Mutual Funds

Osterweis Fund

Fact Sheet June 2017
Shareholder Letter July 2017
Summary Prospectus July 2017
Statutory Prospectus June 2017
Statement of Additional Information June 2017
Annual Report - Osterweis Funds March 2017
Semi-Annual Report - Osterweis Funds September 2016
Equity Outlook - July 2017 June 2017

Institutional Equity Fund

Fact Sheet June 2017
Shareholder Letter July 2017
Summary Prospectus July 2017
Statutory Prospectus June 2017
Statement of Additional Information June 2017
Annual Report - Osterweis Funds March 2017
Semi-Annual Report - Osterweis Funds September 2016
Equity Outlook - July 2017 June 2017

Emerging Opportunity Fund

Fact Sheet June 2017
Shareholder Letter July 2017
Summary Prospectus July 2017
Statutory Prospectus June 2017
Statement of Additional Information June 2017
Annual Report - Osterweis Funds March 2017

Strategic Income Fund

Fact Sheet June 2017
Shareholder Letter July 2017
Summary Prospectus July 2017
Statutory Prospectus June 2017
Statement of Additional Information June 2017
Annual Report - Osterweis Funds March 2017
Semi-Annual Report - Osterweis Funds September 2016
Fixed Income Outlook - July 2017 June 2017

Total Return Fund

Fact Sheet June 2017
Shareholder Letter April 2017
Summary Prospectus July 2017
Statutory Prospectus June 2017
Statement of Additional Information June 2017
Annual Report - Osterweis Funds March 2017

Strategic Investment Fund

Fact Sheet June 2017
Shareholder Letter July 2017
Summary Prospectus July 2017
Statutory Prospectus June 2017
Statement of Additional Information June 2017
Annual Report - Osterweis Funds March 2017
Semi-Annual Report - Osterweis Funds September 2016
Strategic Investment Outlook - July 2017 June 2017

Request hard copies of mutual fund materials by email or call us at (866) 236-0050.

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Mutual fund investing involves risk. Principal loss is possible.

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

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