Strategy. The Fund invests primarily in common stocks of quality growth companies that Osterweis Capital Management, Inc. (the Adviser) believes offer superior investment value and opportunity for growth. The Fund may invest in companies of any size large, medium and small. The Adviser focuses on quality growth companies that it believes to be undervalued or otherwise out-of-favor in the market, but that have durable competitive advantages. The team focuses on a select group of companies that it believes have such advantages, attractive growth prospects, and strong management teams. As such companies achieve greater visibility over time and their stocks are accorded valuations more in line with their growth rates, the Adviser may choose to sell those stocks. Other types of equity … Show more… The Fund invests primarily in common stocks of quality growth companies that Osterweis Capital Management, Inc. (the Adviser) believes offer superior investment value and opportunity for growth. The Fund may invest in companies of any size large, medium and small. The Adviser focuses on quality growth companies that it believes to be undervalued or otherwise out-of-favor in the market, but that have durable competitive advantages. The team focuses on a select group of companies that it believes have such advantages, attractive growth prospects, and strong management teams. As such companies achieve greater visibility over time and their stocks are accorded valuations more in line with their growth rates, the Adviser may choose to sell those stocks. Other types of equity securities in which the Fund may invest include convertible securities and publicly traded Master Limited Partnerships (MLPs). MLPs are generally energy or natural resource-related companies and may comprise up to 15% of the Funds assets. The Fund may also invest up to 30% of its assets in equity securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including those in emerging markets. The Fund's investments in any one sector may exceed 25% of its net assets. As of March 31, 2025, over 25% of the Funds assets were invested in securities within the information technology sector. In addition to taking temporary defensive positions in cash and short-term bonds from time to time, the Fund may invest up to 50% of its assets in fixed income securities, which include, but are not limited to, U.S. government and agency debt, investment grade corporate debt and convertible debt. Up to 40% of the Funds assets may be invested in below investment grade corporate debt (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&P or lower than Baa3 by Moodys), although the Fund does not expect to maintain significant positions in such securities on a normal basis. Show less