Investment objective & strategy
As of June 27, 2025 · prospectusObjective. The Osterweis Strategic Income Fund (the Fund) seeks to preserve capital and attain long-term total returns through a combination of current income and moderate capital appreciation.
Strategy. The Fund invests primarily in income bearing securities. Osterweis Capital Management, LLC (the Adviser) takes a strategic approach and may invest in a wide array of fixed income securities of various credit qualities ( e.g., investment grade or below investment grade) and maturities ( e.g., long term, intermediate or short term). The Adviser seeks to control risk through rigorous credit analysis, economic analysis, interest rate forecasts and sector trend review, and is not constrained by any particular duration or credit quality targets. The Funds fixed income investments may include, but are not limited to, U.S. Federal and Agency obligations, investment grade corporate debt, below investment grade corporate debt (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- … The Fund invests primarily in income bearing securities. Osterweis Capital Management, LLC (the Adviser) takes a strategic approach and may invest in a wide array of fixed income securities of various credit qualities ( e.g., investment grade or below investment grade) and maturities ( e.g., long term, intermediate or short term). The Adviser seeks to control risk through rigorous credit analysis, economic analysis, interest rate forecasts and sector trend review, and is not constrained by any particular duration or credit quality targets. The Funds fixed income investments may include, but are not limited to, U.S. Federal and Agency obligations, investment grade corporate debt, below investment grade corporate debt (higher-risk, lower-rated fixed income securities such as those rated lower than BBB- by S&P or lower than Baa3 by Moodys), floating-rate debt, convertible debt, collateralized debt, foreign debt and/or depositary receipts, commercial paper and preferred stock. The Fund may invest up to 100% of its net assets in dividend-paying equities of companies of any size large, medium and small. Additionally, the Fund may also invest up to 100% of its assets in foreign debt and/or depositary receipts. The Funds investments in any one sector may exceed 25% of its net assets. The Funds allocation among various fixed income securities is based on the portfolio managers assessment of opportunities for total return relative to the risk of each type of investment. The Adviser may sell a security when it believes doing so is appropriate and consistent with the Funds investment objectives and policies or when conditions affecting relevant markets, particular industries or individual issues warrant such action, regardless of the effect on the Funds portfolio turnover rate.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| MSILF-TR SEC-INS | MSUXX | $132.93M | 2.32% |
| Federated U.S. Treasury Cash Reserves | UTIXX | $132.93M | 2.32% |
| First American US Treasury Money Market Fund | FORXX | $125.11M | 2.19% |
| UNISYS CORP SR SECURED 144A 01/31 10.625 | UIS | $73.21M | 1.28% |
| OXFORD FIN LLC/CO ISS II SR UNSECURED 144A 02/27 6.375 | — | $71.11M | 1.24% |
| HAT Holdings I LLC / HAT Holdings II LLC | — | $65.61M | 1.15% |
| COEUR MINING INC REGD 144A P/P 5.12500000 | CDE | $65.55M | 1.14% |
| KEHEFO 9 02/15/29 144A | KEHEFO | $65.34M | 1.14% |
| WESCO Distribution Inc | — | $64.66M | 1.13% |
| PITNEY BOWES INC REGD 144A P/P 7.25000000 | PBI | $62.73M | 1.10% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Osterweis Growth & Income Fund · OSTVX | 37% | 0.91% |
| Harbor Scientific Alpha High-Yield ETF · SIHY | 11% | 0.48% |
| Greenspring Income Opportunities Fund · GRIOX | 10% | 0.85% |
Advisers
| Firm | Role |
|---|---|
| Osterweis Capital Management, LLC | Adviser |
Footnotes
- Expense ratio as of June 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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