026000 4875 07312024 $ 31375042

Six Flags Theme Parks Inc 7500000 7000 07012025 8130713

Travel + Leisure Co 27111000 4250 03012022 27466832

152396456

Household Durables 26

Empire Communities Corp 47250000 7000 12152025 49907812

Installed Building Products Inc 6750000 5750 02012028 7077780

Mattamy Group Corp 24500000 5250 12152027 25709687

The New Home Co Inc 39250000 7250 10152025 40730118

Taylor Morrison Communities Inc 9500000 5750 01152028 10494413

133919810

Industrial Conglomerates 14

Icahn Enterprises LP Icahn Enterprises Finance Corp

24433000 6250 02012022 24494083 5635000 4750 09152024 5860400 7283000 6375 12152025 7537905

30872000 6250 05152026 32410660

70303048

IT Services 26

Alliance Data Systems Corp 15832000 4750 12152024 16277275 49250000 7000 01152026 52799694

KBR Inc 20000000 4750 09302028 20340000

Unisys Corp 43250000 6875 11012027 47466875

136883844

Machinery 40

Flowserve Corp 25855000 4000 11152023 27302304

Hillenbrand Inc 4000000 5750 06152025 4277500

Meritor Inc 13848000 6250 02152024 14127729

Navistar International Corp 64250000 6625 11012025 66741615

_____________

Machinery 40 (Continued)

Wabash National Corp $38641000 5500 10012025 $ 39651269

Welbilt Inc 55002000 9500 02152024 56755189 _____________

208855606 _____________ Media 11

Meredith Corp 25000000 6500 07012025 26900125 30630000 6875 02012026 31453181 _____________

58353306 _____________ Metals amp Mining 34

Century Aluminum Co 50000000 12000 07012025 53875000

Coeur Mining Inc 56000000 5125 02152029 53603200

Hecla Mining Co 49370000 7250 02152028 53011037

Real Alloy Holding Inc 14343157 10194 (3 Month LIBOR

USD + 10000) Cash or 12194 (3 Month LIBOR USD + 12000) PIK 05312023 13 14343157 _____________

174832394 _____________ Mortgage Real Estate

Investment Trusts ndash REITS 04

Starwood Property Trust Inc 20900000 5000 12152021 21226562

Oil Gas amp Consumable Fuels 36

Aker BP ASA 31475000 4750 06152024 32297357

Calumet Specialty Products Partners LP Calumet Finance Corp

28500000 11000 04152025 3 29995965

Genesis Energy LP Genesis Energy Finance Corp

51550000 7750 02012028 51629902

Global Partners LP GLP Finance Corp

30750000 7000 08012027 32498906

NGL Energy Operating LLC NGL Energy Finance Corp

7500000 7500 02012026 7709546

Targa Resources Partners LP Targa Resources Partners Finance Corp

31849000 4250 11152023 32059363

186191039

Paper amp Forest Products 07

Resolute Forest Products Inc $34750000 4875 03012026 $ 34880312

Pharmaceuticals 09

Bayer US Finance II LLC 44975000 0831 (3 Month LIBOR

USD + 0630) 06252021 3 45009689

Professional Services 02

Korn Ferry 9600000 4625 12152027 3 9816000

Specialty Retail 32

Caleres Inc 72713000 6250 08152023 73440130

Ken Garff Automotive LLC 49795000 4875 09152028 49838571

Penske Automotive Group Inc 19734000 3500 09012025 20223403 13170000 5500 05152026 13577282

Rent-A-Center IncTX 9250000 6375 02152029 9828125

166907511

Textiles Apparel amp Luxury Goods 03

The William Carter Co 13000000 5500 05152025 13889460

3000000 5625 03152027 3174375

17063835

Thrifts amp Mortgage Finance 29

Nationstar Mortgage Holdings Inc 13250000 6000 01152027 13769665 19350000 5500 08152028 19464649

9500000 5125 12152030 9347620

PennyMac Financial Services Inc 56030000 5375 10152025 58147934

United Wholesale Mortgage LLC 47500000 5500 11152025 49578125

150307993

Trading Companies amp Distributors 21

Avation Capital SA 91500000 8250 Cash or 9000

PIK 10312026 3 73989188

Herc Holdings Inc 9500000 5500 07152027 10127713

WESCO Distribution Inc 15125000 7125 06152025 16559228

9750000 7250 06152028 10923949

111600078

_____________

Convertible Bonds 83

Transportation Infrastructure 05

Signature Aviation US Holdings Inc $25600000 4000 03012028 $ 26076416

Wireless Telecommunication Services 07

T-Mobile USA Inc 8295000 6000 03012023 8357213

30000000 6000 04152024 30262500 _____________ 38619713 _____________

Total Corporate Bonds (Cost $3996378960) 4099948552

Aerospace amp Defense 02

Parsons Corp 10000000 0250 08152025

Airlines 03

Southwest Airlines Co 8750000 1250 05012025

Auto Components 03

Horizon Global Corp 19287000 2750 07012022

Automobiles 03

Ford Motor Co 14500000 0000 03152026

Construction amp Engineering 07

Tutor Perini Corp 35865000 2875 06152021

Consumer Finance 01

EZCORP Inc 9750000 2375 05012025

Electronic Equipment Instruments amp Components 04

OSI Systems Inc 19300000 1250 09012022

Energy Equipment amp Services 06

Newpark Resources Inc 30180000 4000 12012021

Entertainment 02

Live Nation Entertainment Inc 8500000 2000 02152025

Health Care Equipment amp Supplies 09

CONMED Corp 8755000 2625 02012024

11025000

15066406

18511700

14717500

36380559

7988906

20904313

30029100

9456250

13728888

Health Care Equipment amp Supplies 09 (Continued)

Haemonetics Corp $17750000 0000 03012026 $ 16906875

Integra LifeSciences Holdings Corp 13000000 0500 08152025 14519700

45155463

Health Care Technology 02

Tabula Rasa HealthCare Inc 8400000 1750 02152026 8526000

Carnival Corp 12575000 5750 04012023 35348325

NCL Corp Ltd 6835000 6000 05152024 15190787

50539112

Internet amp Direct Marketing Retail 03

Etsy Inc 6532000 0125 10012026 15476758

IT Services 02

Euronet Worldwide Inc 8680000 0750 03152049 9933175

Machinery 02

The Middleby Corp 7150000 1000 09012025 10094906

Pharmaceuticals 04

Jazz Investments I Ltd 6290000 1875 08152021 6451181 6000000 1500 08152024 6506250 6650000 2000 06152026 8570188

21527619

Real Estate Management amp Development 02

Colliers International Group Inc 4750000 4000 06012025 8745937

Semiconductors amp Semiconductor Equipment 02

Cree Inc 4051000 0875 09012023 7484425

Rambus Inc 5000000 1375 02012023 5981500

13465925

Software 13

Alteryx Inc 4647000 1000 08012026 4220057

Box Inc 5650000 0000 01152026 6423344

_____________

_____________ _____________

Software 13 (Continued)

Envestnet Inc $ 9490000 0750 08152025

FireEye Inc 20566000 1625 06012035

Rapid7 Inc 10000000 0250 03152027

Tyler Technologies Inc 6750000 0250 03152026

Zendesk Inc 8550000 0625 06152025

EZCORP Inc 16285000 2875 07012024

Total Convertible Bonds (Cost $356628450)

$ 9501806

20473629

9781250

7184531

11846880

69431497

15003371

431979497

Private Mortgage Backed Obligations 03

Diversified Financial Services 03

HAS Capital Income Opportunity Fund II

21807000 8000 12312024 (Cost $21807000 Acquisition Dates 06102016 09192016) 15 16913269

Total Private Mortgage Backed Obligations (Cost $21807000) 16913269

Total Bonds (Cost $4374814410) 4548841317

Warrants 00 7

Trading Companies amp Distributors 00 7

1601250 Aviation PLC Warrants (Expiration Date 10312026 Exercise Price 1145 GBp) 12 848561

Total Warrants (Cost $mdash) 848561

210176900 Morgan Stanley Institutional Liquidity Funds ndash Treasury Securities Portfolio 0010 4 210176900

LIBOR ndash London Interbank Offered Rate PIK ndash Payment In Kind USD ndash United States Dollar 1 Security is fair valued under the Board of Trustees and is

categorized as a Level 3 security Significant unobservable inputs were used to determine fair value

2 Non-income producing security 3 Variable rate security rate shown is the rate in effect on

March 31 2021 4 Annualized seven-day effective yield as of March 31 2021 5 Security considered restricted As of March 31 2021 the value of

the restricted securities was $16913269 or 03 of net assets 6 Not a readily marketable security 7 Does not round to 01 or (01)

____________________

Strategic Investment Fund | Portfolio Managersrsquo Review

Performance Summary

The Osterweis Strategic Investment Fund (the ldquoFundrdquo) generated a total return of 4315 for the twelve-month period ending March 31 2021 outperforming its blended benchmark composed of 60 SampP 500 Index (ldquoSampP 500rdquo) and 40 Bloomberg Barclays US Aggregate Bond Index (ldquoBC Aggrdquo) which returned 3171 over the same period (Please see standardized performance in the table following this letter) The Fund also outperformed a blended benchmark composed of 60 SampP 500 and 40 Bloomberg Barclays US Universal Bond Index (ldquoBC Univrdquo) which returned 3284 over the same period1

Market Review

The past twelve months have been an unusual period in the equity markets as stocks performed well despite a substantial slowdown in the economy due to Covid-19 The first three fiscal quarters were particularly challenging for industries that relied on in-person customers (brick and mortar retail travel entertainment etc) but they were a boon to technology companies that provided virtual products and services Shares of eCommerce and work-from-home stocks surged during the pandemic igniting a market rally that lasted throughout the entire fiscal year However the composition of the rally changed during the fourth fiscal quarter as vaccines became more widely available and the economy began to reopen Investors rotated out of the technology stocks that had outperformed during the pandemic and began focusing on cyclical companies that tend to do better when the economy is improving

The past year was more complicated in the fixed income markets as the performance of investment grade and high yield bonds diverged substantially Both started the period well buoyed by the Fedrsquos decisions last March to lower short-term rates to zero and initiate a massive round of quantitative easing (ldquoQErdquo) But the investment grade market finished the period roughly flat as it was unable to overcome the headwinds created by rising Treasury yields during the fourth fiscal quarter High yield bonds on the other hand performed well as they tend to track the equity markets

Portfolio Review

During the twelve-month period ending March 31 2021 on average 69 of the Fund was allocated to equities 29 to fixed income and the rest to cash Our equity allocation increased during the period from 63 to 71 while fixed income declined from 32 to 28 Our allocation among these asset classes gave the Fund a solid boost over the blended benchmark during the year

Equities

For the period the majority of our individual stocks delivered positive absolute returns but overall the equites in the Fund slightly trailed the SampP 500 Our security selection detracted somewhat from relative performance but our sector allocation was additive

Several sectors in the Fundrsquos equities outperformed the SampP 500 but those gains were offset by the sectors that lagged which accounted for the slightly negative impact from security selection On a relative basis our best performing sector was consumer staples which more than doubled the return of its counterpart in the SampP 500 In addition information technology utilities communication services and health care each delivered positive absolute and relative returns On the downside security selection in consumer discretionary industrials and financials detracted most from relative performance (though they each delivered very solid absolute returns during the period)

Sector allocation was modestly additive to relative performance We were substantially underweight consumer staples which materially lagged the return of the SampP 500 and we were materially overweight industrials which outperformed the SampP 500 both of which boosted our relative performance However we were underweight consumer discretionary which outperformed SampP 500 and we were materially overweight real estate which underperformed the equity index

____________________

Fixed Income

During the past fiscal year the fixed income portion of the Fund significantly outperformed the BC Univ driven primarily by beneficial sector allocation and secondarily by security selection These relative gains were dampened somewhat by duration management

Sector allocation was the largest contributor to the relative fixed income results The high yield sector performed well during the period buoyed by support from the Fed and a strong equity market Consequently our significant overweight to high yield (76 for the fixed income portion of the Fund vs 5 for the BC Univ) was a boon to relative performance Our allocation to equity-sensitive convertibles also provided a substantive boost over the fixed income benchmark

Issue selection also produced a solid contribution to our outperformance during the period Most of the value added came from our high yield bonds though our investment grade picks also gave us a further leg up

During the past four fiscal quarters corporate bonds which make up the majority of the Fundrsquos fixed income exposure generally fared better on the long end As we continued to focus on shorter term securities and a more defensive position compared to the fixed income index our duration management modestly detracted from relative returns

In our view the economic outlook appears favorable so we have been gradually reorienting toward more exposure to leading cyclical businesses likely to benefit from the recovery while also maintaining positions in long-term secular growers that have dominant market positions enjoy pricing power and operate in industries with great long-term tailwinds We have also focused on companies capable of raising dividends over time as this provides additional protection should inflation become a persistent problem

We continue to take a cautious approach to fixed income The high yield market is not cheap so rather than stretch for yield in lower quality companies or longer maturity paper we are focusing on higher quality companies and bonds with shorter to medium maturities Our short-term positions give us the flexibility to acquire attractive bonds when opportunities present themselves

The Osterweis Strategic Investment Fund may invest in small- and mid-capitalization companies which tend to have limited liquidity and greater price volatility than large-capitalization companies The Fund may invest in foreign and emerging market securities which involve greater volatility and political economic and currency risks and differences in accounting methods These risks may increase for emerging markets The Fund may invest in Master Limited Partnerships which involve risk related to energy prices demand and changes in tax code The Fund may invest in debt securities that are un-rated or rated below investment grade Lower-rated securities may present an increased possibility of default price volatility or illiquidity compared to higher-rated securities Investments in debt securities typically decrease in value when interest rates rise This risk is usually greater for longer-term debt securities Higher turnover rates may result in increased transaction costs which could impact performance From time to time the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk The Fund may also make investments in derivatives that may involve certain costs and risks such as liquidity interest rate market credit management and the risk that a position could not be closed when most advantageous Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used Investments in preferred securities have an inverse relationship with changes in the prevailing interest rate Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk prepayment risk possible illiquidity and default as well as increased susceptibility to adverse economic developments

middot middotmiddotmiddotmiddot middotmiddotmiddot middot middot

8 31 12

313 31 1

3 31 20

3 31 21

Strategic Investment Fund | Fund Overview (Unaudited)

Osterweis Strategic Investment Fund 1 Yr 3 Yr 5 Yr

4315 1259 1166 10 Yr 900

Since Inception (August 31 2010)

1019 60 SampP 500 Index40 Bloomberg Barclays US Aggregate Bond Index 3171 1224 1115 987 1082 SampP 500 Index 5635 1678 1629 1391 1575 Bloomberg Barclays US Aggregate Bond Index 071 465 310 344 317

$50000

$45000

$40000

$35000

$30000

$25000

$20000

$15000

$10000

The performance data quoted above represents past performance Past performance does not guarantee future results The investment return and principal value of an investment will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their original cost Current performance of the Fund may be lower or higher than the performance quoted Performance data current to the most recent month-end may be obtained by calling (866) 236-0050 Growth of $10K (Inception to 3312021)

SampP 500 Index $47009 60 SampP40 BC Agg $29662 Osterweis Strategic Investment Fund $27919 Bloomberg Barclays US Aggregate Bond Index $13916

This chart illustrates the performance of a hypothetical $10000 investment made on August 31 2010 and is not intended to imply any future performance The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares The returns reflect fee waivers in effect In the absence of such waivers total return would be reduced (See Note 3) The chart assumes reinvestment of capital gains dividends and return of capital if applicable for the Fund and dividends for an index

