Mutual Funds

Osterweis Fund

Fact Sheet December 2019
Shareholder Letter October 2019
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 2018
October Equity Outlook September 2019

Emerging Opportunity Fund

Fact Sheet December 2019
Shareholder Letter October 2019
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 2018

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 2018
January Strategic Income Outlook January 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 2018
January Total Return Outlook January 2020

Strategic Investment Fund

Fact Sheet December 2019
Shareholder Letter October 2019
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 2018
October Strategic Investment Outlook September 2019

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.