Mutual Funds

Osterweis Fund

Fact Sheet June 2020
Shareholder Letter April 2020
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 2019
April 2020 Equity Outlook April 2020

Emerging Opportunity Fund

Fact Sheet June 2020
Shareholder Letter April 2020
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 2019

Strategic Income Fund

Fact Sheet June 2020
Shareholder Letter April 2020
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 2019
July Strategic Income Outlook July 2020

Total Return Fund

Fact Sheet June 2020
Shareholder Letter April 2020
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 2019
July Total Return Outlook July 2020

Strategic Investment Fund

Fact Sheet June 2020
Shareholder Letter April 2020
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 2019
April Strategic Investment Outlook April 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.