AssetSector Allocation ( of Net Assets)

Corporate Bond 217 Information Technology 125 Industrials 116 Financials 86 Consumer Discretionary 86 Health Care 70 Communication Services 70 Convertible Bond 53 Real Estate 43 Materials 38 Consumer Staples 28 Energy 25 Utilities 16 Convertible Preferred Stock 10 Private Mortgage

Backed Obligation 03 Warrants 00^ Cash 14 ^ Does not round to 01 or (01)

of net assets if applicable Cash cash equivalents and

other assets less liabilities Equities are classified by GICS sector Bonds are classified by bond type

Top Ten Equity Holdings ( of Net Assets) Microsoft Corp 43 Alphabet Inc ndash Class C 40 JPMorgan Chase amp Co 33 FedEx Corp 27 Sysco Corp 26 Chevron Corp 25 PS Business Parks Inc 24 Union Pacific Corp 23 The Home Depot Inc 23 Charter Communications Inc ndash Class A 21

Total 285

Top Ten Debt Holdings ( of Net Assets) Carnival Corp 5750 08 Donnelley Financial Solutions Inc 8250 07 Tutor Perini Corp 6875 07 Caleres Inc 6250 06 Consolidated Energy Finance SA 3934 06 Alliance Data Systems Corp 7000 05 Navistar International Corp 6625 05 Oppenheimer Holdings Inc 5500 05 Michael Baker International LLC 8750 05 RR Donnelley amp Sons Co 7000 04

Total 58

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

Shares Value Shares Value Common Stocks 703 Internet amp Direct Marketing Retail 12

605 Amazoncom Inc 1 $ 1871918 Aerospace amp Defense 30 ____________

12745 L3Harris Technologies Inc $ 2583157 IT Services 18

63405 Safran SA ndash ADR 2158306 13720 Visa Inc ndash Class A 2904936

4741463 ____________ Media 21

Air Freight amp Logistics 27 5401 Charter Communications Inc ndash Class A 1 3332525 14850 FedEx Corp 4217994 ____________

Metals amp Mining 04 Auto Components 12 17 Real Alloy Holding Inc 12 661200 13625 Aptiv PLC ndash ADR 1 1878887 ____________

Mortgage Real Estate Investment Trusts ndash REITS 20 Banks 47 56460 Hannon Armstrong Sustainable 13605 First Republic Bank 2268634

Infrastructure Capital Inc 3167406 33800 JPMorgan Chase amp Co 5145374

Multiline Retail 17 7414008 13515 Dollar General Corp 2738409

Chemicals 34 Oil Gas amp Consumable Fuels 25 10215 Air Products amp Chemicals Inc 2873888

38020 Chevron Corp 3984116 17295 International Flavors amp Fragrances Inc 2414555 Pharmaceuticals 37

5288443 ____________ 19275 Johnson amp Johnson 3167846

Commercial Services amp Supplies 21 30880 Novartis AG ndash ADR 2639623

30170 Waste Connections Inc 1 3257757 5807469

Road amp Rail 39 Electric Utilities 16 9945 Old Dominion Freight Line Inc 2390877 32750 NextEra Energy Inc 2476227

16690 Union Pacific Corp 3678643 Equity Real Estate Investment Trusts ndash REITS 44 6069520

18180 Crown Castle International Corp 3129324 Semiconductors amp Semiconductor Equipment 55 23985 PS Business Parks Inc 3707601

18810 Advanced Micro Devices Inc 1 1476585 6836925 17455 Analog Devices Inc 2706922 Food amp Staples Retailing 28 23255 Applied Materials Inc 3106868

18493 Southeastern Grocers Inc 12 235786 3940 Monolithic Power Systems Inc 1391647

52340 Sysco Corp 4121252 8682022

2292000 Tops Holding Litigation Trust Proceeds 126 1721 Software 51

4358759 28395 Microsoft Corp 6694689

10450 Zendesk Inc 1 1385879 Health Care Equipment amp Supplies 33 8080568 13365 Danaher Corp 3008194

Specialty Retail 44 5330 Teleflex Inc 2214402 12035 The Home Depot Inc 3673684 5222596 27250 Ross Stores Inc 3267547

Insurance 19 6941231

31440 The Progressive Corp 3005978 Wireless Telecommunication Services 09

Interactive Media amp Services 40 11640 T-Mobile US Inc 1 1458376

3007 Alphabet Inc ndash Class C 1 6220370 Total Common Stocks (Cost $67696010) 110619103

Strategic Investment Fund | Schedule of Investments at March 31 2021

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

Strategic Investment Fund | Schedule of Investments at March 31 2021 (Continued)

Principal Shares Value Amount Value Convertible Preferred Stocks 10 Chemicals 10

Media 02 Consolidated Energy Finance SA $1000000 3934 (3 Month LIBOR

4000 ViacomCBS Inc 5750 $ 268600 USD + 3750) 06152022 3 $ 990248

Road amp Rail 08 Olin Corp 10000 Daseke Inc 7625 3 1214060 250000 9500 06012025 308750

250000 5625 08012029 269958 Total Convertible Preferred Stocks

1568956 (Cost $1238000) 1482660 ____________

Commercial Services amp Supplies 17 Principal Amount GFL Environmental Inc Bonds 273 220000 5125 12152026 232122 Corporate Bonds 217 270000 8500 05012027 297844

KAR Auction Services Inc Air Freight amp Logistics 04

500000 5125 06012025 506375 Cargo Aircraft Management Inc

Pitney Bowes Inc $ 124000 4750 02012028 128107

500000 7250 03152029 495705 XPO Logistics Inc

QuadGraphics Inc 500000 6250 05012025 536275

121000 7000 05012022 119970 664382

RR Donnelley amp Sons Co Airlines 03 250000 8875 04152021 251875

American Airlines 2012-2 676000 7000 02152022 700346 Class C Pass Through Trust 2604237

460000 4700 06032021 459537 Communications Equipment 03

Auto Components 10 Plantronics Inc

American Axle amp Manufacturing Inc 500000 5500 05312023 503055 100000 6250 04012025 103125 400000 6250 03152026 410200 Computers amp Peripherals 08

The Goodyear Tire amp Rubber Co CPI CG Inc 500000 9500 05312025 561250 500000 8625 03152026 525145

Real Hero Merger Sub 2 Inc NCR Corp 500000 6250 02012029 516875 450000 5750 09012027 477000

1591450 ____________ 250000 5000 10012028 252969

1255114 Automobiles 04 ____________

Ford Motor Co Construction amp Engineering 11 500000 9625 04222030 698572 Michael Baker International LLC

Building Products 05 700000 8750 03012023 713125

Patrick Industries Inc Tutor Perini Corp 500000 7500 10152027 546875 1000000 6875 05012025 1035300

1748425 PGT Innovations Inc ____________ 250000 6750 08012026 266250 Construction Materials 05

813125 Cemex SAB de CV

Capital Markets 12 250000 7375 06052027 283437

Donnelley Financial Solutions Inc US Concrete Inc 1000000 8250 10152024 1045000 500000 5125 03012029 515938

Oppenheimer Holdings Inc 799375 750000 5500 10012025 776250

1821250

____________ ____________

____________

____________ ____________

____________

Distributors 01 Industrial Conglomerates 05

American Builders amp Contractors Icahn Enterprises LP Supply Co Inc Icahn Enterprises Finance Corp

$ 139000 4000 01152028 $ 139235 $ 280000 6250 02012022 $ 280700 500000 6250 05152026 524920

Diversified Financial Services 02 805620

Burford Capital Global Finance LLC 250000 6250 04152028 3 256562 IT Services 09

Alliance Data Systems Corp Equity Real Estate Investment Trusts ndash REITS 04 750000 7000 01152026 804056

HAT Holdings I LLC Unisys Corp HAT Holdings II LLC

500000 6875 11012027 548750 500000 5250 07152024 517240 ____________ 1352806 SL Green Operating Partnership LP ____________

150000 1174 (3 Month LIBOR Machinery 09 USD + 0980) 08162021 3 150005

Flowserve Corp 667245 ____________ 145000 4000 11152023 153117

Food amp Staples Retailing 12 Meritor Inc 194000 6250 02152024 197919 CampS Group Enterprises LLC

500000 5000 12152028 487500 Navistar International Corp 750000 6625 11012025 779085 KeHE Distributors LLC

KeHE Finance Corp Welbilt Inc 576000 8625 10152026 642151 300000 9500 02152024 309562

United Natural Foods Inc 1439683 250000 6750 10152028 267500

Media 02 US Foods Inc

Meredith Corp 500000 4750 02152029 500625 240000 6875 02012026 246450

1897776 Metals amp Mining 08

Health Care Providers amp Services 02 Coeur Mining Inc

Owens amp Minor Inc 500000 5125 02152029 478600 250000 4500 03312029 251563

Hecla Mining Co Hotels Restaurants amp Leisure 07 500000 7250 02152028 536875

Carnival Corp Real Alloy Holding Inc 250000 11500 04012023 286926 243104 10194 (3 Month LIBOR 500000 5750 03012027 514605 USD + 10000) Cash or

12194 (3 Month LIBOR NCL Corp Ltd USD + 12000) PIK 05312023 2 243104 250000 12250 05152024 302938 ____________

1258579 1104469 ____________

Oil Gas amp Consumable Fuels 11 Household Durables 08 Aker BP ASA Empire Communities Corp

250000 4750 06152024 256532 250000 7000 12152025 264062 Calumet Specialty Products Partners Mattamy Group Corp LP Calumet Finance Corp 500000 5250 12152027 524688

500000 11000 04152025 526245 The New Home Co Inc

Genesis Energy LP 500000 7250 10152025 518855 Genesis Energy Finance Corp

1307605 450000 7750 02012028 450697

____________ ____________

____________

____________ ____________ ____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

Oil Gas amp Consumable Fuels 11 (Continued) Transportation Infrastructure 03

Global Partners LP Signature Aviation US Holdings Inc GLP Finance Corp $ 400000 4000 03012028 $ 407444

$ 500000 7000 08012027 $ 528438 Total Corporate Bonds

1761912 ____________ (Cost $32659243) 34029317

Paper amp Forest Products 02 Convertible Bonds 53

Resolute Forest Products Inc 250000 4875 03012026 250938 ____________ Airlines 03

Pharmaceuticals 02 Southwest Airlines Co 250000 1250 05012025 430469 Bayer US Finance II LLC ____________

250000 0831 (3 Month LIBOR Auto Components 03 USD + 0630) 06252021 3 250193

Horizon Global Corp Professional Services 03 480000 2750 07012022 460705

Korn Ferry Automobiles 03 500000 4625 12152027 511250

Ford Motor Co Specialty Retail 13 500000 NA 03152026 7 507500

Caleres Inc Construction amp Engineering 02 1000000 6250 08152023 1010000

Tutor Perini Corp Ken Garff Automotive LLC 250000 2875 06152021 253594

500000 4875 09152028 500437 Consumer Finance 01

Rent-A-Center IncTX 500000 6375 02152029 531250 EZCORP Inc

250000 2375 05012025 204844 2041687 Electronic Equipment Textiles Apparel amp Luxury Goods 02

Instruments amp Components 01 The William Carter Co

OSI Systems Inc 250000 5500 05152025 267105 230000 1250 09012022 249119

Thrifts amp Mortgage Finance 11 Energy Equipment amp Services 01

Nationstar Mortgage Holdings Inc Newpark Resources Inc 250000 6000 01152027 259805

241000 4000 12012021 239795 500000 5125 12152030 491980 Health Care Equipment amp Supplies 03 PennyMac Financial Services Inc

500000 5375 10152025 518900 CONMED Corp 175000 2625 02012024 274421 United Wholesale Mortgage LLC

500000 5500 11152025 521875 ____________ Haemonetics Corp 250000 0000 03012026 5 238125 1792560 ____________

512546 Trading Companies amp Distributors 09 Hotels Restaurants amp Leisure 10 Avation Capital SA

500000 8250 Cash or 9000 Carnival Corp PIK 10312026 3 404312 425000 5750 04012023 1194675

Herc Holdings Inc NCL Corp Ltd 500000 5500 07152027 533037 160000 6000 05152024 355600

WESCO Distribution Inc 1550275 250000 7125 06152025 273707

Internet amp Direct Marketing Retail 01 250000 7250 06152028 280101

Etsy Inc 1491157 44000 0125 10012026 104252

____________

____________ ____________

____________

Warrants 00 8IT Services 03

Euronet Worldwide Inc Trading Companies amp Distributors 00 8

$ 370000 0750 03152049 $ 423419 $ 8750 Aviation PLC Warrants

Machinery 03 (Expiration Date 10312026 Exercise Price 1145 GBp) 12 $ 4637 The Middleby Corp ____________

350000 1000 09012025 494156 ____________ Total Warrants (Cost $mdash) 4637 Pharmaceuticals 03 ____________

Jazz Investments I Ltd 350000 2000 06152026 451063 Shares

Short-Term Investments 12 Real Estate Management amp Development 03

Colliers International Group Inc Money Market Funds 12 250000 4000 06012025 460312 ____________ 1957055 Federated Hermes US Treasury

Cash Reserves ndash Class I 0010 4 1957055 Semiconductors amp Semiconductor Equipment 01 ____________

Cree Inc Total Money Market Funds (Cost $1957055) 1957055 60000 0875 09012023 110853 ____________

Software 09 Total Short-Term Investments (Cost $1957055) 1957055

Rapid7 Inc 500000 0250 03152027 489062 Total Investments in Securities 998

(Cost $110579036) 156928993 Tyler Technologies Inc 250000 0250 03152026 266094 Other Assets in Excess of Liabilities 02 347922

Total Net Assets 1000 $157276915 Zendesk Inc ____________ 450000 0625 06152025 623520

1378676 ____________ ADR ndash American Depositary Receipt LIBOR ndash London Interbank Offered Rate PIK ndash Payment In Kind

EZCORP Inc USD ndash United States Dollar

550000 2875 07012024 506715 1 Non-income producing security Total Convertible Bonds 2 Security is fair valued under the Board of Trustees and is (Cost $6386728) 8338293 categorized as a Level 3 security Significant unobservable inputs

were used to determine fair value Private Mortgage Backed Obligations 03 3 Variable rate security rate shown is the rate in effect on March 31

2021 Diversified Financial Services 03 4 Annualized seven-day effective yield as of March 31 2021

5 Security considered restricted As of March 31 2021 the value of HAS Capital Income the restricted securities was $497928 or 03 of net assets Opportunity Fund II

6 Not a readily marketable security 642000 8000 12312024 7 Zero coupon security (Cost $642000 Acquisition Dates 8 Does not round to 01 or (01) as applicable 06102016 09192016) 25 497928

Total Bonds (Cost $39687971) 42865538

____________________

Emerging Opportunity Fund | Portfolio Managersrsquo Review

Performance Summary

For the period of April 1 2020 to March 31 2021 the Osterweis Emerging Opportunity Fund (the ldquoFundrdquo) generated a total return of 11127 outperforming the Russell 2000 Growth Index (the ldquoRussellrdquo) which returned 9020 over the same period (Please see standardized performance in the table following this review)

