Fund is Rated 5 stars in the Small Cap Growth category for the 5-Year, 3-Year, & Overall Periods

Osterweis Capital Management (OCM), an independently owned asset manager, announced today that the Osterweis Emerging Opportunity Fund (OSTGX) marked its five-year Morningstar anniversary by receiving a five-star rating, generating returns in the 6^th percentile of its category over that period. As of November 30, 2021, the fund was rated against 507 small cap growth funds in the 5-year category and 574 funds in the 3-year and overall categories, based on total returns.

Jim Callinan, CFA, portfolio manager for the Osterweis Emerging Opportunity Fund, said, “We are honored to have earned Morningstar’s highest 5-year rating, particularly on the first date we were eligible to do so. This a testament to our team’s rigorous investment process, which has enabled us to deliver strong risk-adjusted returns and outperform our benchmark over the long term. We believe the key to our success is our unwavering commitment to owning high-quality, innovative companies that are well-positioned to capitalize on secular growth trends.”

Carl Kaufman, Co-President and Co-CEO of OCM, said, “We are delighted by the rating and feel it is well deserved. In addition to the fund’s track record, which speaks for itself, Jim and his team have repeatedly demonstrated that they can find the most attractive areas of the small cap market in any environment. The five-star rating is validation of their skill, experience, and hard work.”

About the Osterweis Emerging Opportunity Fund

The Osterweis Emerging Opportunity Fund is managed by industry veteran Jim Callinan, CFA. It is a high-conviction fund that seeks to deliver long-term capital appreciation by investing in companies that the investment team believes may experience rapid revenue and earnings growth. The team focuses on high-quality companies within emerging industries and market niches with significant revenue and earnings growth potential before they are widely discovered.

More information and current performance are available at Osterweis.com.

About Osterweis Capital Management

Established in 1983, Osterweis Capital Management is an independent asset manager with over $7 billion under management. The firm provides investment management services to institutions and individuals through mutual funds and separate accounts, offering both equity and fixed income investment strategies.

The Adviser has contractually agreed to waive certain fees through June 30, 2021.

Earnings growth is the annual rate of growth of earnings from investments.

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 Emerging Opportunity Fund may invest in unseasoned companies, which involve additional risks such as abrupt or erratic price movements. The Fund may invest in small and mid-sized companies, which may involve greater volatility than large-sized companies. The Fund may invest in IPOs and unseasoned companies that are in the early stages of their development and may pose more risk compared to more established companies. The Fund may invest in ETFs, which involve risks that do not apply to conventional funds. 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 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.

As of November 30, 2021, the fund was rated against 507 small cap growth funds in the 5-year category and 574 funds in the 3-year and overall categories, based on total returns.

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.

Morningstar Rankings represent a fund’s total-return percentile rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. Past performance does not guarantee future results.

© 2021 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 is no guarantee of future results.

Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC. [OSTE-20211209-0386]

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