OPRIX

Preferred Securities and Income Fund

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
00143K558
NAV
(as of 07/19/2019)
$10.00
Total Assets
(as of 06/30/2019)
$19.91 MM
Gross Expense Ratio
(as of 06/30/2019)
1.39%
Net Expense Ratio
(as of 06/30/2019)
0.75%
Performance
Average Annual Total Returns
Dividends
Capital Gains Distributions
as of 06/30/2019
  • B
as of 06/30/2019
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-06-30
1 yr since inception
Preferred Securities and Income Fund (NAV)
1.98% 3.40% 11.63% 6.94% 4.59%
ICE BofAML Fixed Rate Preferred Securities Index
1.38% 3.02% 11.98% 7.07% 7.03%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-06-30
1 yr since inception
Preferred Securities and Income Fund (with sales charge)
1.98% 3.40% 11.63% 6.94% 4.59%
ICE BofAML Fixed Rate Preferred Securities Index
1.38% 3.02% 11.98% 7.07% 7.03%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-06-30
1 yr since inception
Preferred Securities and Income Fund (NAV)
1.98% 3.40% 11.63% 6.94% 4.59%
ICE BofAML Fixed Rate Preferred Securities Index
1.38% 3.02% 11.98% 7.07% 7.03%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-06-30
1 yr since inception
Preferred Securities and Income Fund (with sales charge)
1.98% 3.40% 11.63% 6.94% 4.59%
ICE BofAML Fixed Rate Preferred Securities Index
1.38% 3.02% 11.98% 7.07% 7.03%
Gross Expense Ratio: 1.39% | Net Expense Ratio: 0.75%

The performance data quoted represents past performance, which does not guarantee future results.  The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original 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 R6 shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

Class W and Class I shares were reorganized into Class Y and Class R6 shares, respectively.


Year Preferred Securities and Income Fund

The performance data quoted represents past performance, which does not guarantee future results.  The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original 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 R6 shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

Class W and Class I shares were reorganized into Class Y and Class R6 shares, respectively.


Date Dividends
7/30/2018 0.0562
8/30/2018 0.0331
9/27/2018 0.0342
10/30/2018 0.0611
11/29/2018 0.0307
12/18/2018 0.0648
1/30/2019 0.0504
2/27/2019 0.0266
3/28/2019 0.0439
4/29/2019 0.0421
5/30/2019 0.0327
6/20/2019 0.0327
7/18/2019 0.0327

The performance data quoted represents past performance, which does not guarantee future results.  The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original 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 R6 shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

Class W and Class I shares were reorganized into Class Y and Class R6 shares, respectively.

$ per share as of 07/19/2019

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

Top Issuers

(54.0% of assets as of 05/31/2019)


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 65.7% 96.8% -31.1%
United Kingdom 8.6% 1.4% 7.2%
France 8.4% - -
Switzerland 6.1% - -
Spain 3.2% - -
Netherlands 2.7% 1.1% 1.6%
Australia 2.3% - -
Finland 1.0% - -
Industry Preferred Securities and Income Fund ICE BofAML Fixed Rate Preferred Securities Index Overweight / Underweight
Banks 43.3% 50.9% -7.6%
Capital Markets 21.3% 10.9% 10.4%
Insurance 4.2% 13.0% -8.7%
Electric Utilities 4.1% 7.5% -3.4%
Equity Real Estate Investment Trusts (REITs) 3.7% 6.5% -2.8%
Consumer Finance 3.4% 0.2% 3.3%
Multi-Utilities 2.8% 2.4% 0.4%
Diversified Financial Services 2.7% 0.6% 2.1%
Industrial Conglomerates 2.0% 4.0% -2.0%
Net Cash and Equivalents 1.9% - -
Diversified Telecommunication Services 1.8% 1.6% 0.2%
Oil Gas & Consumable Fuels 0.9% 0.5% 0.4%
Trading Companies & Distributors 0.9% 0.1% 0.8%
Internet & Direct Marketing Retail 0.7% 0.6% 0.1%
Credit Rating Allocation Preferred Securities and Income Fund ICE BofAML Fixed Rate Preferred Securities Index Overweight / Underweight
A 5.1% 9.7% -4.6%
BBB 54.4% 90.3% -35.9%
BB 36.8% - -
B 1.8% - -
Analytics
(As of 06/30/2019)

Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
3.96%
Standardized Yield
4.37%
Unsubsidized Yield
3.53%
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
5.18%
5.50%
Yield to Worst
3.18%
0.66%
Average Effective Maturity
6.65 yrs
11.30 yrs
Current Duration
3.76 yrs
4.01 yrs
Average Coupon
6.25%
-
Option Adjusted Spread
127 bps
-87 bps
Dividends
Est. Frequency
Monthly
Last Pay Date
7/18/2019
Per Share ($)
$0.0327
12-Month Distribution ($)
$0.5084
Team
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. 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. The index is unmanaged and cannot be purchased directly by investors.   Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. Past performance does not guarantee future results.
  4. 4. Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and, as such, have a lower priority claim than more senior debt instruments. Preferred securities are subject to greater credit and liquidity risk than those instruments. Contingent Capital Securities (CoCos) hybrid securities are often rated below investment grade, are subject to the risks of below-investment-grade securities and may have substantially greater risk than other securities in times of financial stress. Because the Fund invests at least 25% of its total assets in the financial sector, it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk. Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change. Fixed income investing entails duration, credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future will cause the values of the Fund's investments to decline. Below-investment-grade (“high yield” or "junk") bonds are more at risk of default and are subject to liquidity risk. Regulation S securities are privately offered securities, may be illiquid, and involve a high degree of risk which may result in substantial losses to the Fund. Rule 144A Securities are considered restricted securities because they are not registered for sale to the general public and may only be resold to certain qualified institutional buyers. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. 
  5. 5. Class I shares were reorganized into Class R6 shares. R6 shares are primarily intended for retirement plans that meet certain standards and for institutional investors.
  6. 6. 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.
  7. 7. 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.
  8. 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>
  9. B. The performance data quoted represents past performance, which does not guarantee future results.  The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original 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 R6 shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

    As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

    Class W and Class I shares were reorganized into Class Y and Class R6 shares, respectively.
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