Market Review

Despite the economic slowdown triggered by Covid-19 the past fiscal year has been a very favorable stretch for small cap stocks The widespread adoption of social distancing that began last spring substantially increased demand for a variety of virtual services (eCommerce remote working online meetings etc) which benefitted many smaller technology providers ndash particularly during the first three fiscal quarters Small cap growth stocks performed very well until the end of 2020 but the rally began to fade during the fourth fiscal quarter as vaccines became more widely available and investors pivoted to more cyclical companies that directly benefitted from the economic recovery

Portfolio Review

During the twelve months ending March 31 2021 the Fund outperformed the Russell primarily due to stock selection Our top four sectors by weight (representing 87 of the portfolio) posted strong positive absolute and relative performance Our best performing sector was consumer discretionary followed by industrials information technology and health care all of which delivered triple digit returns Two of our top five performing stocks were from the consumer discretionary sector The remaining three came from information technology health care and industrials

Sector allocation was also additive to performance We were materially overweight consumer discretionary firms the second best performing sector in the Russell In addition we were underweight health care and utilities both of which lagged the return of the index

On the downside the biggest detractor from relative performance was security selection in financials Those stocks delivered positive absolute performance but they lagged the index Only consumer staples delivered both negative absolute and relative returns (though we only held one stock in this sector so the impact was negligible) Four of our bottom five performers were from health care The fifth was from financials

The fund also maintained an average cash position of 84 which allowed us the flexibility to add new names rapidly when attractive opportunities presented themselves

Going forward we expect the economy will continue to improve further reducing demand for virtual services and reviving some of the industries hit hardest by the pandemic We have cut our exposure to work-from-home stocks by about half and added growth companies whose share prices are more sensitive to near-term profitability than to longer term financial projections We have also added companies that have a cyclical dimension to their business Investing in these types of companies will allow us to take advantage of the so-called ldquoreopening traderdquo while we continue adding secular growth companies that are well positioned to capitalize on long-term structural shifts in the economy

Mutual Fund investing involves risk Principal loss is possible

The Osterweis Emerging Opportunity Fund may invest in unseasoned companies which involve additional risks such as abrupt or erratic price movements The Fund may invest in small and mid-sized companies which may involve greater volatility than large-sized companies The Fund may invest in IPOs and unseasoned companies that are in the early stages of their development and may pose more risk compared to more established companies The Fund may invest in ETFs which involve risks that do not apply to conventional Funds Higher turnover rates may result in increased transaction costs which could impact performance From time to time the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk The Fund may invest in foreign and emerging market securities which involve greater volatility and political economic and currency risks and differences in accounting methods These risks may increase for emerging markets

Short-term Fund performance may not be sustainable for the long-term

Emerging Opportunity Fund | Fund Overview (Unaudited)

1 Yr 3 Yr 5 Yr Since Inception

(October 1 2012) Osterweis Emerging Opportunity Fund 11127 2945 2829 2070 Russell 2000 Growth Index 9020 1716 1861 1527

The performance data quoted above represents past performance Past performance does not guarantee future results The investment return and principal value of an investment will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their original cost Current performance of the Fund may be lower or higher than the performance quoted Performance data current to the most recent month-end may be obtained by calling (866) 236-0050 Performance prior to December 1 2016 is that of another investment vehicle (the ldquoPredecessor Fundrdquo) before the commencement of the Fundrsquos operations The Predecessor Fund was converted into the Fund on November 30 2016 The Predecessor Fundrsquos performance shown includes the deduction of the Predecessor Fundrsquos actual operating expenses In addition the Predecessor Fundrsquos performance shown has been recalculated using the management fee that applies to the Fund which has the effect of reducing the Predecessor Fundrsquos 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 Fundrsquos performance may have been lower Growth of $10K (Inception to 3312021)

$10000

$15000

$20000

$25000

$30000

$35000

$40000

$45000

$50000

$55000 Osterweis Emerging Opportunity Fund $49446

Russell 2000 Growth Index $33457

Health Care 278 Information Technology 253 Consumer Discretionary 192 Industrials 120 Financials 48 Real Estate 36 Communication Services 11 Cash 62 Cash cash equivalents and

other assets less liabilities

Top Ten Equity Holdings ( of Net Assets) Meta Financial Group Inc 48 Brooks Automation Inc 45 Marriott Vacations Worldwide Corp 45 Kornit Digital Ltd 39 FirstService Corp 36 Floor amp Decor Holdings Inc 35 Five9 Inc 33 Insulet Corp 33 Spirit Airlines Inc 33 Bio-Techne Corp 30

Total 377

____________

____________ ____________ ____________

____________

____________ ____________ ____________

____________ ____________

____________

____________ ____________

____________

Emerging Opportunity Fund | Schedule of Investments at March 31 2021

Aerospace amp Defense 48 23020 Etsy Inc 1 $ 4642443

18520 Fiverr International Ltd 1 4022174 33825 Axon Enterprise Inc 1 $ 4817357 ____________ 8664617 230740 Kratos Defense amp Security ____________

Solutions Inc 1 6294587 ____________ Leisure Products 15 11111944 ____________ 86945 Callaway Golf Co 2325779

Airlines 33 13480 Malibu Boats Inc ndash Class A 1 1074086

205080 Spirit Airlines Inc 1 7567452 ____________ 3399865

Biotechnology 79 Life Sciences Tools amp Services 30

53890 ALX Oncology Holdings Inc 1 3973849 18245 Bio-Techne Corp 6968313

100691 Iovance Biotherapeutics Inc 1 3187877 Machinery 39 19650 Mirati Therapeutics Inc 1 3366045 92405 Kornit Digital Ltd 1 9159184

130055 Replimune Group Inc 1 3967978 Real Estate Management amp Development 36 39755 Turning Point Therapeutics Inc 1 3760425 56525 FirstService Corp 8376440

18256174 Semiconductors amp Semiconductor Equipment 111

Diversified Consumer Services 20 128480 Brooks Automation Inc 10490392

55365 Chegg Inc 1 4742566 22970 Inphi Corp 1 4098077

Diversified Telecommunication Services 11 29985 MKS Instruments Inc 5559819 20205 Bandwidth Inc ndash Class A 1 2560782 ____________ 83852 Onto Innovation Inc 1 5509915

Health Care Equipment amp Supplies 104 25658203

86685 Eargo Inc 1 4329916 Software 143 29370 Insulet Corp 1 7663220 17740 Avalara Inc 1 2367048

559510 SmileDirectClub Inc ndash Class A 1 5768548 59505 Cerence Inc 1 5330458 72095 Tandem Diabetes Care Inc 1 6362384 ____________ 33445 CyberArk Software Ltd 1 4325776

24124068 ____________ 35525 Everbridge Inc 1 4304920

Health Care Providers amp Services 55 49640 Five9 Inc 1 7760221

131175 Accolade Inc 1 5951410 72225 Rapid7 Inc 1 5388707

150365 Progyny Inc 1 6692746 ____________ 61950 Sprout Social Inc ndash Class A 1 3578232 12644156 33055362

Health Care Technology 10 Specialty Retail 35

235775 Hudson Executive Investment 85990 Floor amp Decor Holdings Inc 1 8210325 Corp ndash Class A 1 2338888

Thrifts amp Mortgage Finance 48 Hotels Restaurants amp Leisure 84

245010 Meta Financial Group Inc 11101403 59580 Marriott Vacations Worldwide Corp 10377644

Total Common Stocks 54335 Planet Fitness Inc ndash Class A 1 4200095 (Cost $176353473) 217300981 37615 Wingstop Inc 4783500

19361239

____________

____________ ____________

1 Non-income producing security 2 Annualized seven-day effective yield as of March 31 2021

Emerging Opportunity Fund | Schedule of Investments at March 31 2021 (Continued)

Total Return Fund | Portfolio Managersrsquo Review

Performance Summary

For the twelve-month period ending March 31 2021 the Osterweis Total Return Fund (the ldquoFundrdquo) generated a total return of 425 outperforming the Bloomberg Barclays US Aggregate Bond Index (the ldquoBC Aggrdquo) which returned 071 over the same period

Market Review

During the past twelve months the investment grade (ldquoIGrdquo) fixed income market was dominated by the economic and policy repercussions of the coronavirus pandemic In the first fiscal quarter IG bonds experienced a strong recovery following the deep selloff in March Unprecedented support from both the Federal Reserve (the ldquoFedrdquo) and Congress reversed investor sentiment and restored market confidence IG spreads tightened considerably nearly approaching pre-pandemic levels Markets continued to normalize during both the second and third fiscal quarters as both corporate and mortgage spreads continued to tighten Throughout the period the Fed kept short rates near zero and 10-year Treasury yields hovered near all-time lows

The fourth fiscal quarter marked a turning point as widespread distribution of the Covid-19 vaccine and the $19 trillion fiscal stimulus program revived some of the sectors hit hardest by the pandemic The improving economy increased investor appetite for risk assets and stoked concerns about inflation triggering a selloff in Treasuries Yields on the 10-year note rose 83 basis points during the quarter generating significant losses for the BC Agg

Portfolio Review

During the first fiscal quarter the Fund outperformed the index as it was underweight Treasuries which lagged both corporates and Mortgage-Backed Securities Additionally the Fund realized significant outperformance versus the mortgage portion of the index due to security selection Our corporate position which also provided a significant portion of our return oscillated between index weighting to slightly overweight throughout the quarter

During the second fiscal quarter the Fund outperformed the BC Agg primarily due to security selection within corporates and MBS Additionally the Fund was slightly overweight corporates and substantially underweight Treasuries which also boosted its relative performance

During the third fiscal quarter the Fund outperformed the index due to all three primary sources for alpha generation ndash duration management sector allocation and security selection Duration hedging reduced the overall risk in the fund and added substantial value against a Treasury index that posted a negative return for the quarter Our underweight to Treasuries and overweight to corporate bonds also contributed to our outperformance with current coupon MBS also adding some incremental return Security selection in corporates was also a strong contributor to performance as our holdings in this sector outperformed the corporate index

During the fourth fiscal quarter our duration management security selection and sector allocation once again pushed the Fund ahead of the benchmark Specifically our overweight to mortgages versus Treasuries as well as the performance of our mortgage and corporate assets versus their respective indices were additive to performance Finally our interest rate hedges prevented realization of greater losses

____________________

Looking ahead we believe the fixed income market in the near-to-medium term will be driven primarily by inflation expectations and concerns about higher rates In our view these concerns are warranted as we feel the current wave of monetary and fiscal stimulus could have a very different impact on the economy than was experienced during prior rounds of quantitative easing We believe the risk of higher rates mandates a shorter duration profile across all asset classes which we currently maintain

The Osterweis Total Return Fund may invest fixed income securities which are subject to credit default extension interest rate and prepayment risks It may also make investments in derivatives that may involve certain costs and risks such as liquidity interest rate market credit management and the risk that a position could not be closed when most advantageous The Fund may invest in debt securities that are un-rated or rated below investment grade Lower-rated securities may present an increased possibility of default price volatility or illiquidity compared to higher-rated securities Investments in foreign and emerging market securities involve greater volatility and political economic and currency risks and differences in accounting methods These risks may increase for emerging markets Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used Investments in preferred securities have an inverse relationship with changes in the prevailing interest rate Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk prepayment risk possible illiquidity and default as well as increased susceptibility to adverse economic developments It may also make investments in derivatives that may involve certain costs and risks such as liquidity interest rate market credit management and the risk that a position could not be closed when most advantageous The Fund may invest in municipal securities which are subject to the risk of default

8 8 11

Total Return Fund | Fund Overview (Unaudited)

1 Yr 3 Yr Since Inception

(December 30 2016) Osterweis Total Return Fund 425 425 384 Bloomberg Barclays US Aggregate Bond Index 071 465 375 Bloomberg Barclays US Aggregate Bond 1-3 Year Index 119 295 223 ICE BofAML 3-Month Treasury Bill Index 012 149 134

$10000

$10500

$11000

$11500

$12000

$12500

$13000 Osterweis Total Return Fund $11734

ICE BofA Merrill Lynch 3 Month Treasury Bill $10582

Bloomberg Barclays US Aggregate Bond Index $11695 Bloomberg Barclays US Aggregate 1-3 Year Index $10982

This chart illustrates the performance of a hypothetical $10000 investment made on December 30 2016 and is not intended to imply any future performance The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares The returns reflect fee waivers in effect In the absence of such waivers total return would be reduced (See Note 3) The chart assumes reinvestment of capital gains dividends and return of capital if applicable for the Fund and dividends for an index

Asset Allocation ( of Net Assets)

Mortgage Backed Securities 396 Corporate Bonds 378 Asset Backed Securities 89 United States

Government Securities 37 Cash 100 Cash cash equivalents and

Top Ten Debt Holdings ( of Net Assets) Federal National Mortgage Association amp

Federal Home Loan Mortgage Corporation 30 Year Fixed Rate TBA Series FNCL 25 421 2500 146

Federal National Mortgage Association amp Federal Home Loan Mortgage Corporation 30 Year Fixed Rate TBA Series Pool FNCL 3 421 3000 50

Federal National Mortgage Association amp Federal Home Loan Mortgage Corporation 30 Year Fixed Rate TBA Series FNCL 2 421 2000 47

United States Treasury NoteBond 0250 19 United States Treasury NoteBond 0375 19 Morgan Stanley 4350 16 CF Hippolyta LLC Series SORT

2021-1A B1 1980 14 Verizon Communications Inc 0750 14 ATampT Inc 0900 13 CLI Funding VIII LLC 1640 12

Total 350

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

Principal Principal Amount Value Amount Value Bonds 900 Banks 50 (Continued) Corporate Bonds 378

Standard Chartered PLC $ 1000000 3265 (5 Year CMT Aerospace amp Defense 17

Rate + 2300) 02182036 $ 971752 The Boeing Co

SVB Financial Group $ 1000000 1433 02042024 $ 1001843 1000000 4100 (10 Year CMT 1525000 3625 02012031 1596246

Rate + 3064) 02152031 16 1006875 Textron Inc

10504011 1000000 2450 03152031 969774 Capital Markets 40 3567863

Blackstone Holdings Finance Co LLC Air Freight amp Logistics 04 1005000 2500 01102030 16 1019807

American Airlines 2019-1 The Charles Schwab Corp

Class B Pass Through Trust 1000000 4000 (10 Year CMT 906385 3850 02152028 826547 Rate + 3079) 12012030 16 982900

Airlines 10 Deutsche Bank AGNew York NY Air Canada 2020-2 Class A 1000000 2129 (SOFR + 1870)

Pass Through Trust 11242026 1002674 1000000 5250 04012029 1076967 1000000 3729 (SOFR + 2757)

01142032 1 974383 British Airways 2020-1 Class A

Morgan Stanley Pass Through Trust 3000000 4350 09082026 3393612 991295 4250 11152032 1041800

State Street Corp 2118767 1000000 3031 (SOFR + 1490)

Automobiles 15 11012034 1 1032775 General Motors Financial Co Inc 8406151

General Motors Co Juniper Networks Inc 1000000 6125 10012025 1176617

1000000 2000 12102030 921108 3139161

Chemicals 14 Banks 50

LYB International Finance III LLC Australia amp New Zealand 1000000 1250 10012025 987820

Banking Group Ltd 1000000 3625 04012051 984909 1000000 2570 (5 Year CMT

PPG Industries Inc Rate + 1700) 11252035 940350 1000000 1200 03152026 983089

Bank of America Corp 2955818 1500000 4250 10222026 1681915

Computers amp Peripherals 04 Barclays PLC 1000000 1007 (1 Year CMT Apple Inc

1000000 2375 02082041 928027 Rate + 0800) 12102024 1000741 ____________

HSBC Holdings PLC Diversified Financial Services 30 1000000 4600 (5 Year CMT Aviation Capital Group LLC

