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OPRYX

Preferred Securities and Income Fund

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Overview

The strategy combines top-down security structure and sector allocation with bottom-up credit and relative value analysis to select what we believe are the most attractively valued preferred securities across the globe.

Inception Date
February 12, 2018
Investment Style
Preferred Securities
Fund Index
ICE BofAML Fixed Rate Preferred Securities Index
CUSIP
683969828
NAV
  • B
(as of 04/18/2019)
$9.79
Total Assets
(as of 03/31/2019)
$13.20 MM
Gross Expense Ratio
(as of 03/31/2019)
2.21%
Net Expense Ratio
(as of 03/31/2019)
0.94%
Performance
Average Annual Total Returns
Cumulative Returns
Capital Gains Distributions
as of 03/31/2019
  • C
as of 03/31/2019
  • C

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-03-31
  • D
1 yr since inception
Preferred Securities and Income Fund (NAV)
0.96% 8.02% 8.02% 2.61% 2.42%
ICE BofAML Fixed Rate Preferred Securities Index
1.12% 8.70% 8.70% 5.03% 5.82%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-03-31
  • D
1 yr since inception
Preferred Securities and Income Fund (NAV)
0.96% 8.02% 8.02% 2.61% 2.42%
ICE BofAML Fixed Rate Preferred Securities Index
1.12% 8.70% 8.70% 5.03% 5.82%
Gross Expense Ratio: 2.21% | Net Expense Ratio: 0.94%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Year Preferred Securities and Income Fund

