From M*: "Osterweis Strategic Income is a unique high-yield offering with a strong risk-adjusted return profile, particularly over the longer term." It also rates the fund's risk as "low".
I am using this fund along with NVHAX and RCTIX in the bond portion of my portfolio. While its YTD total return is "only" 4.2%, its 3, 5, 10 and 15 year returns range consistently between 5 and 6%. The fund's average effective duration is currently 1.9, and the standard deviation 5.7.
As a conservative and retired investor, I am quite happy with OSTIX's consistent performance over the past 15 years. Thought it deserves to be mentioned again since the last time this fund was discussed was nearly a year ago.