Portfolio Overview as of 3/31/2017

Asset Allocation (% of Total Portfolio)

Equities 93.3%
Cash 6.7
Fixed Income 0.0

Sector Exposure (% of Equities)

Health Care 16.9%
Energy 13.8
Materials 13.2
Industrials 12.9
Information Technology 10.8
Financials 10.2
Consumer Discretionary 7.6
Consumer Staples 6.8
Real Estate 4.6
Utilities 3.2

Market Cap Exposure (% of Equities)

Less than $500 million 0.0%
$500 million to $2 billion 0.0
$2 - 5 billion 14.3
$5 - 15 billion 17.1
$15 - 50 billion 17.1
Greater than $50 billion 51.5

Market Cap Characteristics (Equities Only)

Weighted Average Market Cap $83.9 billion
Median Market Cap $38.0 billion

Country Exposure (% of Total Portfolio)

United States (including cash) 85.1%
Great Britain 8.4
Germany 3.4
Switzerland 3.1

Number of Holdings

Equities 33
Bonds 0

Top 10 Holdings (% of Total Portfolio)

Alphabet Inc. (Class C) 5.04
Charter Communications Inc.-A 4.99
Enterprise Products Partners 4.41
Progressive Corp. 3.45
US Foods Holding Corp. 3.38
Bayer Ag-Sponsored ADR 3.37
Air Lease Corp. 3.33
Allergan Plc Preferred 3.32
Chubb Ltd. 3.30
Boeing Co. 3.29
Total 37.88

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

The Osterweis 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
2016 20%
2015 29
2014 31
2013 24
2012 31
2011 39
2010 26
2009 63
2008 56
2007 50
2006 30
2005 38
2004 58
2003 34
2002 49
2001 32
2000 39
1999 31
1998 26
1997 41
1996 57
1995 29
1994* 35

Not a full year, only covers 10/1/93-3/31/94

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 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.

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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