Mutual Funds

Osterweis Fund

Fact Sheet March 2021
Shareholder Letter January 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2021
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Equity Outlook April 2021
Schedule of Investments (N-PORT) December 2020
Schedule of Investments (N-PORT) June 2020

Emerging Opportunity Fund

Fact Sheet March 2021
Shareholder Letter April 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2021
Semi-Annual Report - Osterweis Funds September 2020
Schedule of Investments (N-PORT) December 2020
Schedule of Investments (N-PORT) June 2020

Strategic Income Fund

Fact Sheet March 2021
Shareholder Letter April 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2021
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Strategic Income Outlook April 2021
Schedule of Investments (N-PORT) December 2020
Schedule of Investments (N-PORT) June 2020

Total Return Fund

Fact Sheet March 2021
Shareholder Letter April 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2021
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Total Return Outlook April 2021
Schedule of Investments (N-PORT) December 2020
Schedule of Investments (N-PORT) June 2020

Strategic Investment Fund

Fact Sheet March 2021
Shareholder Letter January 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2021
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Strategic Investment Outlook April 2021
Schedule of Investments (N-PORT) December 2020
Schedule of Investments (N-PORT) June 2020

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

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.