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Date Preferred Securities and Income Fund ICE Bank Of America Merrill Lynch Fixed Rate Preferred Securities Index
4/2/2018 0.00 -0.04
4/3/2018 0.00 -0.14
4/4/2018 0.00 -0.21
4/5/2018 0.10 -0.18
4/6/2018 0.10 -0.22
4/9/2018 0.10 -0.31
4/10/2018 0.20 -0.36
4/11/2018 0.30 -0.32
4/12/2018 0.30 -0.38
4/13/2018 0.40 -0.34
4/16/2018 0.40 -0.30
4/17/2018 0.50 -0.18
4/18/2018 0.40 -0.24
4/19/2018 0.20 -0.36
4/20/2018 0.30 -0.20
4/23/2018 0.20 -0.33
4/24/2018 0.10 -0.46
4/25/2018 -0.10 -0.72
4/26/2018 -0.10 -0.63
4/27/2018 -0.19 -0.67
4/30/2018 -0.09 -0.63
5/1/2018 -0.09 -0.62
5/2/2018 -0.19 -0.54
5/3/2018 -0.39 -0.64
5/4/2018 -0.39 -0.55
5/7/2018 -0.29 -0.63
5/8/2018 -0.29 -0.70
5/9/2018 -0.39 -0.74
5/10/2018 -0.39 -0.67
5/11/2018 -0.19 -0.34
5/14/2018 -0.19 -0.33
5/15/2018 -0.29 -0.60
5/16/2018 -0.29 -0.54
5/17/2018 -0.39 -0.62
5/18/2018 -0.50 -0.55
5/21/2018 -0.50 -0.51
5/22/2018 -0.50 -0.50
5/23/2018 -0.60 -0.47
5/24/2018 -0.39 -0.09
5/25/2018 -0.50 -0.05
5/29/2018 -1.00 -0.02
5/30/2018 -0.96 0.07
5/31/2018 -0.86 0.15
6/1/2018 -0.66 0.40
6/4/2018 -0.46 0.55
6/5/2018 -0.35 0.82
6/6/2018 -0.25 0.91
6/7/2018 -0.25 0.97
6/8/2018 -0.35 1.02
6/11/2018 -0.35 0.99
6/12/2018 -0.25 0.88
6/13/2018 -0.25 0.89
6/14/2018 -0.05 0.89
6/15/2018 -0.05 1.06
6/18/2018 -0.05 1.14
6/19/2018 -0.25 1.08
6/20/2018 -0.35 0.98
6/21/2018 -0.56 0.89
6/22/2018 -0.56 0.96
6/25/2018 -0.66 0.84
6/26/2018 -0.76 0.92
6/27/2018 -0.86 0.87
6/28/2018 -0.84 1.05
6/29/2018 -0.74 1.04
7/2/2018 -0.74 1.40
7/3/2018 -0.54 1.59
7/5/2018 -0.33 1.76
7/6/2018 -0.23 1.92
7/9/2018 -0.23 1.91
7/10/2018 -0.13 1.92
7/11/2018 -0.23 1.78
7/12/2018 -0.23 1.79
7/13/2018 -0.23 1.64
7/16/2018 -0.13 1.40
7/17/2018 -0.23 1.23
7/18/2018 -0.23 1.20
7/19/2018 -0.33 1.31
7/20/2018 -0.23 1.60
7/23/2018 -0.23 1.43
7/24/2018 -0.13 1.35
7/25/2018 -0.03 1.34
7/26/2018 0.07 1.36
7/27/2018 0.07 1.36
7/30/2018 0.02 1.30
7/31/2018 0.12 1.36
8/1/2018 0.02 1.20
8/2/2018 0.12 1.29
8/3/2018 0.12 1.38
8/6/2018 0.22 1.41
8/7/2018 0.22 1.38
8/8/2018 0.32 1.44
8/9/2018 0.32 1.40
8/10/2018 0.22 1.38
8/13/2018 0.12 1.37
8/14/2018 0.22 1.38
8/15/2018 0.12 1.41
8/16/2018 0.22 1.53
8/17/2018 0.22 1.57
8/20/2018 0.43 1.73
8/21/2018 0.53 1.79
8/22/2018 0.63 1.83
8/23/2018 0.63 1.86
8/24/2018 0.63 1.99
8/27/2018 0.73 2.02
8/28/2018 0.84 2.14
8/29/2018 0.84 2.17
8/30/2018 0.84 2.29
8/31/2018 0.84 2.22
9/4/2018 0.74 2.06
9/5/2018 0.53 1.87
9/6/2018 0.53 1.80
9/7/2018 0.43 1.51
9/10/2018 0.53 1.78
9/11/2018 0.53 1.78
9/12/2018 0.53 1.80
9/13/2018 0.64 1.86
9/14/2018 0.74 1.90
9/17/2018 0.74 1.76
9/18/2018 0.74 1.73
9/19/2018 0.64 1.45
9/20/2018 0.53 1.29
9/21/2018 0.64 1.39
9/24/2018 0.53 1.36
9/25/2018 0.43 1.13
9/26/2018 0.43 1.23
9/27/2018 0.46 1.26
9/28/2018 0.46 1.23
10/1/2018 0.25 0.88
10/2/2018 0.15 0.79
