Mutual Funds

Osterweis Fund

Fact Sheet December 2020
Shareholder Letter January 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2020
Semi-Annual Report - Osterweis Funds September 2020
First Quarter Equity Outlook January 2021

Emerging Opportunity Fund

Fact Sheet December 2020
Shareholder Letter January 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2020
Semi-Annual Report - Osterweis Funds September 2020

Strategic Income Fund

Fact Sheet December 2020
Shareholder Letter January 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2020
Semi-Annual Report - Osterweis Funds September 2020
First Quarter Strategic Income Outlook January 2021

Total Return Fund

Fact Sheet December 2020
Shareholder Letter January 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2020
Semi-Annual Report - Osterweis Funds September 2020
First Quarter Total Return Outlook January 2021

Strategic Investment Fund

Fact Sheet December 2020
Shareholder Letter January 2021
Summary Prospectus June 2020
Statutory Prospectus June 2020
Statement of Additional Information June 2020
Annual Report - Osterweis Funds March 2020
Semi-Annual Report - Osterweis Funds September 2020
Fourth Quarter Strategic Investment Outlook October 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.