Month-End Performance (as of 5/31/17)

Osterweis Fund (OSTFX)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR 15 YEAR 20 YEAR Since Inception
(10/1/1993)
OSTFX 1.71% 2.61% 7.52% 13.02% 1.73% 10.45% 9.31% 4.73% 7.54% 10.02% 10.27%
S&P 500 Index 1.41 2.45 8.66 17.47 10.14 15.42 14.43 6.94 7.77 7.36 9.37
OSTFX S&P 500 Index
1 MONTH 1.71% 1.41%
QTD 2.61 2.45
YTD 7.52 8.66
1 YEAR 13.02 17.47
3 YEAR 1.73 10.14
5 YEAR 10.45 15.42
7 YEAR 9.31 14.43
10 YEAR 4.73 6.94
15 YEAR 7.54 7.77
20 YEAR 10.02 7.36
Since Inception
(10/1/1993)
10.27 9.37

Gross expense ratio as of 3/31/2016: 1.03%

Institutional Equity Fund (OSTEX)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(7/31/2012)
OSTEX 1.91% 2.99% 7.99% 15.60% 2.37% - - - 10.16%
S&P 500 Index 1.41 2.45 8.66 17.47 10.14 - - - 14.70
OSTEX S&P 500 Index
1 MONTH 1.91% 1.41%
QTD 2.99 2.45
YTD 7.99 8.66
1 YEAR 15.60 17.47
3 YEAR 2.37 10.14
5 YEAR - -
7 YEAR - -
10 YEAR - -
Since Inception
(7/31/2012)
10.16 14.70

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.

Emerging Opportunity Fund (OSTGX)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(10/1/2012)
OSTGX 2.03% 4.23% 9.70% 26.45% 10.79% - - - 13.58%
Russell 2000 Growth Index -0.91 0.92 6.31 19.71 8.59 - - - 13.02
OSTGX Russell 2000 Growth Index
1 MONTH 2.03% -0.91%
QTD 4.23 0.92
YTD 9.70 6.31
1 YEAR 26.45 19.71
3 YEAR 10.79 8.59
5 YEAR - -
7 YEAR - -
10 YEAR - -
Since Inception
(10/1/2012)
13.58 13.02

Gross/Net expense ratio as of 11/30/2016: 1.61% / 1.50%. The Adviser has contractually agreed to waive certain fees through November 30, 2018.

Strategic Income Fund (OSTIX)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(8/30/2002)
OSTIX 0.53% 1.33% 2.93% 10.13% 3.68% 5.14% 5.79% 5.97% 7.00%
Bloomberg Barclays U.S. Aggregate Bond Index 0.77 1.55 2.38 1.58 2.53 2.24 3.43 4.46 4.36
OSTIX Bloomberg Barclays U.S. Aggregate Bond Index
1 MONTH 0.53% 0.77%
QTD 1.33 1.55
YTD 2.93 2.38
1 YEAR 10.13 1.58
3 YEAR 3.68 2.53
5 YEAR 5.14 2.24
7 YEAR 5.79 3.43
10 YEAR 5.97 4.46
Since Inception
(8/30/2002)
7.00 4.36

Gross expense ratio as of 3/31/2016: 0.83%

Total Return Fund (OSTRX)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(12/30/2016)
OSTRX 0.19% 0.22% 2.88% - - - - - 2.88%
Bloomberg Barclays U.S. Aggregate Bond Index 0.77 1.55 2.38 - - - - - 2.38
OSTRX Bloomberg Barclays U.S. Aggregate Bond Index
1 MONTH 0.19% 0.77%
QTD 0.22 1.55
YTD 2.88 2.38
1 YEAR - -
3 YEAR - -
5 YEAR - -
7 YEAR - -
10 YEAR - -
Since Inception
(12/30/2016)
2.88 2.38

Gross/Net expense ratio as of 12/30/2016: 2.00%/0.76%. The Adviser has contractually agreed to waive certain fees through December 31, 2018.

Strategic Investment Fund (OSTVX)

  1 MONTH QTD YTD 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR Since Inception
(8/31/2010)
OSTVX 1.47% 2.57% 6.69% 14.93% 3.08% 9.73% - - 9.94%
60% S&P 500 Index/40% Bloomberg Barclays U.S. Aggregate Bond Index 1.15 2.09 6.12 10.92 7.18 10.10 - - 10.55
OSTVX 60% S&P 500 Index/40% Bloomberg Barclays U.S. Aggregate Bond Index
1 MONTH 1.47% 1.15%
QTD 2.57 2.09
YTD 6.69 6.12
1 YEAR 14.93 10.92
3 YEAR 3.08 7.18
5 YEAR 9.73 10.10
7 YEAR - -
10 YEAR - -
Since Inception
(8/31/2010)
9.94 10.55

Gross expense ratio as of 3/31/2016: 1.14%

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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. For the Osterweis Emerging Opportunity Fund, performance prior to December 1, 2016 is that of another investment vehicle (the “Predecessor Fund”) before the commencement of the Fund’s operations. The Predecessor Fund was converted into the Fund on November 30, 2016. The Predecessor Fund’s performance shown includes the deduction of the Predecessor Fund’s actual operating expenses. In addition, the Predecessor Fund’s performance shown has been recalculated using the management fee that applies to the Fund, which has the effect of reducing the Predecessor Fund’s performance. The Predecessor Fund was not a registered mutual fund and so was not subject to the same operating expenses or investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower. 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. The Standard & Poor’s 500 Index (S&P) is an unmanaged index that is widely regarded as the standard for measuring large-cap U.S. stock market performance. The Bloomberg Barclays U.S. Aggregate Bond Index (BC Agg) is an unmanaged index that is widely regarded as a standard for measuring U.S. investment grade bond market performance. The 60/40 blend is composed of 60% S&P and 40% BC Agg and assumes monthly rebalancing. The Russell 2000 Growth Index is a market capitalization weighted index representing those stocks within the approximately 2000 smallest companies in the universe of U.S. equities that exhibit growth characteristics. These indices do not incur expenses and are not available for investment. These indices include reinvestment of dividends and/or interest.

The Osterweis Funds and other products and services described on this website are intended to be made available to U.S. investors only. Shares of the Funds are currently offered only in the United States and are not available for sale in any jurisdiction other than the United States. The information on this website is neither an offer to sell nor a solicitation of an offer to buy a mutual fund, security or service in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful. Please read these Terms and Conditions.

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

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 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.

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.

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 including the health care sector, which may be affected by government regulation, restrictions, pricing and other market developments and the technology sector, which tends to be more volatile than the overall market. 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 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. These risks may increase for emerging markets. 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.

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 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.

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.

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

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