10/3/2018 0.05 0.22
10/4/2018 -0.26 -0.40
10/5/2018 -0.36 -0.55
10/8/2018 -0.47 -0.54
10/9/2018 -0.36 -0.51
10/10/2018 -0.67 -0.97
10/11/2018 -0.88 -1.01
10/12/2018 -0.78 -0.93
10/15/2018 -0.78 -0.90
10/16/2018 -0.78 -0.75
10/17/2018 -0.78 -0.79
10/18/2018 -0.67 -0.71
10/19/2018 -0.57 -0.45
10/22/2018 -0.47 -0.24
10/23/2018 -0.78 -0.48
10/24/2018 -0.78 -0.46
10/25/2018 -0.98 -0.37
10/26/2018 -1.08 -0.49
10/29/2018 -0.88 -0.31
10/30/2018 -0.99 -0.39
10/31/2018 -0.88 -0.40
11/1/2018 -0.78 -0.38
11/2/2018 -0.99 -0.70
11/5/2018 -0.88 -0.58
11/6/2018 -0.78 -0.45
11/7/2018 -0.68 -0.45
11/8/2018 -0.68 -0.34
11/9/2018 -0.88 -0.59
11/12/2018 -0.88 -0.58
11/13/2018 -1.30 -0.92
11/14/2018 -1.61 -1.13
11/15/2018 -2.02 -1.82
11/16/2018 -2.23 -1.81
11/19/2018 -2.65 -2.05
11/20/2018 -2.96 -2.45
11/21/2018 -2.75 -2.00
11/23/2018 -2.54 -1.90
11/26/2018 -2.33 -1.93
11/27/2018 -2.75 -2.04
11/28/2018 -2.85 -2.02
11/29/2018 -3.07 -2.15
11/30/2018 -3.28 -2.49
12/3/2018 -3.28 -2.32
12/4/2018 -3.79 -2.77
12/6/2018 -4.21 -3.32
12/7/2018 -4.31 -3.15
12/10/2018 -4.42 -3.19
12/11/2018 -4.42 -3.04
12/12/2018 -4.31 -2.96
12/13/2018 -4.11 -2.83
12/14/2018 -4.21 -2.88
12/17/2018 -4.31 -3.21
12/18/2018 -4.38 -3.47
12/19/2018 -4.59 -3.48
12/20/2018 -5.01 -3.89
12/21/2018 -5.01 -4.06
12/24/2018 -5.33 -4.45
12/26/2018 -5.22 -4.35
12/27/2018 -5.54 -4.65
12/28/2018 -5.22 -3.99
12/31/2018 -5.01 -3.38
1/2/2019 -4.59 -2.60
1/3/2019 -4.59 -2.35
1/4/2019 -3.86 -1.48
1/7/2019 -3.55 -0.85
1/8/2019 -2.92 -0.58
1/9/2019 -2.61 -0.41
1/10/2019 -2.29 -0.30
1/11/2019 -2.08 0.06
1/14/2019 -2.08 0.04
1/15/2019 -1.98 0.14
1/16/2019 -1.77 -0.02
1/17/2019 -1.67 0.24
1/18/2019 -1.35 0.56
1/22/2019 -1.56 0.41
1/23/2019 -1.46 0.42
1/24/2019 -1.14 0.75
1/25/2019 -0.83 1.07
1/28/2019 -0.62 1.35
1/29/2019 -0.72 1.31
1/30/2019 -0.42 1.63
1/31/2019 0.11 2.10
2/1/2019 0.11 2.20
2/4/2019 0.21 2.26
2/5/2019 0.42 2.44
2/6/2019 0.32 2.22
2/7/2019 0.00 1.96
2/8/2019 0.00 2.05
2/11/2019 0.11 2.21
2/12/2019 0.32 2.41
2/13/2019 0.53 2.66
2/14/2019 0.63 2.67
2/15/2019 0.74 2.93
2/19/2019 0.84 2.99
2/20/2019 0.84 3.03
2/21/2019 0.84 3.02
2/22/2019 0.95 3.04
2/25/2019 1.26 3.28
2/26/2019 1.37 3.37
2/27/2019 1.53 3.56
2/28/2019 1.63 3.87
3/1/2019 2.05 4.34
3/4/2019 1.95 4.31
3/5/2019 2.05 4.51
3/6/2019 1.84 4.41
3/7/2019 1.74 4.16
3/8/2019 1.74 4.13
3/11/2019 1.74 4.21
3/12/2019 1.95 4.32
3/13/2019 2.05 4.48
3/14/2019 2.26 4.67
3/15/2019 2.37 4.75
3/18/2019 2.48 4.77
3/19/2019 2.26 4.55
3/20/2019 2.16 4.56
3/21/2019 2.26 4.66
3/22/2019 2.16 4.62
3/25/2019 1.95 4.47
3/26/2019 2.16 4.52
3/27/2019 2.37 4.64
3/28/2019 2.40 4.78
3/29/2019 2.61 5.03
Date Dividends
4/27/2018 0.0408
5/30/2018 0.0536
6/28/2018 0.0318
7/30/2018 0.0546
8/30/2018 0.0305
9/27/2018 0.0328
10/30/2018 0.0594
11/29/2018 0.0292
12/18/2018 0.0632
1/30/2019 0.049
2/27/2019 0.0252
3/28/2019 0.0424

