Performance

Month-End Performance (as of 2/28/17)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(7/31/2012)
OSTEX 2.15% 5.66% 5.66% 20.82% 3.18% - - - 10.22%
S&P 500 Index 3.97 5.94 5.94 24.98 10.63 - - - 14.93
OSTEX S&P 500 Index
1 MONTH 2.15% 3.97%
QTD 5.66 5.94
YTD 5.66 5.94
1 YEAR 20.82 24.98
3 YEAR 3.18 10.63
5 YEAR - -
7 YEAR - -
10 YEAR - -
Since Inception
(7/31/2012)
10.22 14.93

Gross/Net expense ratio as of 3/31/2016: 1.28%/1.00% The Adviser has contractually agreed to waive certain fees through June 30, 2017.

Quarter-End Performance (as of 12/31/16)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(7/31/2012)
OSTEX 2.85% 2.26% 7.48% 7.48% 1.78% - - - 9.24%
S&P 500 Index 1.98 3.82 11.96 11.96 8.87 - - - 14.01
OSTEX S&P 500 Index
1 MONTH 2.85% 1.98%
QTD 2.26 3.82
YTD 7.48 11.96
1 YEAR 7.48 11.96
3 YEAR 1.78 8.87
5 YEAR - -
7 YEAR - -
10 YEAR - -
Since Inception
(7/31/2012)
9.24 14.01

Gross/Net expense ratio as of 3/31/2016: 1.28%/1.00% The Adviser has contractually agreed to waive certain fees through June 30, 2017.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be higher or lower than the performance quoted. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced.


Rates of return for periods greater than one year are annualized.

Performance Chart (as of 12/31/16)

Returns (%)
Institutional Equity Fund
S&P 500 Index

Hypothetical Growth of $10,000 (Since Inception to 12/31/2016)

Growth of $10,000
Institutional Equity Fund
(Dividends Reinvested)
S&P 500 Index
(Dividends Reinvested)

Calendar Year Performance

Date OSTEX S&P 500
2016 (as of 12/31/16) 7.48% 11.96%
2015 -7.31 1.38
2014 5.82 13.69
2013 35.82 32.39
2012† 3.23 4.50

Investment Team

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This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund at the Fund’s inception. This chart assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. During the period noted, fee waivers or expense reimbursements were in effect for the Institutional Equity Fund.

Time period is 7/31/2012 through 12/31/2012.

The S&P 500 Index is an unmanaged index that is widely regarded as the standard for measuring large-cap U.S. stock market performance. The index does not incur expenses, is not available for investment, and includes the reinvestment of dividends.

During the period noted, contractual fee waivers were in effect for the Osterweis Institutional Equity Fund. The Expense Cap will remain in effect until at least June 30, 2017. The Fund may reimburse the Adviser for waived expenses, and therefore, the net expense ratio could be higher than the gross expense ratio.

The Osterweis Funds are available by prospectus only. The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other important information about the Funds. You may obtain a summary or statutory prospectus by calling toll free at (866) 236-0050, or by visiting www.osterweis.com/statpro. Please read the prospectus carefully before investing to ensure the Fund is appropriate for your goals and risk tolerance.

Mutual fund investing involves risk. Principal loss is possible.

The Osterweis Institutional Equity 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. From time to time, the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk.

While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for more information.

Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC.

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