Rate + 3649) 12172030 16 989750 1200000 0882 (3 Month LIBOR JPMorgan Chase amp Co USD + 0670) 07302021 1 1198824

1900000 3522 (3 Month LIBOR 1000000 5500 12152024 1118966 USD + 3320) 07012021 16 1893825 2000000 1950 01302026 1949080

1000000 3682 (3 Month LIBOR Avolon Holdings Funding Ltd USD + 3470) 04302021 16 1000537 1000000 2125 02212026 956546

1000000 2956 (SOFR + 2515) 1000000 4250 04152026 1047898 05132031 1 1018266 6271314

Total Return Fund | Schedule of Investments at March 31 2021

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

____________ ____________

____________

Total Return Fund | Schedule of Investments at March 31 2021 (Continued)

Diversified Telecommunication Services 43 Oil Gas amp Consumable Fuels 23

ATampT Inc Enterprise Products Operating LLC $ 2800000 0900 03252024 $ 2802615 $ 1000000 3200 02152052 $ 910808

1000000 1650 02012028 967920 Kinder Morgan Inc 1000000 3500 06012041 988556 1000000 3600 02152051 930528

NTT Finance Corp Phillips 66 1500000 1591 04032028 1464761 2000000 1300 02152026 1978625

Verizon Communications Inc Total Capital International SA 2850000 0750 03222024 2853741 1000000 3127 05292050 940996

9077593 ____________ 4760957

Electric Utilities 14 Pharmaceuticals 09 Berkshire Hathaway Energy Co Allergan Finance LLC

1000000 2850 05152051 895610 1000000 3250 10012022 1027276 Southern California Edison Co AstraZeneca PLC

2000000 1100 04012024 2001283 ____________ 1000000 0700 04082026 963325 2896893 ____________ 1990601

Equity Real Estate Investment Trusts ndash REITS 05 Semiconductors amp Semiconductor Equipment 10 Boston Properties LP Microchip Technology Inc

1000000 2550 04012032 958776 2000000 0972 02152024 1997256

Hotels Restaurants amp Leisure 05 Software 05 Marriott International Inc Oracle Corp

1000000 2850 04152031 983525 ____________ 1000000 3650 03252041 1010794

Industrial Conglomerates 09 Specialty Retail 07 Siemens Financieringsmaatschappij NV Advance Auto Parts Inc

2000000 2875 03112041 1937806 500000 1750 10012027 491477

Insurance 22 Lowersquos Cos Inc 1000000 3500 04012051 1013161 Allianz SE ____________

1600000 3500 (5 Year CMT 1504638 Rate + 2973) 11172025 16 1628000

Tobacco 15 Belrose Funding Trust

BAT Capital Corp 1000000 2330 08152030 964421 2032000 4390 08152037 2128581

New York Life Insurance Co BAT International Finance PLC 1000000 3750 05152050 1052352

1000000 1668 03252026 990132 SBL Holdings Inc

3118713 1000000 5000 02182031 1009591 Wireless Telecommunication Services 09 4654364

T-Mobile USA Inc Internet amp Direct Marketing Retail 07 2000000 2050 02152028 1966880

Expedia Group Inc Total Corporate Bonds 1500000 2950 03152031 1479286 (Cost $79879685) 79377976

Media 07

Charter Communications Operating LLC Charter Communications Operating Capital

1500000 3700 04012051 1401127

____________

Principal Amount Value Asset Backed Securities 89

American Credit Acceptance Receivables Trust 2020-1

$ 1680000 2190 03132026

Carvana Auto Receivables Trust 2021-N1

1500000 1300 01102028

CF Hippolyta LLC Series SORT 2020-1 B1

1079402 2280 07152060 Series SORT 2021-1A B1

3000000 1980 03152061

CLI Funding VIII LLC 2500000 1640 02182046

Credit Acceptance Auto Loan Trust 2018-1

250000 3770 06152027

DT Auto Owner Trust 2021-1 500000 0840 10152026

Flagship Credit Auto Trust 2020-4 500000 1280 02162027

HERO Funding Trust 2021-1 1000000 2240 09202051

InStar Leasing III LLC 1494432 2300 02152054

MVW Owner Trust 2015-1 537781 2960 12202032

NP SPEX LP 2021-1 1250000 2230 03192051

Progress Residential 2021-SFR1 500000 1555 04172038

TRIP Rail Master Funding LLC 2014-1 400028 4085 04152044

Triton Container Finance VIII LLC 2000000 1860 03202046

Westlake Automobile Receivables Trust 2018-2

47565 3500 01162024

380000 2520 04152025

87000 1240 11172025

Total Asset Backed Securities (Cost $18778137)

$ 1709238

1502040

1098724

3000786

2447628

252104

499013

503108

1008513

1469674

539649

1244248

488009

402930

1956489

391240

18648845

Principal Amount Value Mortgage Backed Securities 396

Federal Home Loan Mortgage Corporation REMICS 31

Series FHR 2512 SI $ 570087 7394 (1 Month LIBOR

USD + 7500) 04152024 128 $ 37346 Series FHR 4048 IK

3461434 3000 05152027 2 195671 Series FHR 4093 DS

6642244 6194 (1 Month LIBOR USD + 6300) 08152027 128 796279

Series FHR 4216 EI 3791535 3000 06152028 2 265418

Series FHR 4360 BI 2051968 2500 11152028 2 91240

Series FHR 4341 MI 1748249 4000 11152031 2 165326

Series FHR 4093 IB 2211893 4000 08152032 2 253270

Series FHR 4114 MI 2658556 3500 10152032 2 286965

Series FHR 4170 IU 4344181 3000 02152033 2 410047

Series FHR 3171 OJ 946100 NA 06152036 37 831569

Series FHR 3824 LS 698484 6994 (1 Month LIBOR

USD + 7100) 08152036 128 167062 Series FHR 3236 KF

89829 0406 (1 Month LIBOR USD + 0300) 11152036 1 90625

Series FHR 3339 JS 44655 42146 (1 Month LIBOR

USD + 42835) 07152037 18 91496 Series FHR 3380 FM

189775 0696 (1 Month LIBOR USD + 0590) 10152037 1 192731

Series FHR 4121 IM 1472621 4000 10152039 2 12531

Series FHR 3721 FB 164008 0606 (1 Month LIBOR

USD + 0500) 09152040 1 166367 Series FHR 4105 LS

5081551 6044 (1 Month LIBOR USD + 6150) 08152041 128 514628

Series FHR 3933 QS 2734952 5944 (1 Month LIBOR

USD + 6050) 10152041 128 489569 Series FHR 4340 US

1763890 6494 (1 Month LIBOR USD + 6600) 05152042 128 340583

Series FHR 4076 LF 267806 0406 (1 Month LIBOR

USD + 0300) 07152042 1 268211

____________

Federal Home Loan Mortgage Federal National Mortgage Corporation REMICS 31 (Continued) Association REMICS 51

Series FHR 4495 PI Series FNR 1996-45 SI $ 373303 4000 09152043 2 $ 38750 $ 272471 7141 (1 Month LIBOR

Series FHR 4313 CS USD + 7250) 02252024 128 $ 24081 3461180 5944 (1 Month LIBOR Series FNR 1997-65 SI

USD + 6050) 03152044 128 699702 688859 7893 (1 Month LIBOR Series FHR 4911 IH USD + 8000) 09172027 128 99338

1738816 4000 04152049 2 113051 Series FNR 2012-139 DI 5369776 3000 12252027 2 275958 6518437

Series FNR 2013-29 BI Federal Home Loan Mortgage 5959216 2500 04252028 2 353617

Corporation Strips 02 Series FNR 2015-34 AI Series FHS 288 IO 2187338 4500 06252030 2 60396

1997264 3000 10152027 2 131287 Series FNR 2010-119 PS Series FHS 272 F2 3748355 6591 (1 Month LIBOR

364740 0656 (1 Month LIBOR USD + 6700) 09252030 128 517253 USD + 0550) 08152042 1 369086 ____________ Series FNR 2016-8 CI

500373 8159193 3000 03252031 2 630437 Series FNR 2013-51 PI Federal National Mortgage

2688334 3000 11252032 2 259637 Association amp Federal Home Loan Series FNR 2014-81 TI Mortgage Corporation 30 Year

537348 4500 12252034 2 53811 Fixed Rate TBA 243 Series FNR 2016-24 IB FNCL 2 421

6071704 3500 05252036 2 614184 10000000 2000 09252050 9 9971289 Series FNR 2007-2 FT FNCL 25 421

250333 0359 (1 Month LIBOR 30000000 2500 09252049 9 30765820 USD + 0250) 02252037 1 252145 Pool FNCL 3 421

Series FNR 2016-78 CS 10000000 3000 04152043 9 10416600 3619997 5991 (1 Month LIBOR

51153709 USD + 6100) 05252039 128 667039 Federal National Mortgage Series FNR 2012-82 PS Association Interest Strips 05 3822285 5991 (1 Month LIBOR

Pool FNS 419 C1 USD + 6100) 08252041 128 477498 4372432 2500 09252028 12 275819 Series FNR 2011-100 S

Pool FNS 419 C2 5375648 6341 (1 Month LIBOR 5204404 3000 05252029 2 342441 USD + 6450) 10252041 128 1046653

Pool FNS 421 C4 Series FNR 2012-15 SW 2329762 4500 01252030 2 214978 4964561 5841 (1 Month LIBOR

Pool FNS 421 C3 USD + 5950) 03252042 128 821159 147910 4000 07252030 2 14145 Series FNR 2012-79 FM

Pool FNS 387 7 182130 0559 (1 Month LIBOR 476047 5500 04252038 2 103677 USD + 0450) 07252042 1 183573

Series FNR 2012-128 ST 951060 1633033 6041 (1 Month LIBOR Federal National Mortgage

USD + 6150) 11252042 128 372166 Association Pool 27

Series FNR 2013-22 TO FN AL2519

668847 NA 03252043 37 551454 947408 4500 07012040 1068009

Series FNR 2013-20 QS FN AS5460

6891772 6041 (1 Month LIBOR 1324249 3500 07012045 1416850

USD + 6150) 03252043 128 1423183 FN AS6520 Series FNR 2014-37 PI

1531503 3500 01012046 1640133 1138780 5500 06252044 2 142770 FN MA3101 Series FNR 2014-50 WS

1446407 4500 08012047 1587832 696714 6091 (1 Month LIBOR 5712824 ____________ USD + 6200) 08252044 128 117494

____________

____________ ____________

____________

Federal National Mortgage Wells Fargo Mortgage Backed Association REMICS 51 (Continued) Securities Trust 08

Series FNR 2016-83 BS Series WFMBS 2020-3 A3 $ 512253 5991 (1 Month LIBOR $ 611878 3000 06252050 $ 623555

USD + 6100) 11252046 128 $ 105835 Series WFMBS 2020-4 A1 Series FNR 2018-51 IO 1086699 3000 07252050 1106769

738923 6500 07252048 2 124047 1730324 Series FNR 2019-41 SB

Total Mortgage Backed Securities 1876549 5941 (1 Month LIBOR (Cost $85274166) 83243757 USD + 6050) 08252049 128 342893 ____________

Series FNR 2020-88 QI 12508794 2000 05252050 2 1210704 United States Government Securities 37

10727325 United States Treasury NoteBond

Goldman Sachs Mortgage-Backed 4000000 0250 05312025 3923752 Securities Corp Trust 05 4000000 0375 01312026 3899064

Series GSMBS 2020-PJ4 A2 7822816 1044461 3000 01252051 1059613

Total United States Government Securities Government National Mortgage (Cost $7831719) 7822816 Association 12

Total Bonds Series GNR 2014-74 GI (Cost $191763707) 189093395 285982 4000 05162029 2 15586

Series GNR 2010-47 BX 373739 6444 (1 Month LIBOR Short-Term Investments 267

USD + 6550) 08162034 128 44513 United States Government Securities 10 Series GNR 2011-61 WS

4137313 6359 (1 Month LIBOR United States Treasury Bill USD + 6470) 02202038 128 776886 500000 0116 08122021 510 499965

Series GNR 2010-6 FG 1500000 0096 12302021 510 1499460 160423 0706 (1 Month LIBOR 1999425

USD + 0600) 01162040 1 162478 Total United States Government Securities Series GNR 2016-31 CS (Cost $1998699) 1999425 5650821 6139 (1 Month LIBOR ____________

USD + 6250) 07202044 128 1207196 Series GNR 2016-112 WI

6881791 1696 03202045 2 233484

2440143

JP Morgan Mortgage Trust 07 Series JPMMT 2014-IVR3 3A1

640035 2531 09252044 644396 Series JPMMT 2020-7 A3

792950 3000 01252051 802902

1447298

Life 2021-BMR Mortgage Trust 05 Series LIFE 2021-BMR C

1000000 1206 (1 Month LIBOR USD + 1100) 03152038 1 1002651

____________

____________ ____________

_____________ _________ _______ ____________ _______

Shares Value

54053509 Morgan Stanley Institutional Liquidity Funds ndash Government Portfolio 0026 4 $ 54053509 ____________

Liabilities in Excess of Other Assets (167) (35065686)

CMT ndash Constant Maturity Treasury Rate LIBOR ndash London Interbank Offered Rate SOFR ndash Secured Overnight Financing Rate USD ndash United States Dollar 1 Variable rate security rate shown is the rate in effect on March 31

2021 2 Interest only security 3 Principal only security 4 Annualized seven-day effective yield as of March 31 2021 5 Rate represents the yield to maturity from purchase price 6 Perpetual call date security Date shown is next call date 7 Zero coupon security 8 Inverse floating rate security Reference interest rates are typically

based on a negative multiplier or slope Interest rate may also be subject to a ceiling or floor

9 Security purchased on a forward-commitment basis (ldquoTBA Commitmentsrdquo) As of March 31 2021 the total value of TBA Commitments was $51153710 or 243 of net assets

10 The security or a portion of the security has been deposited as initial margin on open futures contracts and another portion is designated as collateral for futures contracts As of March 31 2021 the value of securities designated as collateral was $531964 or 03 of net assets

Schedule of Futures Contracts at March 31 2021

The Fund had the following futures contracts outstanding with Credit Suisse

Short Futures Unrealized Contracts Number of Notional Appreciation Notional

Outstanding Contracts Amount (Depreciation) Value

US Ultra Long Bond CBT (062021) (15) $ (2731406) $ 13125 $ (2718281)

US 5 Year Note CBT (062021) (40) (4957500) 21562 (4935938)

US 10 Year Note (062021) (40) (5275313) 37813 (5237500)

US Long Bond CBT (062021) (50) (7755938) 26250 (7729688)

US 10 Year Ultra Future (062021) (140) (20598125) ___________

___________

481875 ________ (20116250) ___________ $(41318282) $580625 ___________ ________ ________ $(40737657) ___________ ___________

____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________ ____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________ ____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________ ____________ _____________ ____________ ____________ ____________

Strategic Emerging Osterweis Strategic Investment Opportunity Total Return

Fund Income Fund Fund Fund Fund ASSETS

Investments in securities at value (cost $97075884 $5002204190 $110579036 $189651410 and $247815915 respectively) $168587881 $5176997620 $156928993 $230598918 $245146328