There is no guarantee of the payment of any dividend or other distributions at any level.

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 04/18/2019

Date 2014 2015 2016 2017 2018
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Issuers

(52.8% of assets as of 03/31/2019)


Portfolio Holdings Breakdown

Country
Industry
Credit Rating Allocation
Country Preferred Securities and Income Fund ICE BofAML Fixed Rate Preferred Securities Index Overweight / Underweight
United States 67.9% 96.8% -28.9%
United Kingdom 8.0% 1.4% 6.6%
France 7.9% - -
Switzerland 5.7% - -
Netherlands 2.6% 1.1% 1.4%
Australia 1.9% - -
Finland 1.5% - -
Industry Preferred Securities and Income Fund ICE BofAML Fixed Rate Preferred Securities Index Overweight / Underweight
Banks 40.4% 51.0% -10.6%
Capital Markets 20.1% 10.6% 9.5%
Insurance 5.4% 12.7% -7.3%
Net Cash and Equivalents 4.5% - -
Equity Real Estate Investment Trusts (REITs) 4.4% 6.4% -1.9%
Electric Utilities 3.9% 7.6% -3.7%
Consumer Finance 3.8% 0.8% 3.0%
Industrial Conglomerates 3.7% 4.0% -0.3%
Diversified Financial Services 2.6% 0.6% 2.0%
Multi-Utilities 2.5% 2.4% 0.1%
Diversified Telecommunication Services 1.9% 1.6% 0.2%
Trading Companies & Distributors 1.4% 0.1% 1.3%
Oil Gas & Consumable Fuels 0.8% 0.5% 0.3%
Internet & Direct Marketing Retail 0.8% 0.6% 0.2%
Credit Rating Allocation Preferred Securities and Income Fund ICE BofAML Fixed Rate Preferred Securities Index Overweight / Underweight
A 5.1% 9.5% -4.4%
BBB 57.7% 89.4% -31.7%
BB 30.4% 1.1% 29.3%
B 1.9% - -
Unrated 0.4% - -
Analytics
(As of 03/31/2019)

Yields
Dividend Yield (w/o sales charge)
5.27%
Standardized Yield
4.40%
Unsubsidized Yield
3.28%
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
5.79%
5.78%
Yield to Worst
4.62%
2.12%
Average Effective Maturity
8.52 yrs
9.63 yrs
Current Duration
3.54 yrs
4.09 yrs
Average Coupon
6.04%
-
Option Adjusted Spread
116 bps
-14 bps
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
3/28/2019
Per Share ($)
$0.0424
12-Month Distribution ($)
$0.5126
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. This is a new fund with a limited operating history and an inception date of 2/12/18.
  2. 2. The ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index tracks the performance of fixed rate US dollar denominated preferred securities issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of NRSROs). In addition, qualifying securities must be issued as public securities or through a 144a filing, must be issued in $25, $50, or $100 par/liquidation preference increments, must have a fixed coupon or dividend schedule and must have a minimum amount outstanding of $100 million. The Index includes preference shares (perpetual preferred securities), American Depository Shares/Receipts (ADS/R), domestic and Yankee trust preferred securities having a minimum remaining term of at least one year, both DRD-eligible and non-DRD eligible preferred stock and senior debt.
  3. 3. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
  4. 4. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end.  The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date.  For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date.  Each result is compounded semiannually and annualized.  Falling share prices artificially increase yields.
  5. 5. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes).  The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized.  Falling share prices artificially increase yields.
  6. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including 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. <b>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.</b> 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 actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  7. B. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  8. C. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  9. D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund).  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  10. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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