Portfolio Overview as of 3/31/2017

Portfolio Allocation (% of Total Portfolio)

Mortgage 30.4%
Investment Grade Corporate Bonds 4 4.6
Preferred Stock 0.4
Non-Investment Grade Corporate Bonds 5 0.0
U.S. Treasuries 0.0
Cash & Other 1 64.6

Portfolio Characteristics

Weighted Average Coupon N/A
Weighted Average Effective Duration N/A
Weighted Average Years to Maturity N/A
Weighted Average Yield to Maturity N/A
30 Day SEC Yield N/A

Click here for standardized fund performance.

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. Performance data current to the most recent month end may be obtained by calling shareholder services toll free at (866) 236-0050.

Portfolio characteristics are generally updated within 30 days after quarter end. The characteristics are calculated only on the Fund’s fixed income holdings and cash. This information is believed to be reliable, but it is not guaranteed. Weighted averages are by security market value. Effective Duration is from Bloomberg.

Maturity (% of Fixed Income & Cash)

Cash 64.8%
<1 Year 0.0
1-3 Years 0.0
3-5 Years 2.3
>5 Years 32.9

Effective Duration (% of Fixed Income & Cash)

Cash N/A%
<1 N/A
1-3 N/A
3-5 N/A
>5 N/A

Credit Exposure (% of Total Portfolio)

U.S. Government 0.6%
U.S. Agency 2 29.8
Investment Grade Corporate 3 4 5.0
Non-Investment Grade Corporate 5 0.0
Not Rated Securities 0.0
Cash & Other 1 64.6

Number of Holdings

Bonds 23
Preferred Equities 1

Complete Holdings

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

The Osterweis Total Return 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.

Investment Team

Account Access

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1Cash & Other includes cash collateral associated with futures exposure that is maintained to manage the portfolio’s interest rate sensitivity. Cash levels were unusually high due to significant Fund inflows at quarter end.

2U.S. Agency consists of securities issued by Fannie Mae and Freddie Mac.

3Credit Quality ratings are determined by Standard and Poor’s. Grades are assigned to bonds by private independent rating services such as Standard & Poor’s and these grades represent their credit quality. The issues are evaluated based on such factors as the bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. For Corporates, in situations where Standard & Poor’s has not issued a formal rating, the security is classified as not rated (NR). Additionally, common stocks, if any, are classified as NR.

4Investment grade consists of securities rated BBB- or higher.

5Non investment grade consists of securities rated BB+ or lower.

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 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.

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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