Cash mdash 394437 6685 mdash mdash Receivables

Investment securities sold mdash mdash mdash 3859048 45595599 Fund shares sold 327877 16553560 4451 219596 92233 Dividends and interest 162702 65654025 768880 21637 906399 Variation margin receivable mdash mdash mdash mdash 580625

Prepaid expenses 12090 63400 14838 20155 21341

Total assets 169090550 5259663042 157723847 234719354 292342525

LIABILITIES Payables

Investment securities purchased mdash 49215500 250000 2374983 81320760 Fund shares redeemed 91 2372799 mdash 383689 239325 Distributions to shareholders mdash mdash mdash mdash 50657 Investment advisory fees net 110947 3103451 130571 163508 81332 Variation margin payable mdash mdash mdash mdash 485780 Administration fees 11018 252073 10675 13032 14035 Custody fees 1439 41558 1294 2610 2889 Fund accounting fees 5440 171973 8362 6793 13314 Transfer agent fees 9797 485464 9152 18238 16899 Trustee fees 5523 27391 5460 5796 5746 Audit fees 27100 27100 24600 22100 22100 Chief Compliance Officer fees 2861 2861 2861 2861 2861

Other accrued expenses 4186 73185 3957 10657 6185

Total Liabilities 178402 55773355 446932 3004267 82261883

NET ASSETS $168912148 $5203889687 $157276915 $231715087 $210080642

COMPUTATION OF NET ASSETS Net assets value (unlimited shares authorized) $168912148 $5203889687 $157276915 $231715087 $210080642 Shares (unlimited number of shares

authorized without par value) 7916335 457535381 8747052 11591642 20631213

Net assets value offering and redemption price per share $ 2134 $ 1137 $ 1798 $ 1999 $ 1018

COMPONENTS OF NET ASSETS Paid-in capital $ 91072576 $5550978604 $105394462 $159972198 $212613740 Total distributable (accumulated) earnings (losses) 77839572 (347088917) 51882453 71742889 (2533098)

Net assets $168912148 $5203889687 $157276915 $231715087 $210080642

Osterweis Funds | Statements of Assets and Liabilities at March 31 2021

___________ ____________ ___________ ___________ __________

___________ ____________ ___________ ___________ __________ ___________ ____________ ___________ ___________ __________

INVESTMENT INCOME

EXPENSES

Fund Income Fund Fund Fund Fund

Osterweis Funds | Statements of Operations For the Year Ended March 31 2021

Income Dividends $ 1582735 $ 4262689 $ 1323465 $ 178713 $ mdash

(net of $22222 $mdash $18844 $4586 and $mdash respectively in foreign withholding taxes and issuance fees)

Interest 12035 224654574 2196528 4641 3526942 Other income 465 2408 468 456 477

Total investment income 1595235 228919671 3520461 183810 3527419

Investment advisory fees 1430837 32892224 1338497 1680948 869916 Administration fees 52736 1254453 50687 53799 69285 Transfer agent fees 30133 500433 27806 28402 31808 Sub-transfer agent fees 29813 3359858 21868 80697 97493 Fund accounting fees 27256 591073 40222 29288 59527 Audit fees 27100 27100 24600 22100 22100 Registration fees 22996 102585 14735 31737 23968 Miscellaneous expense 22847 148828 13379 11404 13668 Trustee fees 19917 98763 19734 20437 20947 Legal fees 12553 8381 8395 8261 8334 Chief Compliance Officer fees 10445 10445 10445 10445 10445 Custody fees 8144 224707 11966 11107 17320 Reports to shareholders 6979 179448 3874 3722 7547 Insurance expense 3059 15588 3070 3018 3144 Futures commissions merchant interest expense mdash mdash mdash mdash 408

Total expenses 1704815 39413886 1589278 1995365 1255910

Fees (waived) recouped by the Adviser (345519) mdash mdash (146407) mdash

Net expenses 1359296 39413886 1589278 1848958 1255910

Net investment income (loss) 235939 189505785 1931183 (1665148) 2271509

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on

Investments 10562854 (1263626) 8741907 57176496 4002243 Securities sold short mdash mdash mdash mdash 48047 Futures contracts mdash mdash mdash mdash 2143957

Change in net unrealized appreciationdepreciation on Investments 47172471 570798110 35737880 42588285 (2082532) Futures contracts mdash mdash mdash mdash 577813

Net realized and unrealized gain (loss) on investments 57735325 569534484 44479787 99764781 4689528

Net increase (decrease) in net assets resulting from operations $57971264 $759040269 $46410970 $98099633 $ 6961037

____________ ____________

____________ ____________ ____________ ____________

__________________________ __________________________

__________ _________ _________ _________

________ ____________ __________ ____________

________ ____________ __________ ____________ ________ ____________ __________ ____________

Year Ended Year Ended March 31 2021 March 31 2020 ______________ ______________

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

Net investment income (loss) $ 235939 $ 280202 Net realized gain (loss) on investments and distributions 10562854 11815025 Change in net unrealized appreciationdepreciation of investments 47172471 (14734105)

Net increase (decrease) in net assets resulting from operations 57971264 (2638878)

DISTRIBUTIONS TO SHAREHOLDERS Net distributions to shareholders (8185457) (9193655)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from net change in outstanding shares 1 8282947 (5854597)

Total increase (decrease) in net assets 58068754 (17687130)

NET ASSETS Beginning of year 110843394 128530524

End of year $168912148 $110843394

A summary of share transactions is as follows Year Ended Year Ended

March 31 2021 March 31 2020

Shares Value Shares Value

Shares sold 769170 $ 14870833 535981 $ 9270100 Shares issued in reinvestment of distributions 387691 7780949 498900 8650926 Shares redeemed (789699) (14368835) (1396816) (23775623)

Net increase (decrease) 367162 $ 8282947 (361935) $ (5854597)

Osterweis Fund | Statements of Changes in Net Assets

______________ ______________

______________ ______________ ______________ ______________

__________________________ __________________________

__________ _________ _________ _________

___________ ______________ ___________ ______________

___________ ______________ ___________ ______________ ___________ ______________ ___________ ______________

OPERATIONS

NET ASSETS

Strategic Income Fund | Statements of Changes in Net Assets

Year Ended Year Ended March 31 2021 March 31 2020

INCREASE (DECREASE) IN NET ASSETS FROM

Net investment income (loss) $ 189505785 $ 229154527 Net realized gain (loss) on investments and distributions (1263626) (135917889) Change in unrealized appreciationdepreciation on investments 570798110 (344362398)

Beginning of year 3995605904 5541365052

End of year $5203889687 $ 3995605904

March 31 2021 March 31 2020

Net increase (decrease) 56641892 $ 637300676 (100479517) $(1063367677)

____________ ____________

____________ ____________ ____________ ____________

__________________________ __________________________

__________ _________ _________ _________

________ ____________ _________ ____________

________ ____________ _________ ____________ ________ ____________ _________ ____________

End of year $157276915 $110003711

March 31 2021 March 31 2020

Strategic Investment Fund | Statements of Changes in Net Assets

______________ ______________

____________ ___________

____________ ___________ ____________ ___________

__________________________ __________________________

__________ _________ _________ _________

_________ ___________ _________ ___________

_________ ___________ _________ ___________ _________ ___________ _________ ___________

OPERATIONS

NET ASSETS

Emerging Opportunity Fund | Statements of Changes in Net Assets

Net investment income (loss) $ (1665148) $ (816399) Net realized gain (loss) on investments and distributions 57176496 4759738 Change in unrealized appreciationdepreciation on investments 42588285 (12017714)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from net change in outstanding shares 1 64056767 7965134

End of year $231715087 $ 90219698

March 31 2021 March 31 2020

Net increase (decrease) 2980397 $ 64056767 570257 $ 7965134

____________ ____________

____________ ____________ ____________ ____________

__________________________ __________________________

__________ _________ _________ _________

_________ ____________ __________ ____________

_________ ____________ __________ ____________ _________ ____________ __________ ____________

Net investment income (loss) $ 2271509 $ 3433687 Net realized gain (loss) on investments and futures contracts 6194247 (651242) Change in net unrealized appreciationdepreciation on investments and futures contracts (1504719) (16311)

Net increase (decrease) in net assets resulting from operations 6961037 2766134

Total increase (decrease) in net assets 51827765 51682836

End of year $210080642 $158252877

March 31 2021 March 31 2020

Shares sold 9805224 $101532320 9912327 $101153293 Shares issued in reinvestment of distributions 376805 3914132 190028 1937926 Shares redeemed (5258112) (54180800) (4904248) (49646626)

Total Return Fund | Statements of Changes in Net Assets

______________________________________________________

_____ _____ _____ _____ _____

_______ _______ _______ _______ _______

LESS DISTRIBUTIONS From net investment income (010) (007) (076) (149) (029) From net realized gain _ (102) ______ _ (123) ______ _ (346) ______ _ (719) ______ _ (154) ______ Total distributions _ (112) ______ _ (130) ______ _ (422) ______ _ (868) ______ _ (183) ______ Net asset value end of year $2134 _______ $1468 _______ $1625 _______ $1915 _______ $2607 _______ _______ _______ _______ _______ _______ Total return 5348 (288) 986 594 1133

SUPPLEMENTAL DATA

Osterweis Fund | Financial Highlights

For a capital share outstanding throughout each year Year Ended March 31

2021 2020 2019 2018 2017

Net asset value beginning of year $1468 $1625 $1915 $2607 $2514

INCOME FROM INVESTMENT OPERATIONS Net investment income (loss) 1 003 004 008 009 006 Net realized and unrealized gain (loss) on investments 775 (031) 124 167 270

Total from investment operations 778 (027) 132 176 276

Net assets end of year (millions) $1689 $1108 $1285 $1618 $2443 Portfolio turnover rate 37 35 43 47 50

RATIOS OF EXPENSES TO AVERAGE NET ASSETS Before feesexpenses waived or recouped After feesexpenses waived or recouped

119 095

117 095

114 112 2

111 111

RATIOS OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS Before feesexpenses waived or recouped (008) (002) 021 036 025 After feesexpenses waived or recouped 016 022 043 038 2 025

1 Calculated based on average shares outstanding during the period 2 Effective January 1 2018 the Adviser agreed to contractually limit expenses for the Fund to not exceed 095 of average net assets Prior to

January 1 2018 Fund expenses were not subject to an expense limitation agreement

______________________________________________________

_____ _____ _____ _____ _____

_______ _______ _______ _______ _______

2021 2020 2019 2018 2017

Net asset value beginning of year $ 997 $1105 $1127 $1126 $1057

INCOME FROM INVESTMENT OPERATIONS Net investment income (loss) 1 045 047 050 051 057 Net realized and unrealized gain (loss) on investments 140 (106) (021) 000 2 069

LESS DISTRIBUTIONS From net investment income _ (045) ______ _ (049) ______ _ (051) ______ _ (050) ______ _ (057) ______ Total distributions _ (045) ______ _ (049) ______ _ (051) ______ _ (050) ______ _ (057) ______ Net asset value end of year $1137 _______ $ 997 _______ $1105 _______ $1127 _______ $1126 _______ _______ _______ _______ _______ _______ Total return 1873 (563) 267 464 1218

SUPPLEMENTAL DATA Net assets end of year (millions) $52039 $39956 $55414 $60580 $54140 Portfolio turnover rate 60 40 46 53 37

RATIO OF EXPENSES TO AVERAGE NET ASSETS Ratio of expenses to average net assets 086 086 084 084 084

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS Ratio of net investment income (loss) to average net assets 414 432 452 449 517

1 Calculated based on average shares outstanding during the period 2 Does not round to $001 or $(001) as applicable

Strategic Income Fund | Financial Highlights

______________________________________________________

_____ _____ _____ _____ _____

_______ _______ _______ _______ _______

LESS DISTRIBUTIONS From net investment income (011) (018) (037) (050) (051) From net realized gain _ (051) ______ _ (037) ______ _ (092) ______ _ (028) ______ ____ mdash ___ Total distributions _ (062) ______ _ (055) ______ _ (129) ______ _ (078) ______ _ (051) ______ Net asset value end of year $1798 _______ $1302 _______ $1430 _______ $1487 _______ $1477 _______ _______ _______ _______ _______ _______ Total return 4315 (567) 569 586 1491

SUPPLEMENTAL DATA

Strategic Investment Fund | Financial Highlights

2021 2020 2019 2018 2017

1 Calculated based on average shares outstanding during the period

_____ _____ _____ _____ _________________

______ ______ ______ ______ ______

For a capital share outstanding throughout each yearperiod

Period from November 30 2016

Year Ended March 31 ________________________________________________ through 2021 2020 2019 2018 March 31 2017 1

Net asset value beginning of yearperiod $1048 $1206 $1173 $1062 $1000

INCOME FROM INVESTMENT OPERATIONS Net investment income (loss) 2 (018) (010) (011) (012) (005) Net realized and unrealized gain (loss) on investments 1181 (070) 125 326 067

LESS DISTRIBUTIONS From net realized gain (212) ______ Total distributions (212) ______ Net asset value end of yearperiod $1999 _____ ___ ____ Total return 11127

_ (078) _____

_ (078) _____ $1048 ___ ___ ___ _ __

(081) ______ (081) ______

$1206 _____ __ __ ___ 1112

_ (203) _____

_ (203) _____ $1173 ____ ___ __ ___

__ mdash ____

__ mdash ____ $1062 ___ ____ _ ____

SUPPLEMENTAL DATA Net assets end of yearperiod (millions) $2317 Portfolio turnover rate 111

$902 213

$970 215

$634 208

$438 62 3

RATIOS OF EXPENSES TO AVERAGE NET ASSETS Before feesexpenses waived or recouped 119 After feesexpenses waived or recouped 110 6

124 113 6

122 125 5

129 127 5

RATIOS OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS Before feesexpenses waived or recouped (108) (088) (088) (104) (148) 4

After feesexpenses waived or recouped (099) 6 (077) 6 (091) 5 (102) 5 (138) 4

1 Commenced operations on November 30 2016 Information presented is from the period November 30 2016 to March 31 2017 2 Calculated based on average shares outstanding during the period 3 Not Annualized 4 Annualized 5 Effective June 30 2017 the Adviser agreed to contractually limit expenses for the Fund to not exceed 125 of average net assets Prior to

June 30 2017 Fund expenses were limited to 150 of average net assets 6 Effective June 30 2019 the Adviser agreed to contractually limit expenses for the Fund to not exceed 110 of average net assets Prior to

June 30 2017 Fund expenses were limited to 125 of average net assets

Emerging Opportunity Fund | Financial Highlights

_____ _____ _____ _____ _________________

______ ______ ______ ______ ______

______ ______ ______ ______ ______ ______ ______ ______ ______ ______

LESS DISTRIBUTIONS

SUPPLEMENTAL DATA

Total Return Fund | Financial Highlights

Period from December 30 2016

Net asset value beginning of yearperiod $1008 $1014 $ 993 $1023 $1000

INCOME FROM INVESTMENT OPERATIONS Net investment income (loss) 2 012 026 033 035 004 Net realized and unrealized gain (loss) on investments 031 001 023 (026) 022

Total from investment operations 043 027 056 009 026

From net investment income (014) (028) (034) (035) (003) From net realized gain (019) (005) (001) (004) mdash

Total distributions (033) (033) (035) (039) (003)

Net asset value end of yearperiod $1018 $1008 $1014 $ 993 $1023

Total return 425 274 578 089 265 3

Net assets end of yearperiod (millions) $2101 $1583 $1066 $1022 $468 Portfolio turnover rate 616 214 163 138 27 3

