Portfolio Overview as of 3/31/2017

Asset Allocation (% of Total Portfolio)

Equities 97.8%
Cash 2.2

Sector Exposure (% of Equities)

Health Care 16.1%
Materials 14.7
Energy 13.7
Industrials 12.0
Information Technology 10.8
Consumer Discretionary 10.6
Financials 9.3
Consumer Staples 6.2
Real Estate 3.6
Utilities 3.0

Market Cap Exposure (% of Equities)

Less than $500 million 0.0%
$500 million to $2 billion 0.0
$2 - 5 billion 13.7
$5 - 15 billion 21.0
$15 - 50 billion 18.3
Greater than $50 billion 47.0

Market Cap Characteristics (Equities Only)

Weighted Average Market Cap $81.6 billion
Median Market Cap $36.3 billion

Country Exposure (% of Total Portfolio)

United States (including cash) 84.6%
Great Britain 8.7
Germany 3.4
Switzerland 3.3

Number of Holdings

Equities 34
Bonds 0

Top 10 Holdings (% of Total Portfolio)

Alphabet Inc. (Class C) 5.66
Charter Communications Inc.-A 4.94
Berry Plastics Group Inc. 3.89
Halliburton Co. 3.68
General Electric Co. 3.53
Bayer Ag-Sponsored ADR 3.44
Allergan Plc Preferred 3.41
Diageo Plc-ADR 3.35
Progressive Corp. 3.35
Crown Holdings Inc. 3.28
Total 38.53

Complete holdings are generally available ten business days following quarter end.

The Osterweis Institutional Equity Fund’s holdings and sector allocations may change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation to buy or sell the securities by the Fund or Osterweis Capital Management.

Fiscal Year Turnover

Year Ended
March 31
Turnover
2017 46%
2016 41
2015 41
2014 31
2013* 20
*

Not a full year, only covers 7/31/12-3/31/13

Investment Team

Account Access

Email Update

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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