Portfolio Overview as of 9/30/2019

Asset Allocation (% of Total Portfolio)

Equities 86.1%
Cash & Equivalents 13.9

Sector Exposure (% of Equities)

Information Technology 31.0%
Health Care 27.8
Financials 11.4
Consumer Discretionary 11.3
Industrials 9.4
Real Estate 5.0
Consumer Staples 1.9
Multi-Sector 1.2
Communication Services 1.1

Market Cap Exposure (% of Equities)

Less than $500 million 1.3%
$500 million to $2 billion 39.2
$2 - 5 billion 32.4
$5 - 15 billion 27.1
$15 - 50 billion 0.0
Greater than $50 billion 0.0

Market Cap Characteristics (Equities Only)

Weighted Average Market Cap $3.3 billion
Median Market Cap $2.1 billion

Number of Holdings

Equities 38

Top 10 Holdings (% of Total Portfolio)

Trex Company Inc. 3.7
Five9 Inc 3.6
Alteryx Inc - Class A 3.5
Tabula Rasa Healthcare Inc 3.5
Enova International Inc 3.4
Meta Financial Group Inc 3.4
Rapid7 Inc. 3.3
Avalara Inc 3.3
Firstservice Corp 3.2
Paylocity Holding Corp 3.2
Total 34.2

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

Account Access

Email Update

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.

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