RATIOS OF EXPENSES TO AVERAGE NET ASSETS Before feesexpenses waived or recouped 065 After feesexpenses waived or recouped 065

066 066

067 067

070 075

RATIOS OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS Before feesexpenses waived or recouped 118 251 327 347 (030) 4

After feesexpenses waived or recouped 118 251 326 342 150 4

1 Commenced operations on December 30 2016 Information presented is from the period December 30 2016 to March 31 2017 2 Calculated based on average shares outstanding during the period 3 Not Annualized 4 Annualized

Note 1 ndash Organization

The Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund Osterweis Emerging Opportunity Fund and Osterweis Total Return Fund (each a ldquoFundrdquo collectively the ldquoFundsrdquo) are diversified series of shares of beneficial interest of Professionally Managed Portfolios (the ldquoTrustrdquo) which is registered under the Investment Company Act of 1940 as amended (the ldquo1940 Actrdquo) as an open-end management investment company The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 ldquoFinancial Services ndash Investment Companiesrdquo The Funds commenced operations on October 1 1993 August 30 2002 August 31 2010 November 30 2016 and December 30 2016 respectively

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

Note 2 ndash Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds These policies are in conformity with accounting principles generally accepted in the United States of America (ldquoUS GAAPrdquo)

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

Debt securities are valued by using the evaluated mean price supplied by an approved independent pricing service The independent pricing service may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations These models generally consider such factors as yields or prices of bonds of comparable quality type of issue coupon maturity ratings and general market conditions In the absence of a price from a pricing service securities are valued at their respective fair values as determined in good faith by the Valuation Committee

Futures contracts are priced by an approved independent pricing service Futures contracts are valued at the settlement price on the exchange on which they are principally traded

Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Valuation Committee When a security is ldquofair valuedrdquo consideration is given to the facts and circumstances relevant to the particular situation including a review of various factors set forth in the pricing procedures adopted by the Fundsrsquo Board of Trustees (the ldquoBoardrdquo) Fair value pricing is an inherently subjective process and no single standard exists for determining fair value Different funds could reasonably arrive at different values for the same security The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations

Osterweis Funds | Notes to Financial Statements at March 31 2021

_______ _______ _______ _______

_____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________

_______ _______ _______ _______

_____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________

Osterweis Funds | Notes to Financial Statements at March 31 2021 (Continued)

As described above the Funds utilize various methods to measure the fair value of their investments on a recurring basis US GAAP establishes a hierarchy that prioritizes inputs to valuation methods The three levels of inputs are

Level 1 ndash Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access

Level 2 ndash Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly These inputs may include quoted prices for the identical instrument on an inactive market prices for similar instruments interest rates prepayment speeds credit risk yield curves default rates and similar data

Level 3 ndash Unobservable inputs for the asset or liability to the extent relevant observable inputs are not available representing the Fundsrsquo own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including for example the type of security whether the security is new and not yet established in the marketplace the liquidity of markets and other characteristics particular to the security To the extent that valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment Accordingly the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3

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

The following is a summary of the inputs used to value the Fundsrsquo investments and derivative positions as of March 31 2021

Osterweis Fund Level 1 Level 2 Level 3 Total Assets Common Stocks 1 $ 164021909 $ mdash $ mdash $ 164021909 Short-Term Investments 4565972 mdash mdash 4565972 Total Assets $ 168587881 $ mdash $ mdash $ 168587881

1 See Schedule of Investments for industry breakouts

Osterweis Strategic Income Fund Level 1 Level 2 Level 3 Total Assets Common Stocks 1 $ mdash $ mdash $134303605 $ 134303605 Convertible Preferred Stocks 1 13161400 59488936 mdash 72650336 Corporate Bonds 12 mdash 4085605395 14343157 4099948552 Convertible Bonds 1 mdash 431979497 mdash 431979497 Private Mortgage

Backed Obligations 1 mdash mdash 16913269 16913269 Warrants 1 mdash mdash 848561 848561 Short-Term Investments 420353800 mdash mdash 420353800 Total Assets $ 433515200 $4577073828 $166408592 $5176997620

1 See Schedule of Investments for industry breakouts 2 See Schedule of Investments for disclosure of Level 3 securities

_________ _________ ________________ ________ _____

____________ ____________ ___________ ________ ____________ ____________ ____________ ___________ ________ ____________ ____________ ____________ ___________ ________ ____________

____________ ____________ ___________ ________ ____________ ____________ ____________ ___________ ________ ____________

_______ _______ _______ _______

_____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________

The following is a reconciliation of the Osterweis Strategic Income Fundrsquos Level 3 assets for which significant unobservable inputs were used to determine fair value

Common Corporate Private Mortgage Stocks Bonds Backed Obligations Warrants Total

Balance as of March 31 2020 $ 93547212 $135158322 $14488745 $ mdash $243194279 Acquisitions mdash 466604 mdash 848561 1315165 Dispositions mdash (70404700) mdash mdash (70404700) Accrued discountspremiums mdash 65811 mdash mdash 65811 Realized gain (loss) mdash 260344 mdash mdash 260344 Change in unrealized appreciationdepreciation 40756393 18266749 2424524 mdash 61447666

Transfer in andor out of Level 3 1 mdash (69469973) mdash mdash (69469973) Balance as of March 31 2021 $134303605 $ 14343157 $16913269 $848561 $166408592

Change in unrealized appreciationdepreciation for Level 3 investments held at March 31 2021 $ 40756393 $ (65811) $ 2424524 $ mdash $ 43115106

1 Transfers were made into Level 2 and out of Level 3 due to the security being an evaluated price from a pricing service

Fair Value Type of Security at 33121 Valuation Techniques Unobservable Input Input Value(s) Common Stocks Market Comparable Discount Rate

Approach EBITDA Multiple 3055x Broker Quotes Market Data $1275

$134303605 Estimated Proceeds Market Data $00007514 Corporate Bonds $ 14343157 Issue Price Market Data $10000 Private Mortgage

Backed Obligations $ 16913269 Discounted Cash Flow Adjustment to yield 344 bps Warrants $ 848561 Black Scholes Volatility 45

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

The Trustrsquos valuation procedures have been adopted by the Trustrsquos Board which has established a Valuation Committee to oversee valuation techniques The Board ratifies valuation techniques quarterly

Osterweis Strategic Investment Fund Level 1 Level 2 Level 3 Total

Assets Common Stocks 1 $ 109720396 $ mdash $ 898707 $ 110619103 Convertible Preferred Stocks 1 268600 1214060 mdash 1482660 Corporate Bonds 1 mdash 33786213 243104 34029317 Convertible Bonds 1 mdash 8338293 mdash 8338293 Private Mortgage

Backed Obligations 1 mdash mdash 497928 497928 Warrants 1 mdash mdash 4637 4637 Short-Term Investments 1957055 mdash mdash 1957055 Total Assets $ 111946051 $ 43338566 $ 1644376 $ 156928993

________ __________ ________ ______ __________ ________ __________ ________ ______ __________ ________ __________ ________ ______ __________

________ __________ ________ ______ __________ ________ __________ ________ ______ __________

_______ _______ _______ _______

_____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________

The following is a reconciliation of the Osterweis Strategic Investment Fundrsquos Level 3 assets for which significant unobservable inputs were used to determine fair value

Common Corporate Private Mortgage Stocks _________ Bonds _________ Backed Obligations ________________ Warrants ________ Total _____

Balance as of March 31 2020 $803897 $ 1862498 $426550 $ mdash $ 3092945 Acquisitions mdash 7908 mdash 4637 12545 Dispositions mdash (1450300) mdash mdash (1450300) Accrued discountspremiums mdash 1431 mdash mdash 1431 Realized gain (loss) mdash 6636 mdash mdash 6636 Change in unrealized

appreciationdepreciation 94810 274468 71378 mdash 440656 Transfer in andor out of Level 3 1 mdash (459537) mdash mdash (459537) Balance as of March 31 2021 $898707 $ 243104 $497928 $4637 $ 1644376

$898707 Estimated Proceeds Market Data $00007514 Corporate Bonds $243104 Issue Price Market Data $10000 Private Mortgage

Backed Obligations $497928 Discounted Cash Flow Adjustment to yield 344 bps Warrants $ 4637 Black Scholes Volatility 45

Osterweis Emerging Opportunity Fund Level 1 Level 2 Level 3 Total

Assets Common Stocks 1 $ 217300981 $ mdash $ mdash $ 217300981 Short-Term Investments 13297937 mdash mdash 13297937 Total Assets $ 230598918 $ mdash $ mdash $ 230598918

_______ _______ _______ _______

_____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________

_____________ _____________ ____________ _____________ _____________ _____________ ____________ _____________

______________________________ _____________________________

__________ ____________ _________ ____________ _________

__________ __________________ __________________ _______________________

Osterweis Total Return Fund Level 1 Level 2 Level 3 Total Assets Corporate Bonds 1 $ mdash $ 79377976 $ mdash $ 79377976 Asset Backed Securities mdash 18648845 mdash 18648845 Mortgage Backed Securities mdash 83243757 mdash 83243757 United States Government Securities 2 mdash 7822816 mdash 7822816

Short-Term Investments 54053509 1999425 mdash 56052934 Total Assets $ 54053509 $ 191092819 $ mdash $ 245146328

Other Financial Instruments 3 Interest Rate Contracts ndash Futures $ 580625 $ mdash $ mdash $ 580625

1 See Schedule of Investments for industry breakouts 2 See schedule of investments for security type breakouts 3 Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments such as futures contracts

which are presented at the net unrealized appreciation(depreciation) on the investment

The Funds have provided additional disclosures below regarding derivatives and hedging activity intending to improve financial reporting by enabling investors to understand how and why the Funds use futures contracts (a type of derivative) how they are accounted for and how they affect an entityrsquos results of operations and financial position The Funds may use derivatives for risk management purposes or as part of its investment strategies Derivatives are financial contracts whose values depend on or are derived from the value of an underlying asset reference rate or index The Funds may use derivatives to earn income and enhance returns to hedge or adjust the risk profile of its portfolio to replace more traditional direct investments and to obtain exposure to otherwise inaccessible markets

The average notional amount for futures contracts is based on the monthly notional amounts The notional amount for futures contracts represents the US dollar value of the contract as of the day of opening the transaction or latest contract reset date The Osterweis Total Return Fundrsquos average notional value of futures contracts outstanding during the year ended March 31 2021 was $16850239 The following tables show the effects of derivative instruments on the financial statements

Statements of Assets and Liabilities

Fair values of derivative instruments as of March 31 2021

Osterweis Total Return Fund Asset Derivatives as of Liability Derivatives as of

March 31 2021 March 31 2021 Balance Sheet Balance Sheet

Instrument Location Fair Value Location Fair Value Interest Rate Variation Variation

Contracts ndash Futures margin receivable $580625 margin payable $485780

Statements of Operations

The effect of derivative instruments on the Statements of Operations for the year ended March 31 2021

Osterweis Total Return Fund Change in Unrealized

Location of Gain (Loss) Realized Gain AppreciationDepreciation on Derivatives (Loss) on Derivatives on Derivatives

Instrument Recognized in Income Recognized in Income Recognized in Income Interest Rate Realized and Unrealized

Contracts ndash Futures Gain (Loss) on Investments $2143957 $577813

The Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund and Osterweis Emerging Opportunity Fund did not have derivatives activity during the year ended March 31 2021

B Foreign Currency Foreign currency amounts other than the cost of investments are translated into US dollar values based upon the spot exchange rate prior to the close of regular trading The cost of investments is translated at the rates of exchange prevailing on the dates the portfolio securities were acquired The Funds include foreign exchange gains and losses from dividends receivable interest receivable and other foreign currency denominated payables and receivables in Change in net unrealized appreciationdepreciation on foreign currency translation and Net realized gain (loss) on foreign currency translation The Funds do not isolate that portion of realized and unrealized gain (loss) on investments resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the market price of securities for financial reporting purposes Fluctuations in foreign exchange rates on investments are thus included in Change in net unrealized appreciationdepreciation on investments and Net realized gain (loss) on investments

C Futures Contracts Each Fund may purchase or sell futures contracts and options thereon to hedge against changes in interest rates securities (through index futures or options) or currencies The purchase of futures contracts may be more efficient or cost-effective than buying the underlying securities or assets A futures contract is an agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset rate or index) at a specific price on the contract maturity date Upon entering into a futures contract each Fund is required to pledge to the counterparty an amount of cash US Government securities or other high-quality debt securities equal to the minimum ldquoinitial marginrdquo requirements of the exchange or the broker Pursuant to a contract entered into with a futures commission merchant each Fund agrees to receive from or pay to the firm an amount of cash equal to the cumulative daily fluctuation in the value of the contract Such receipts or payments are known as ldquovariation marginrdquo and are recorded by the Funds as unrealized gains or losses When the contract is closed the Funds record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed Each Fund will cover its current obligations under futures contracts by the segregation of liquid assets or by entering into offsetting transactions or owning positions covering its obligations The Fundsrsquo use of futures contracts may involve risks that are different from or possibly greater than the risk associated with investing directly in securities or other more traditional instruments These risks include the risk that the value of the futures contracts may not correlate perfectly or at all with the value of the assets reference rates or indices that they are designed to track Other risks include an illiquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits either of which may make it difficult or impossible to close out a position when desired the risk that adverse price movements in an instrument can result in a loss substantially greater than the Fundsrsquo initial investment in that instrument (in some cases the potential loss is unlimited) and the risk that a counterparty will not perform its obligations The Osterweis Total Return Fund had futures contracts activity during the year ended March 31 2021 Realized and unrealized gains and losses are included in the Statements of Operations The Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund and Osterweis Emerging Opportunity Fund did not have futures contracts activity during the year ended March 31 2021

D To-be-announced (ldquoTBArdquo) Commitments Each Fund may enter into TBA purchase commitments In a TBA transaction the TBA unit price and the estimated principal amount are established when a Fund enters into a contract with the actual principal amount being within a specified range of the estimate Securities purchased on a TBA basis are not settled until they are delivered to the Fund which can be 15 to 45 days later Beginning on the date the Fund enters into a TBA transaction cash US government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security The Funds may enter into TBA sale commitments to hedge their portfolio positions or to sell securities they own under delayed delivery arrangements Proceeds of TBA sale commitments are not received until the contractual settlement date Unsettled TBA sale commitments are valued at current market value of the underlying securities If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment a Fund realizes a gain or

__________ __________________ __________________ _______________________

________________________________________ _____________ _____________

loss on the commitment without regard to any unrealized gain or loss on the underlying security If a Fund delivers securities under the commitment the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered The Osterweis Total Return Fund had TBAs during the year ended March 31 2021 The Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund and Osterweis Emerging Opportunity Fund did not have TBArsquos during the year ended March 31 2021

Fair values of TBA Commitments as of March 31 2021

Osterweis Total Return Fund Asset TBAs as of Liability TBAs as of March 31 2021 March 31 2021 ______________________________ ______________________________

Balance Sheet Balance Sheet Instrument Location Fair Value Location Fair Value __________ ___________ _________ ____________ _________ TBA Commitments Receivable for Payable for investment

investment securities sold $20305078 securities purchased $71483203

The effect of TBA Commitments on the Statements of Operations for the year ended March 31 2021

Location of Gain Realized Gain AppreciationDepreciation (Loss) on TBAs (Loss) on TBAs on TBAs

Instrument Recognized in Income Recognized in Income Recognized in Income TBA Commitments Realized and Unrealized

