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 2020
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Equity Outlook April 2021

Emerging Opportunity 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 2020
Semi-Annual Report - Osterweis Funds September 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 2020
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Strategic Income Outlook April 2021

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 2020
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Total Return Outlook April 2021

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 2020
Semi-Annual Report - Osterweis Funds September 2020
Second Quarter Strategic Investment Outlook April 2021

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.