Mutual Funds

Osterweis Fund

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

Emerging Opportunity Fund

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

Strategic Income Fund

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

Total Return Fund

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

Growth & Income Fund

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