Gain (Loss) on Investments $666992 $(42302)

E Federal Income Taxes Each Fund has elected to be taxed as a ldquoregulated investment companyrdquo and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies Therefore no provision for federal income taxes or excise taxes has been made

In order to avoid imposition of the excise tax applicable to regulated investment companies each Fund intends to declare each year as dividends in each calendar year at least 980 of its net investment income (earned during the calendar year) and 982 of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts if any from prior years

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

As of the fiscal year end March 31 2021 there were no late-year or post-October losses for the Funds

As of the fiscal year end March 31 2021 the Funds had the following capital loss carryovers available for federal income tax purposes

Capital Loss Carryovers Short-Term Long-Term

Osterweis Fund $ mdash $ mdash Osterweis Strategic Income Fund (8092848) (520504102) Osterweis Strategic Investment Fund mdash mdash Osterweis Emerging Opportunity Fund mdash mdash Osterweis Total Return Fund mdash mdash

As of March 31 2021 the Funds did not have any tax positions that did not meet the ldquomore likely-than-notrdquo threshold of being sustained by the applicable tax authority Generally tax authorities can examine all the tax returns filed for the last three years The Funds identify their major tax jurisdictions as US Federal and the Commonwealth of Massachusetts however as of March 31 2021 the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially

F Security Transactions and Investment Income Investment securities transactions are accounted for on the trade date Gains and losses realized on sales of securities are determined on an identified cost basis Discountspremiums on debt securities purchased are accretedamortized over the life of the respective securities using the effective interest method Dividend income is recorded on the ex-dividend date Dividends received from REITs and MLPs are generally comprised of ordinary income capital gains and may include return of capital Interest income is recorded on an accrual basis Withholding taxes on foreign dividends have been provided for in accordance with the Trustrsquos understanding of the applicable countryrsquos tax rules and rates

G Distributions to Shareholders Distributions to shareholders from net investment income and net realized gains on securities for the Osterweis Fund Osterweis Strategic Investment Fund and Osterweis Emerging Opportunity Fund normally are declared and paid on an annual basis Distributions to shareholders from net investment income for the Osterweis Strategic Income Fund normally are declared and paid on a quarterly basis and distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis Distributions to shareholders from net investment income for the Osterweis Total Return Fund normally are declared and paid on a monthly basis and distributions to shareholders from net realized gains on securities normally are declared and paid on an annual basis Distributions are recorded on the ex-dividend date

H Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period Actual results could differ from those estimates

I Share Valuation The net asset value (ldquoNAVrdquo) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund plus cash and other assets minus all liabilities by the total number of shares outstanding for each Fund rounded to the nearest cent The Fundsrsquo shares will not be priced on the days on which the New York Stock Exchange is closed for trading The offering and redemption price per share for each Fund is equal to each Fundrsquos net asset value per share

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

K Illiquid Securities Pursuant to Rule 22e-4 under the 1940 Act the Funds have adopted a Board approved Liquidity Risk management Program (ldquoLRMPrdquo) that requires among other things that the Funds limit their illiquid investments that are assets to no more than 15 of net assets An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment If at any time the Adviser determines that the value of illiquid investments held by the Funds exceeds 15 of each Fundsrsquo net asset value the Adviser will report the occurrence to the Trust as soon as practicable after the occurrence is observed but no less than within one business day of verification of the occurrence The information provided on any such report shall include an explanation of the extent and causes of the occurrence the duration of the occurrence and how the Adviser intends to bring the Fundsrsquo illiquid investments back within the 15 limit within a reasonable period of time The Adviser shall notify the Trust if the amount of the Fundsrsquo illiquid investments that are assets remain above the 15 limit 30 calendar days from the initial occurrence (and at each consecutive 30 day period thereafter)

__________ ________ __________________ __________________ __________ _________ _______

________________________ ____________

L Offsetting Agreements The Funds are subject to various netting arrangements which govern the terms of certain transactions with counterparties The arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all transactions governed under a single agreement with a counterparty The following table presents derivative financial instruments that are subject to enforceable netting arrangements collateral arrangements or other similar agreements as of March 31 2021

Osterweis Total Return Fund

Gross Amounts Net Amounts Cash Offset in the Presented in Collateral

Gross Statements of the Statements of Financial Pledged Net Description Amounts Assets and Liabilities Assets and Liabilities Instruments (Received) Amount Assets Interest Rate

Contracts ndash Futures 1 $ 580625 $ 580625 $ 94845 $ mdash $ mdash $ 94845 TBA Commitments 2 10008594 10008594 mdash mdash mdash mdash TBA Commitments 1 10296484 10296484 mdash mdash mdash mdash

Liabilities Interest Rate

Contracts ndash Futures 1 485780 485780 0 mdash mdash mdash TBA Commitments 2 30703906 30703906 20695312 mdash mdash 20695312 TBA Commitments 1 30452344 30452344 20155860 mdash mdash 20155860 TBA Commitments 3 10326953 mdash 10326953 mdash mdash 10326953 1 Counterparty is Credit Suisse 2 Counterparty is Wells Fargo 3 Counterparty is Morgan Stanley

M Restricted Cash Restricted cash represents amounts that are held by third parties under certain of the Fundrsquos derivative transactions Such cash is excluded from cash and equivalents in the Statements of Assets and Liabilities Interest income earned on restricted cash is recorded in other income on the Statements of Operations

N Recently Issued Accounting Pronouncements In March 2020 the FASB issued Accounting Standards Update 2020-04 Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ldquoASU 2020-04rdquo) which provides optional temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (ldquoLIBORrdquo) and other interbank offered rates as of the end of 2021 The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12 2020 through December 31 2022 Management is evaluating the impact of ASU 2020-04 on the fundrsquos investments derivatives debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform

O Reclassification of Capital Accounts US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting These reclassifications have no effect on net assets or net asset value per share For the year ended March 31 2021 the following adjustments were made

Distributable (Accumulated) Earnings (Losses) Paid-In Capital

Osterweis Fund $ (538056) $ 538056 Osterweis Strategic Income Fund mdash mdash Osterweis Strategic Investment Fund (166234) 166234 Osterweis Emerging Opportunity Fund (1882230) 1882230 Osterweis Total Return Fund (349430) 349430

The permanent differences primarily relate to equalization or disposition of certain partnership investments

P Subsequent Events In preparing these financial statements the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued The Funds have determined that there were no subsequent events that would need to be disclosed in the Fundsrsquo financial statements

Note 3 ndash Commitments and Other Related Party Transactions

The Advisers provide the Funds with investment management services under separate Investment Advisory Agreements (the ldquoAdvisory Agreementsrdquo) Under the Advisory Agreements the Advisers furnish all investment advice office space certain administrative services and most of the personnel needed by each Fund As compensation for their services the Advisers are entitled to a monthly fee For the Osterweis Fund the Adviser is entitled to a monthly fee at an annual rate of 100 of the average daily net assets up to $250 million and 075 of the average daily net assets greater than $250 million For the Osterweis Strategic Income Fund the Adviser is entitled to a monthly fee at an annual rate of 100 of the average daily net assets up to $250 million 075 of the average daily net assets from $250 million to $25 billion and 065 of the average daily net assets greater than $25 billion For the Osterweis Strategic Investment Fund the Adviser is entitled to a monthly fee at the annual rate of 100 for the average daily net assets up to $500 million and 075 for the average daily net assets greater than $500 million For the Osterweis Emerging Opportunity Fund the Adviser is entitled to a monthly fee at an annual rate of 100 of the average daily net assets up to $500 million 085 of the average daily net assets from $500 million to $1 billion and 075 of the average daily net assets greater than $1 billion For the Osterweis Total Return Fund the Adviser is entitled to a monthly fee at an annual rate of 045 of the average daily net assets The amount of investment advisory fees incurred by the Funds for the year ended March 31 2021 is disclosed in the Statements of Operations The investment advisory fees incurred are paid monthly to the Adviser net of any waiver or reimbursement discussed below

The Adviser has contractually agreed to limit the annual ratio of expenses (Expense Cap) for the Osterweis Fund Osterweis Emerging Opportunity Fund and Osterweis Total Return Fund by reducing all or a portion of their fees and reimbursing Fund expenses so that each Fundrsquos ratios of expenses to average net assets will not exceed 095 110 and 075 respectively Prior to June 30 2019 expenses for the Osterweis Emerging Opportunity Fund were limited to 125 of average net assets Each Operating Expenses Limitation Agreement has an indefinite term and may be terminated at any time and without payment of any penalty by the Board on behalf of the Fund upon sixty (60) daysrsquo written notice to the Adviser Any fees waived andor any Fund expenses absorbed by the Adviser pursuant to an agreed-upon expense cap shall be reimbursed by the Fund to the Adviser if so requested by the Adviser any time before the end of the third year following the fee waiver andor expense absorption provided the aggregate amount of the Fundrsquos current operating expenses for such year does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement The Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursements of fees andor expenses Any such reimbursement is also contingent upon Board review and approval Any amount due from the Adviser is paid monthly to the Funds if applicable For the year ended March 31 2021 the Adviser waived $345519 in fees in the Osterweis Fund and $146407 in fees in the Osterweis Emerging Opportunity Fund As of March 31 2021 the remaining cumulative amount the Adviser may be reimbursed is $964964 for Osterweis Fund and $269003 for Osterweis Emerging Opportunity Fund

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

March 31 2022 March 31 2023 March 31 2024 Total _____________ _____________ _____________ ____ Osterweis Fund $307423 $312022 $345519 $964964 Osterweis Emerging Opportunity Fund mdash 122596 146407 269003

US Bancorp Fund Services LLC doing business as US Bank Global Fund Services (ldquoFund Servicesrdquo) acts as the Fundsrsquo administrator fund accountant and transfer agent In those capacities Fund Services maintains the Fundsrsquo books and records calculates the Fundsrsquo NAV prepares various federal and state regulatory filings coordinates the payment of fund expenses reviews expense accruals and prepares materials supplied to the Board The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services Fees paid by the Funds to Fund Services for these services for the year ended March 31 2021 are disclosed in the Statements of Operations

Quasar Distributors LLC (the ldquoDistributorrdquo) acts as the Fundsrsquo principal underwriter in a continuous public offering of the Fundsrsquo shares US Bank NA serves as custodian to the Funds US Bank NA is an affiliate of Fund Services

The Funds have entered into Sub-Transfer Agent Arrangements (the ldquoArrangementsrdquo) All Arrangements must be approved by the Board For the year ended March 31 2021 the Sub-Transfer Agent Fees and Transfer Agent Fees incurred by the Funds are disclosed in the Statements of Operations

_________ _________________

________________________________________ _____________ _____________

Note 4 ndash Purchases and Sales of Securities

For the year ended March 31 2021 the cost of purchases and proceeds from sales and maturities of securities excluding short-term investments were as follows

Purchases Sales _________ _________________ Osterweis Fund $ 51579042 $ 50809743 Osterweis Strategic Income Fund 2839177152 2406200451 Osterweis Strategic Investment Fund 73932043 65952019 Osterweis Emerging Opportunity Fund 205027484 168602662 Osterweis Total Return Fund 1163577879 1112397572

For the year ended March 31 2021 the cost of purchases and proceeds from sales and maturities of long-term US Government securities included above were as follows

Purchases Sales Osterweis Total Return Fund $182940759 $165902290

The Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund and Osterweis Emerging Opportunity Fund did not purchase or sell US Government securities during the year ended March 31 2021

Note 5 ndash Distributions to Shareholders

The tax character of distributions paid during the year ended March 31 2021 and the year ended March 31 2020 was as follows

Ordinary Income March 31 2021 March 31 2020

Osterweis Fund $ 731863 $ 932763 Osterweis Strategic Income Fund 188057162 231265711 Osterweis Strategic Investment Fund 945892 1693879 Osterweis Emerging Opportunity Fund 16776530 mdash Osterweis Total Return Fund 6398924 4527891

Long-Term Capital Gains 1

March 31 2021 March 31 2020 Osterweis Fund $ 7453594 $8260892 Osterweis Strategic Income Fund mdash mdash Osterweis Strategic Investment Fund 4074530 3054881 Osterweis Emerging Opportunity Fund 3884481 6684032 Osterweis Total Return Fund mdash mdash 1 Designated as long-term capital gain dividend pursuant to Internal Revenue Code Section 852(b)(3)

____________ _____________ ____________ ____________ ____________ ____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________ ____________ _____________ ____________ ____________ ____________ ____________ _____________ ____________ ____________ ____________

____________ _____________ ____________ ____________ ____________ ____________ _____________ ____________ ____________ ____________

_____________ ___________ ______________ ___________ ___________

The cost basis of investments for federal income tax purposes at fiscal year end March 31 2021 was as follows

Fund Income Fund Fund Fund Fund ____________ _____________ ____________ __________ ___________ Cost of investments $ 97075884 $5006883398 $110579036 $189801555 $247835724

Gross tax unrealized appreciation 72350661 228765416 47307739 50316053 1932607 Gross tax unrealized depreciation (838664) (58651194) (957782) (9518690) (4622003) Net tax unrealized appreciationdepreciation 71511997 170114222 46349957 40797363 (2689396)

Undistributed ordinary income 1459601 11393811 3418331 21552756 155721 Undistributed long-term capital gain 4867974 mdash 2114165 9398432 mdash Total distributable earnings 6327575 11393811 5532496 30951188 155721 Other accumulated gain(loss) mdash (528596950) mdash (5662) 577 Total distributable (accumulated) earnings (losses) $ 77839572 $ (347088917) $ 51882453 $ 71742889 $ (2533098)

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

Note 6 ndash Credit Facility

US Bank NA has made available to the Funds credit facilities pursuant to separate Loan and Security Agreements for temporary or extraordinary purposes Credit facility details for the year ended March 31 2021 are as follows

Osterweis Osterweis Osterweis Emerging Osterweis Strategic Strategic Opportunity Total Return

Osterweis Fund Income Fund Investment Fund Fund Fund Maximum available credit $15000000 $250000000 $15000000 $8000000 $10000000 Largest amount outstanding

on an individual day mdash mdash mdash mdash mdash Average balance when in use mdash mdash mdash mdash mdash Credit facility outstanding as of March 31 2021 mdash mdash mdash mdash mdash

Average interest rate when in use mdash mdash mdash mdash mdash

Interest expenses for the year ended March 31 2021 are disclosed in the Statements of Operations as applicable

Note 7 ndash Risks Associated with the Discontinuation of the London Interbank Offered Rate (ldquoLIBORrdquo)

The Funds invest significantly in corporate bonds that have interest rate provisions linked to LIBOR LIBOR is used extensively in the US and globally as a ldquobenchmarkrdquo or ldquoreference raterdquo for such loans It is expected that a number of private-sector banks currently reporting information used to set LIBOR will stop doing so after 2021 when their current reporting commitment ends which could either cause LIBOR to stop publication immediately or cause LIBORrsquos regulator to determine that its quality has degraded to the degree that it is no longer representative of its underlying market The expected discontinuation of LIBOR may impact the functioning liquidity and value of these

Note 8 ndash (COVID-19) Pandemic

The global outbreak of COVID-19 (commonly referred to as ldquocoronavirusrdquo) has disrupted economic markets and the prolonged economic impact is uncertain The ultimate economic fallout from the pandemic and the long-term impact on economies markets industries and individual issuers are not known The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments including the duration and spread of the outbreak and such uncertainty may in turn adversely affect the value and liquidity of the Fundsrsquo investments impair the Fundsrsquo ability to satisfy redemption requests and negatively impact the Fundsrsquo performance Please refer to the Fundsrsquo prospectus for information regarding the Fundsrsquo principal risks

