Literature

Fund Literature

Document Date
Fact Sheet September 2022
Shareholder Letter October 2022

Regulatory Reports

Document Date
Summary Prospectus June 2022
Statutory Prospectus June 2022
Statement of Additional Information November 2022
Semi-Annual Report September 2022
Annual Report March 2022

Open an Account

After reading the prospectus, please click on the links below to download an application or open an account online.

Applications & Forms

Document Date
Application - Regular Account  

Regular/Taxable accounts for Individuals, Joint or Gifts to Minors.

Entity Application - Regular Account  

Regular/Taxable accounts for entities such as C Corporations, Partnerships, Limited Liability Companies, etc.

Application - IRA Account  

Regular, Roth, SEP, SIMPLE, Transfer or Rollover IRA account. Please read the IRA Disclosure Statement & Custodial Agreement.

IRA or CESA Transfer Form  

Transfer an existing IRA to the Osterweis Funds.

Beneficiary Change Form  

Change your beneficiaries for Traditional, Roth, SEP and SIMPLE IRA’s.

Investment Team

Carl Kaufman

Co-President, Co-Chief Executive Officer, Chief Investment Officer – Strategic Income & Managing Director – Fixed Income

Carl Kaufman

Carl Kaufman

Co-President, Co-Chief Executive Officer, Chief Investment Officer – Strategic Income & Managing Director – Fixed Income

Carl Kaufman joined Osterweis Capital Management in 2002 after almost 24 years in various positions at Robertson Stephens and Merrill Lynch. He has managed the Osterweis Strategic Income Fund since its inception in 2002 and is also the Managing Director of Fixed Income and a lead Portfolio Manager for the Osterweis Growth & Income Fund.

In his management role at the firm, he is responsible primarily for investment matters and is a member of the firm’s Management Committee. He is a principal of the firm.

Mr. Kaufman graduated from Harvard University and attended New York University Graduate School of Business Administration.

Bradley Kane

Vice President & Portfolio Manager

Bradley Kane

Vice President & Portfolio Manager

Prior to joining Osterweis Capital Management in 2013, Bradley Kane was a Portfolio Manager and Analyst at Newfleet Asset Management, where he managed both high yield and leveraged loan portfolios. Before that, he was a Vice President at GSC Partners, focusing on management of high yield and collateralized debt obligations. Earlier in his career, he managed high yield assets as a Vice President at Mitchell Hutchins Asset Management.

Mr. Kane is a principal of the firm and a Portfolio Manager for the strategic income strategy.

Mr. Kane graduated from Lehigh University (B.S. in Business & Economics).

Craig Manchuck

Vice President & Portfolio Manager

Craig Manchuck

Vice President & Portfolio Manager

Prior to joining Osterweis Capital Management in 2017, Craig Manchuck was a Managing Director of Fixed Income Sales at Stifel Nicolaus, where he was responsible for sales and origination of high yield bonds, leveraged loans and post reorg equities. Before Stifel, he held a similar role at Knight Capital. Prior to that, Mr. Manchuck was the Executive Director for Convertible Securities and then High Yield/Distressed Securities at UBS. He has previous experience in Convertible Securities Sales at Donaldson, Lufkin & Jenrette, SBC Warburg and Merrill Lynch.

Mr. Manchuck is a principal of the firm and a Portfolio Manager for the strategic income strategy.

Mr. Manchuck graduated from Lehigh University (B.S. in Finance) and NYU Stern School of Business (M.B.A.).

The Fund was rated 4 Stars against 630 funds Overall, 5 Stars against 630 funds over 3 Years, 4 Stars against 576 funds over 5 Years, 4 Stars against 395 funds over 10 Years in the High Yield Bond category based on risk-adjusted returns as of 9/30/22.

The Morningstar Rating for funds, or “star rating,” is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods.

© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

The Osterweis Funds are available by prospectus only. The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectuses contain this and other important information about the Funds. You may obtain a summary or statutory prospectus by calling toll free at (866) 236-0050, or by visiting www.osterweis.com/statpro. Please read the prospectus carefully before investing to ensure the Fund is appropriate for your goals and risk tolerance.

Mutual fund investing involves risk. Principal loss is possible.

The Osterweis Strategic Income Fund may invest in debt securities that are un-rated or rated below investment grade. Lower-rated securities may present an increased possibility of default, price volatility or illiquidity compared to higher-rated securities. The Fund may invest in foreign and emerging market securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks may increase for emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Small- and mid-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Higher turnover rates may result in increased transaction costs, which could impact performance. From time to time, the Fund may have concentrated positions in one or more sectors subjecting the Fund to sector emphasis risk. The Fund may invest in municipal securities which are subject to the risk of default.

While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for more information.

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