Strategic Investment Fund
Portfolio Overview (as of 9/30/2014)
Asset Allocation (% of Total Portfolio)
|Cash & Equivalents||2.2|
Equity Sector Exposure (% of Equities)
Fixed Income Portfolio Allocation (% of Fixed Income)
|Equity Sensitive Convertibles||2.4|
|Bonds Maturing Within 1 Year||1.0|
|Floating Rate Notes||0.3|
Portfolio Characteristics (Fixed Income)
|Weighted Average Coupon||7.98%|
|Weighted Average Effective Duration||2.56|
|Weighted Average Years to Maturity||4.43%|
|Weighted Average Yield to Maturity||7.15%|
|30 Day SEC Yield (Entire Fund)||2.20%|
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by calling shareholder services toll free at (866) 236-0050.
Portfolio characteristics are generally updated within 30 days after quarter end.
Portfolio characteristics are as of 9/30/2014. The characteristics are calculated only on the Fund’s fixed income holdings. This information is believed to be reliable, but it is not guaranteed. Weighted averages are by security market value. Effective Duration is from Bloomberg.
Credit Quality Exposure (% of Fixed Income)
Number of Holdings
Top 10 Equity Holdings (% of Total Portfolio)
|Digital Realty Trust Inc.||2.44|
|NRG Yield Inc.||2.25|
|Valeant Pharma Intl. Inc.||2.21|
|Viacom Inc.-Class B||2.07|
|Liberty Interactive Corp. - A||2.07|
|Magellan Midstream Partners||2.07|
|Cinemark Holdings Inc.||2.06|
|Enterprise Products Partners||2.05|
|Crown Holdings Inc.||2.05|
Top 10 Fixed Income Holdings (% of Total Portfolio)
|Shearers Foods / Chip 144A 9.00%||0.57|
|Crown Media Holdings Inc. 10.50%||0.56|
|Milestone Aviation Group 144A 8.625%||0.56|
|CHS/Community Health 8.00%||0.55|
|Rite Aid Corp. 9.25%||0.55|
|Stoneridge Inc. 144A 9.50%||0.55|
|NRG Energy Inc. 8.25%||0.54|
|West Corp./New 7.875%||0.54|
|Genesis Energy LP/Genesi 7.875%||0.54|
|Valeant Pharmaceuticals 144A 6.875%||0.53|
Complete holdings are generally available ten business days following quarter end.
The Strategic Investment Fund’s holdings may change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation to buy or sell the securities by the Fund or Osterweis Capital Management. Current and future holdings are subject to risk.
Fiscal Year Turnover
Not a full year, only covers 8/31/10-3/31/11
Bond quality reflects Standard and Poor’s credit ratings.
Credit Quality weights by rating were derived from the most recent data available as determined by Standard and Poor’s. Grades are assigned to bonds by private independent rating services such as Standard & Poor’s and these grades represent their credit quality. The issues are evaluated based on the bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade.
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 Strategic Investment Fund may invest in small- and mid-capitalization companies, which tend to have limited liquidity and greater price volatility than large-capitalization companies. 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. The Fund may invest in Master Limited Partnerships, which involve risk related to energy prices, demand and changes in tax code. The Fund may invest in debt securities that are un-rated or rated below investment grade. Lower-rated securities may present an increased possibility of default, price volatility or illiquidity compared to higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Higher turnover rates may result in increased transaction costs, which could impact performance.
While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for more information.
Osterweis Capital Management is the adviser to the Osterweis Funds, which are distributed by Quasar Distributors, LLC.