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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
  • A
(as of 09/18/2018)
$9.82
Total Assets
(as of 08/31/2018)
$10.90 MM
Gross Expense Ratio
(as of 08/31/2018)
1.11%
Net Expense Ratio
(as of 08/31/2018)
0.94%
Performance
Average Annual Total Returns
Cumulative Returns
Capital Gains Distributions
as of 08/31/2018
  • F
as of 06/30/2018
  • F

Sales charges are not applicable to Y & I Share Classes.
Cumulative
1 mo 3 mo ytd as of 2018-06-30
  • C
since inception
Preferred Securities and Income Fund (NAV)
0.12% -0.74% - -0.60%
ICE BofAML Fixed Rate Preferred Securities Index
0.90% 1.05% - 2.55%
Cumulative
1 mo 3 mo ytd as of 2018-08-31
  • C
since inception
Preferred Securities and Income Fund (NAV)
0.72% 1.72% - 0.98%
ICE BofAML Fixed Rate Preferred Securities Index
0.85% 2.07% - 3.74%
Gross Expense Ratio: 1.11% | 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
2/12/2018 0.00
2/13/2018 -0.30
2/14/2018 -0.30
2/15/2018 0.00
2/16/2018 0.20
2/17/2018 0.20
2/18/2018 0.20
2/19/2018 0.20
2/20/2018 0.10
2/21/2018 0.20
2/22/2018 0.10
2/23/2018 0.30
2/24/2018 0.30
2/25/2018 0.30
2/26/2018 0.50
2/27/2018 0.50
2/28/2018 0.70
3/1/2018 0.50
3/2/2018 0.50
3/3/2018 0.50
3/4/2018 0.50
3/5/2018 0.60
3/6/2018 0.70
3/7/2018 0.70
3/8/2018 0.90
3/9/2018 0.80
3/10/2018 0.80
3/11/2018 0.80
3/12/2018 0.70
3/13/2018 0.70
3/14/2018 0.70
3/15/2018 0.50
3/16/2018 0.60
3/17/2018 0.60
3/18/2018 0.60
3/19/2018 0.40
3/20/2018 0.20
3/21/2018 0.10
3/22/2018 -0.10
3/23/2018 -0.20
3/24/2018 -0.20
3/25/2018 -0.20
3/26/2018 -0.10
3/27/2018 0.00
3/28/2018 -0.08
3/29/2018 0.12
3/30/2018 0.12
3/31/2018 0.12
4/1/2018 0.12
4/2/2018 0.12
4/3/2018 0.12
4/4/2018 0.12
4/5/2018 0.22
4/6/2018 0.22
4/7/2018 0.22
4/8/2018 0.22
4/9/2018 0.22
4/10/2018 0.32
4/11/2018 0.32
4/12/2018 0.42
4/13/2018 0.42
4/14/2018 0.42
4/15/2018 0.42
4/16/2018 0.52
4/17/2018 0.52
4/18/2018 0.52
4/19/2018 0.32
4/20/2018 0.42
4/21/2018 0.42
4/22/2018 0.42
4/23/2018 0.32
4/24/2018 0.22
4/25/2018 -0.08
4/26/2018 -0.08
4/27/2018 -0.09
4/28/2018 -0.09
4/29/2018 -0.09
4/30/2018 0.02
5/1/2018 0.02
5/2/2018 -0.09
5/3/2018 -0.29
5/4/2018 -0.29
5/5/2018 -0.29
5/6/2018 -0.29
5/7/2018 -0.19
5/8/2018 -0.29
5/9/2018 -0.39
5/10/2018 -0.29
5/11/2018 -0.09
5/12/2018 -0.09
5/13/2018 -0.09
5/14/2018 -0.09
5/15/2018 -0.19
5/16/2018 -0.19
5/17/2018 -0.29
5/18/2018 -0.39
5/19/2018 -0.39
5/20/2018 -0.39
5/21/2018 -0.39
5/22/2018 -0.39
5/23/2018 -0.49
5/24/2018 -0.29
5/25/2018 -0.39
5/26/2018 -0.39
5/27/2018 -0.39
5/28/2018 -0.39
5/29/2018 -0.89
5/30/2018 -0.88
5/31/2018 -0.78
6/1/2018 -0.58
6/2/2018 -0.58
6/3/2018 -0.58
6/4/2018 -0.37
6/5/2018 -0.27
6/6/2018 -0.27
6/7/2018 -0.17
6/8/2018 -0.27
6/9/2018 -0.27
6/10/2018 -0.27
6/11/2018 -0.27
6/12/2018 -0.17
6/13/2018 -0.17
6/14/2018 -0.07
6/15/2018 0.03
6/16/2018 0.03
6/17/2018 0.03
6/18/2018 0.03
6/19/2018 -0.17
6/20/2018 -0.27
6/21/2018 -0.47
6/22/2018 -0.47
6/23/2018 -0.47
6/24/2018 -0.47
6/25/2018 -0.68
6/26/2018 -0.68
6/27/2018 -0.88
6/28/2018 -0.78
6/29/2018 -0.68
6/30/2018 -0.68
7/1/2018 -0.68
7/2/2018 -0.68
7/3/2018 -0.48
7/4/2018 -0.48
7/5/2018 -0.38
7/6/2018 -0.17
7/7/2018 -0.17
7/8/2018 -0.17
7/9/2018 -0.17
7/10/2018 -0.17
7/11/2018 -0.27
7/12/2018 -0.17
7/13/2018 -0.17
7/14/2018 -0.17
7/15/2018 -0.17
7/16/2018 -0.07
7/17/2018 -0.27
7/18/2018 -0.27
7/19/2018 -0.27
7/20/2018 -0.17
7/21/2018 -0.17
7/22/2018 -0.17
7/23/2018 -0.17
7/24/2018 -0.07
7/25/2018 0.03
7/26/2018 0.13
7/27/2018 0.13
7/28/2018 0.13
7/29/2018 0.13
7/30/2018 0.05
7/31/2018 0.15
8/1/2018 0.05
8/2/2018 0.15
8/3/2018 0.15
8/4/2018 0.15
8/5/2018 0.15
8/6/2018 0.26
8/7/2018 0.26
8/8/2018 0.26
8/9/2018 0.36
8/10/2018 0.26
8/11/2018 0.26
8/12/2018 0.26
8/13/2018 0.15
8/14/2018 0.26
8/15/2018 0.15
8/16/2018 0.15
8/17/2018 0.26
8/18/2018 0.26
8/19/2018 0.26
8/20/2018 0.46
8/21/2018 0.56
8/22/2018 0.56
8/23/2018 0.56
8/24/2018 0.66
8/25/2018 0.66
8/26/2018 0.66
8/27/2018 0.77
8/28/2018 0.87
8/29/2018 0.87
8/30/2018 0.85
8/31/2018 0.85
Date Dividends
3/28/2018 0.0539
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

