Mutual Funds

Osterweis Fund

Fact Sheet December 2019
Shareholder Letter January 2020
Summary Prospectus June 2019
Statutory Prospectus June 2019
Statement of Additional Information June 2019
Annual Report - Osterweis Funds March 2019
Semi-Annual Report - Osterweis Funds September 2019
January Equity Outlook January 2020

Emerging Opportunity Fund

Fact Sheet December 2019
Shareholder Letter January 2020
Summary Prospectus June 2019
Statutory Prospectus June 2019
Statement of Additional Information June 2019
Annual Report - Osterweis Funds March 2019
Semi-Annual Report - Osterweis Funds September 2019

Strategic Income Fund

Fact Sheet December 2019
Shareholder Letter January 2020
Summary Prospectus June 2019
Statutory Prospectus June 2019
Statement of Additional Information June 2019
Annual Report - Osterweis Funds March 2019
Semi-Annual Report - Osterweis Funds September 2019
April Strategic Income Outlook April 2020

Total Return Fund

Fact Sheet December 2019
Shareholder Letter January 2020
Summary Prospectus June 2019
Statutory Prospectus June 2019
Statement of Additional Information June 2019
Annual Report - Osterweis Funds March 2019
Semi-Annual Report - Osterweis Funds September 2019
April Total Return Outlook April 2020

Strategic Investment Fund

Fact Sheet December 2019
Shareholder Letter January 2020
Summary Prospectus June 2019
Statutory Prospectus June 2019
Statement of Additional Information June 2019
Annual Report - Osterweis Funds March 2019
Semi-Annual Report - Osterweis Funds September 2019
January Strategic Investment Outlook January 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.