Portfolio Overview as of 12/31/2019

Asset Allocation (% of Total Portfolio)

Equities 91.2%
Cash & Equivalents 8.8

Sector Exposure (% of Equities)

Information Technology 29.6%
Health Care 25.9
Consumer Discretionary 14.7
Financials 14.5
Industrials 8.8
Real Estate 3.6
Multi-Sector 1.2
Communication Services 1.2
Consumer Staples 0.5

Market Cap Exposure (% of Equities)

Less than $500 million 1.2%
$500 million to $2 billion 21.3
$2 - 5 billion 38.3
$5 - 15 billion 39.2
$15 - 50 billion 0.0
Greater than $50 billion 0.0

Market Cap Characteristics (Equities Only)

Weighted Average Market Cap $4.1 billion
Median Market Cap $3.7 billion

Number of Holdings

Equities 39

Top 10 Holdings (% of Total Portfolio)

Meta Financial Group Inc 4.3
Five9 Inc 3.8
Paylocity Holding Corp 3.7
Bio-Techne Corp 3.7
Boot Barn Holdings Inc 3.7
Avalara Inc 3.6
eHealth Inc 3.5
Planet Fitness Inc. - CL A 3.4
Inphi Corp 3.3
FirstService Corp 3.3
Total 36.3

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

The Osterweis Emerging Opportunity 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
2019 215%
2018 208
2017 217
2016 189
2015 162
2014 85
2013** 38
*

Figures for 2013-2018 have been updated.

**

10/1/2012 to 3/31/2013

Sources: US Bank, Osterweis Capital Management, Conifer Financial Services

Investment Team

James L. Callinan

Chief Investment Officer – Emerging Growth

James L. Callinan

Chief Investment Officer – Emerging Growth

Jim Callinan graduated from Harvard College (B.A. Economics), New York University (M.S. Accounting) and Harvard Business School (M.B.A.). Mr. Callinan holds the Chartered Financial Analyst designation.

Prior to joining Osterweis Capital Management in 2016, Mr. Callinan managed the Emerging Growth Partnership, LP, a concentrated small cap growth strategy he founded at RS and transitioned to his own firm. Before that, he was Co-Founder & Chief Investment Officer at RS Investments. He also co-founded the RS Growth Group LLC at Robertson Stephens Investment Management in 1996 and managed the RS Emerging Growth Fund from 1996 until 2010.

He began his career at Putnam Investments as an equity research analyst in 1987 and served as portfolio manager for the Putnam OTC Emerging Growth Fund from 1994 to 1996.

Mr. Callinan is an Executive Committee member of the of Weatherbie Capital (an Alger Company) Advisory Board and the Friends of Harvard Football Board.

Mr. Callinan is a principal of the firm and a Portfolio Manager for the emerging growth strategy. He is also a Portfolio Manager for the flexible balanced strategy.

Matthew C. Unger

Vice President & Analyst

Matthew C. Unger

Vice President & Analyst

Matt Unger graduated from Trinity University (B.S. Finance, cum laude) and Southern Methodist University, Cox School of Business (M.B.A.). Mr. Unger holds the Chartered Financial Analyst designation.

Prior to joining Osterweis Capital Management in 2016, Mr. Unger worked at Callinan Asset Management as a Research Analyst covering the health care service, medical technology and industrial sectors. Prior to that, he spent three years at RS Investments as a Research Associate covering small cap growth companies in the medical technology and industrial sectors. Before graduate school, Matt worked at Platte River Capital covering the medical device sector from 2008-2010.

Mr. Unger is an Analyst for the emerging growth strategy.

Bryan Wong

Vice President & Analyst

Bryan Wong

Vice President & Analyst

Bryan Wong graduated from Yale University (B.A. in Political Science and International Studies with distinction) and the University of California Berkeley, Haas School of Business (M.B.A., Investment Management Fellow). Mr. Wong holds the Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.

Prior to joining Osterweis Capital Management in 2014, Mr. Wong was a member of the investment team managing the endowment of the David and Lucile Packard Foundation. Before that, Mr. Wong was an Analyst from 2005 to 2009 at two long/short hedge funds.

Mr. Wong is a principal of the firm and an Analyst for the emerging growth strategy.

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 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.

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.