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 09/18/2018

Date 2013 2014 2015 2016 2017
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

(47.0% of assets as of 08/31/2018)


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 71.3% 97.2% -25.9%
United Kingdom 6.4% 1.5% 4.9%
France 6.4% - -
Switzerland 3.6% - -
Spain 3.4% - -
Netherlands 1.8% 1.2% 0.6%
Australia 1.7% - -
Bermuda 0.9% 0.1% 0.8%
Industry Preferred Securities and Income Fund ICE BofAML Fixed Rate Preferred Securities Index Overweight / Underweight
Banks 43.3% 46.4% -3.0%
Capital Markets 19.9% 11.5% 8.4%
Insurance 6.9% 13.5% -6.6%
Equity Real Estate Investment Trusts (REITs) 4.7% 7.0% -2.3%
Consumer Finance 4.7% 1.4% 3.3%
Net Cash and Equivalents 4.5% - -
Diversified Financial Services 3.2% 3.5% -0.4%
Diversified Telecommunication Services 2.6% 1.4% 1.2%
Electric Utilities 1.9% 7.6% -5.7%
Multi-Utilities 1.9% 1.7% 0.2%
Industrial Conglomerates 1.8% 4.4% -2.5%
Trading Companies & Distributors 1.7% 0.1% 1.6%
Internet Software & Services 0.9% 0.6% 0.3%
Oil Gas & Consumable Fuels 0.9% - -
Credit Rating Allocation Preferred Securities and Income Fund ICE BofAML Fixed Rate Preferred Securities Index Overweight / Underweight
A 5.1% 9.3% -4.2%
BBB 56.0% 90.7% -34.7%
BB 29.2% - -
B 4.2% - -
Unrated 0.9% - -
Analytics
(As of 08/31/2018)

Yields
Dividend Yield (w/o sales charge)
3.73%
Standardized Yield
4.53%
Unsubsidized Yield
3.55%
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
5.06%
5.57%
Yield to Worst
4.27%
2.16%
Average Effective Maturity
9.11 yrs
20.23 yrs
Current Duration
4.00 yrs
4.70 yrs
Average Coupon
5.95%
-
Option Adjusted Spread
3 bps
6 bps
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
8/30/2018
Per Share ($)
$0.0305
12-Month Distribution ($)
$0.2653
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
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. 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.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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.
  7. 7. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million.  Class I shares are sold at net asset value without a sales charge.  Please see Fund prospectuses for additional information.
  8. A. 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.
  9. B. The performance data quoted represents past performance, which does not guarantee future results. The investment 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, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  10. C. "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.
  11. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  12. E. 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 I shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  13. F. 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.
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