To the Board of Trustees of Professionally Managed Portfolios and Shareholders of the Osterweis Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund Osterweis Emerging Opportunity Fund and Osterweis Total Return Fund (the ldquoFundsrdquo) each a series of Professionally Managed Portfolios (the ldquoTrustrdquo) including the schedules of investments as of March 31 2021 the related statements of operations for the year then ended the statements of changes in net assets for each of the two years in the period then ended financial highlights for each of the five years in the period then ended (with respect to Osterweis Emerging Opportunity Fund the financial highlights for each of the four years in the period then ended and for the period November 30 2016 to March 31 2017 and with respect to Osterweis Total Return Fund the financial highlights for each of the four years in the period then ended and for the period December 30 2016 to March 31 2017) and the related notes (collectively referred to as the ldquofinancial statementsrdquo) In our opinion the financial statements present fairly in all material respects the financial position of the Funds as of March 31 2021 the results of their operations for the year then ended the changes in their net assets for each of the two years in the period then ended and their financial highlights for periods stated above in conformity with accounting principles generally accepted in the United States of America

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements whether due to error or fraud and performing procedures that respond to those risks Such procedures included examining on a test basis evidence regarding the amounts and disclosures in the financial statements Our audits also included evaluating the accounting principles used and significant estimates made by management as well as evaluating the overall presentation of the financial statements Our procedures included confirmation of securities owned as of March 31 2021 by correspondence with the custodian and brokers when replies were not received from brokers we performed other auditing procedures We believe that our audits provide a reasonable basis for our opinion

TAIT WELLER amp BAKER LLP

Philadelphia Pennsylvania June 1 2021

Report of Independent Registered Public Accounting Firm

Osterweis Funds | Expense Examples For the Six Months Ended March 31 2021

As a shareholder of the Funds you incur ongoing costs including investment advisory fees and other Fund expenses These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds These examples are based on an investment of $1000 invested at the beginning of the period and held for the entire period (October 1 2020ndash March 31 2021)

Actual Expenses

The ldquoActualrdquo line for each of the following tables provides information about actual account values based on actual returns and actual expenses Although the Funds charge no sales load or other transaction fees you will be assessed fees for outgoing wire transfers returned checks and stop payment orders at prevailing rates charged by Fund Services the Fundsrsquo transfer agent If you request that a redemption be made by wire transfer the Fundsrsquo transfer agent currently charges a $1500 fee An Individual Retirement Account will be charged an annual maintenance fee To the extent the Funds invest in shares of other investment companies as part of their strategies you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the expenses of the Funds Actual expenses of the underlying funds may vary These expenses are not included in the following examples The following examples include but are not limited to investment advisory fees fund accounting fees fund administration fees custody fees and transfer agent fees However the following examples do not include portfolio trading commissions and related expenses You may use the information in this line together with the amount you invested to estimate the expenses that you paid over the period Simply divide your account value by $1000 (for example an $8600 account value divided by $1000 = 86) then multiply the result by the number in the first line under the heading titled ldquoExpenses Paid During the Periodrdquo to estimate the expenses you paid on your account during this period

Hypothetical Example for Comparison Purposes

The ldquoHypotheticalrdquo line for each of the following tables provides information about hypothetical account values and hypothetical expenses based on the Fundsrsquo actual expense ratios and an assumed rate of return of 5 per year before expenses which is not the Fundsrsquo actual return The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period You may use this information to compare the ongoing costs of investing in the Funds and other funds To do so compare this 5 hypothetical example with the 5 hypothetical examples that appear in the shareholder reports of the other funds

Beginning Ending Account Value Account Value Expenses Paid

10120 _____________ 33121 _____________ During the Period 1 _________________ Osterweis Fund Actual $100000 $118460 $517 Hypothetical (5 annual return before expenses) 100000 102019 478

Strategic Income Fund Actual 100000 106120 432 Hypothetical (5 annual return before expenses) 100000 102074 423

Strategic Investment Fund Actual 100000 116050 625 Hypothetical (5 annual return before expenses) 100000 101915 584

Emerging Opportunity Fund Actual 100000 127490 624 Hypothetical (5 annual return before expenses) 100000 101945 554

Total Return Fund Actual 100000 99100 318 Hypothetical (5 annual return before expenses) 100000 102174 323 1 Expenses are equal to the annualized net expense ratio for the most recent six-month period The annualized six-month expense ratios for

the Osterweis Fund Osterweis Strategic Income Fund Osterweis Strategic Investment Fund Osterweis Emerging Opportunity Fund and Osterweis Total Return Fund were 095 084 116 110 and 064 (reflecting fee waivers and recoupments in effect) respectively multiplied by the average account value over the period multiplied by 182365 (to reflect the one-half year period

The Board is responsible for the overall management of the Trust including general supervision and review of the investment activities of the Funds The Board in turn elects the officers of the Trust who are responsible for the day-to-day operations of the Trust and its separate series The current Trustees and executive officers of the Trust their birth dates positions with the Trust terms of office with the Trust and length of time served their principal occupations during the past five years and other directorships are set forth in the table below

Term of Number of Office(2) Portolios Other

and in Fund Directorships Positons Length Complex(3) Held

Name Address with the of Time Principal Occupaton Overseen During Past and Age Trust(1) Served During Past Five Years by Trustees Five Years

Independent Trustees of the Trust

Kathleen T Barr Trustee Indefinite Former owner of a registered investment Independent (born 1955) Term Since adviser Productive Capital Management Inc Director Muzinich co US Bank Global November formerly Chief Administrative Officer Senior BDC Inc (2019

Fund Services 2018 Vice President and Senior Managing Director to present) 2020 E Financial Way of Allegiant Asset Management Company Independent Suite 100 (merged with PNC Capital Advisors LLC in 2009) Trustee for the Glendora CA 91741 formerly Chief Administrative Officer Chief William Blair

Compliance Officer and Senior Vice President of Funds (2013 PNC Funds and PNC Advantage Funds (fka to present) Allegiant Funds) (registered investment companies) (21 series)

Independent Trustee for the AmericaFirst Quantitative Funds (2012 to 2016)

Wallace L Cook Trustee Indefinite Investment Consultant formerly Chief Executive Trustee The Dana (born 1939) Term Since Officer Rockefeller Trust Co (prior thereto Senior Foundation co US Bank Global May 1991 Vice President) and Managing Director Rockefeller

Fund Services amp Co (Investment Manager and Financial Advisor) 2020 E Financial Way formerly Senior Vice President Norton Simon Inc Suite 100 (international consumer products conglomerate) Glendora CA 91741

Eric W Falkeis Trustee Indefinite Chief Executive Officer Tidal ETF Services LLC (2018 Independent (born 1973) Term Since to present) formerly Chief Operating Officer Director Muzinich co US Bank Global September Direxion Funds (2013 to 2018) formerly Senior Vice BDC Inc (2019

Fund Services 2011 President and Chief Financial Officer (and other to present) 2020 E Financial Way Chairperson Indefinite positions) US Bancorp Fund Services LLC Interested Trustee Suite 100 Term Since (1997 to 2013) Tidal ETF Trust Glendora CA 91741 August 2019 (2018 to present)

(21 series) Former Interested Trustee Direxion Funds (22 series) Direxion Shares ETF Trust (112 series) and Direxion Insurance Trust (2013 to 2018)

Osterweis Funds | Trustees and Executive Officers (Unaudited)

Osterweis Funds | Trustees and Executive Officers (Unaudited) (Continued)

Carl A Froebel Trustee Indefinite Formerly President and Founder National None (born 1938) Term Since Investor Data Services Inc (investment related co US Bank Global May 1991 computer software)

Fund Services 2020 E Financial Way Suite 100 Glendora CA 91741

Steven J Paggioli Trustee Indefinite Consultant formerly Executive Vice President Independent (born 1950) Term Since Investment Company Administration LLC Director Muzinich co US Bank Global May 1991 (mutual fund administrator) BDC Inc (2019

Fund Services to present) 2020 E Financial Way Independent Suite 100 Trustee AMG Glendora CA 91741 Funds (1993

to present) (49 series) Advisory Board Member Sustainable Growth Advisers LP

Ashi S Parikh Trustee Indefinite Investment professional formerly Chief Executive and Board of Directors (born 1966) Term Since Chief Investment Officer and various other positions Member co US Bank Global June 2020 RidgeWorth Investments LLC (global investment Investment

Fund Services management firm) (2006 to 2017) formerly Chief Working Group 2020 E Financial Way Investment Officer Institutional Growth Equities The Ohio State Suite 100 Eagle Asset Management (financial advisor) formerly University Glendora CA 91741 Sr Managing Director Growth Equities Banc One Endowments and

Investment Advisors (financial advisor) Foundation (2016 to present) Board of Directors World Methodist Council Investment Committee (2018 to present) Independent Trustee PNC Funds (2018 to 2019) (32 series) Interested Trustee RidgeWorth Funds (2014 to 2017) (35 series)

Officers of the Trust

Elaine E Richards President Indefinite Senior Vice President US Bank Global Fund Not Not (born 1968) Term Since Services since July 2007 Applicable Applicable co US Bank Global March 2013

Carl G Gee JD Secretary Indefinite Assistant Vice President US Bank Global Not Not (born 1990) amp Vice Term Since Fund Services since August 2016 Summer Applicable Applicable co US Bank Global President February Associate Husch Blackwell LLP (2015)

Fund Services 2021 Law Clerk Brady Corporation (global printing 615 East Michigan St systems labels and safety products Milwaukee WI 53202 company) (2014 to 2015)

Aaron J Perkovich Vice Indefinite Vice President US Bank Global Fund Not Not (born 1973) President Term Since Services since June 2006 Applicable Applicable co US Bank Global March 2017

Fund Services Treasurer Indefinite 615 East Michigan St Term Since Milwaukee WI 53202 August 2016

Melissa Breitzman Assistant Indefinite Assistant Vice President US Bank Global Fund Not Not (born 1983) Treasurer Term Since Services LLC since June 2005 Applicable Applicable co US Bank Global August 2016

Fund Services 615 East Michigan St Milwaukee WI 53202

Craig Benton Assistant Indefinite Assistant Vice President US Bank Global Fund Not Not (born 1985) Treasurer Term Since Services since November 2007 Applicable Applicable co US Bank Global August 2016

Cory Akers Assistant Indefinite Assistant Vice President US Bank Global Fund Not Not (born 1978) Treasurer Term Since Services since October 2006 Applicable Applicable co US Bank Global August 2017

Donna Barrette Chief Indefinite Senior Vice President and Compliance Officer Not Not (born 1966) Compliance Term Since US Bank Global Fund Services Applicable Applicable co US Bank Global Officer July 2011 since August 2004

Fund Services Anti-615 East Michigan St Money Milwaukee WI 53202 Laundering

Officer Vice President

(1) All Trustees of the Trust are not ldquointerested personsrdquo of the Trust as defined under the 1940 Act (ldquoIndependent Trusteesrdquo) (2) Under the terms of the Boardrsquos retirement policy a Trustee shall retire at the end of the calendar year in which he or she reaches the age of

78 (or in the case of a Trustee who was over the age of 78 at the time the retirement policy was adopted in 2019 December 31 2021) (3) The Trust is comprised of numerous series managed by unaffiliated investment advisers The term ldquoFund Complexrdquo applies only to the

Funds The Funds do not hold themselves out as related to any other series within the Trust for purposes of investment and investor services nor do they share the same investment advisor with any other series

Additional Information

Information About the Portfolio Holdings

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT The Fundsrsquo Form N-PORT reports are available on the SECrsquos website at wwwsecgov The Fundsrsquo Form N-PORT reports may also be obtained by calling toll-free (866) 236-0050

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request without charge by calling toll-free at (866) 236-0050 or by accessing the US Securities and Exchange Commissionrsquos (SEC) website at wwwsecgov

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent twelve months ended June 30 is available upon request without charge by calling toll-free at (866) 236-0050 or by accessing the SECrsquos website at wwwsecgov

Information About Proxy Voting

For the fiscal year ended March 31 2021 certain dividends paid by the Funds may be subject to a maximum tax rate of 23 as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017

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

For corporate shareholders the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31 2021 was as follows

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the fiscal year ended March 31 2021 was as follows (unaudited)

Federal Tax Information (Unaudited)

Householding

Additional Information (Continued)

To reduce expenses the Funds may mail only one copy of each Fundrsquos prospectus and each annual and semi-annual report to those addresses shared by two or more accounts If you wish to receive individual copies of these documents please call toll-free at (866) 236-0050 (or contact your financial institution) We will begin sending you individual copies thirty days after receiving your request

Information About the Funds Trustees

The Statement of Additional Information (ldquoSAIrdquo) includes additional information about the Fundsrsquo Trustees and is available without charge upon request by calling (866) 236-0050 Furthermore you can obtain the SAI on the SECrsquos website at wwwsecgov or the Fundsrsquo website at wwwosterweiscom

The Funds collect non-public information about you from the following sources

bull Information we receive about you on applications or other forms

bull Information you give us orally and

bull Information about your transactions with us or others

The Funds do not disclose any non-public personal information about our customers or former customerswithout the customerrsquos authorization except as permitted by law or in response to inquiries from governmental authorities The Funds may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds The Funds will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility The Funds maintain physical electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your non-public information with the same high degree of confidentially

In the event that you hold shares of a Fund through a financial intermediary including but not limited to a broker-dealer bank or trust company the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties

Osterweis Funds | Privacy Notice (Unaudited)

Advisers OSTERWEIS CAPITAL MANAGEMENT INC OSTERWEIS CAPITAL MANAGEMENT LLC

One Maritime Plaza Suite 800 San Francisco CA 94111

Distributor QUASAR DISTRIBUTORS LLC

111 East Kilbourn Avenue Suite 2200 Milwaukee WI 53202

Custodian US BANK NA

Custody Operations 1555 North RiverCenter Drive Suite 302

Milwaukee WI 53212

Transfer Agent Fund Accountant and Fund Administrator US BANCORP FUND SERVICES LLC

615 East Michigan Street Milwaukee WI 53202

(866) 236-0050

Independent Registered Public Accounting Firm TAIT WELLER amp BAKER LLP

Two Liberty Place 50 South 16th Street Suite 2900

Philadelphia PA 19102

Legal CounselSULLIVAN amp WORCESTER LLP

1633 Broadway 32nd Floor New York NY 10019

Fund Information Fund Symbol CUSIP Osterweis Fund OSTFX 742935406 Osterweis Strategic Income Fund OSTIX 742935489 Osterweis Strategic Investment Fund OSTVX 74316J771 Osterweis Emerging Opportunity Fund OSTGX 74316P744 Osterweis Total Return Fund OSTRX 74316P736

OWRPANN ndash 0321

ManagerReviewsFundOverviewsandSchedulesofInvestments

OsterweisFund

OsterweisStrategicIncomeFund

OsterweisStrategicInvestmentFund

OsterweisEmergingOpportunityFund

OsterweisTotalReturnFund

FinancialStatements

StatementsofAssetsandLiabilities

StatementsofOperations

StatementsofChangesinNetAssets

FinancialHighlights

NotestoFinancialStatements

ReportofIndependentRegisteredPublicAccountingFirm

ExpenseExamples

TrusteesandExecutiveOfficers

AdditionalInformation

PrivacyNotice