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OSDIX

Ultra-Short Duration Fund

Overview

The Strategy typically invests in short-term investment-grade debt securities.

Inception Date
November 28, 2014
Investment Style
Ultra Short Bond
Fund Index
ICE BofAML 3-month US T-Bill Index
CUSIP
68385K305
NAV
  • A
(as of 05/23/2018)
$5.06
Total Assets
(as of 04/30/2018)
$517.51 MM
Gross Expense Ratio
(as of 04/30/2018)
0.36%
Net Expense Ratio
(as of 04/30/2018)
0.25%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 04/30/2018
as of 03/31/2018

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-03-31
  • B
1 yr 3 yr since inception
Ultra-Short Duration Fund (NAV)
-0.04% 0.03% 0.03% 1.08% 1.37% 1.27%
ICE BofAML 3-month US T-Bill Index
0.14% 0.35% 0.35% 1.11% 0.53% 0.27%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-04-30
  • B
1 yr 3 yr since inception
Ultra-Short Duration Fund (NAV)
0.38% 0.27% 0.41% 1.36% 1.49% 1.35%
ICE BofAML 3-month US T-Bill Index
0.13% 0.37% 0.49% 1.17% 0.57% 0.28%
Gross Expense Ratio: 0.36% | Net Expense Ratio: 0.25%

Year Ultra-Short Duration Fund ICE BofAML 3-month US T-Bill Index
2015 0.49% 0.05%
2016 2.45% 0.33%
2017 1.36% 0.86%

Time Period
Date Ultra-Short Duration Fund
11/28/2014 0.00
11/30/2014 0.00
12/31/2014 -0.06
1/31/2015 0.06
2/28/2015 0.09
3/31/2015 0.12
4/30/2015 0.16
5/31/2015 0.20
6/30/2015 0.14
7/31/2015 0.19
8/31/2015 0.15
9/30/2015 0.40
10/31/2015 0.46
11/30/2015 0.53
12/31/2015 0.43
1/31/2016 0.51
2/29/2016 0.59
3/31/2016 0.70
4/30/2016 0.98
5/31/2016 1.07
6/30/2016 1.15
7/31/2016 1.24
8/31/2016 1.33
9/30/2016 1.41
10/31/2016 2.70
11/30/2016 2.79
12/31/2016 2.89
1/31/2017 2.99
2/28/2017 3.09
3/31/2017 3.20
4/30/2017 3.31
5/31/2017 3.42
6/30/2017 3.53
7/31/2017 3.65
8/31/2017 3.79
9/30/2017 3.91
10/31/2017 4.04
11/30/2017 4.16
12/31/2017 4.29
1/31/2018 4.43
2/28/2018 4.36
3/31/2018 4.31
4/30/2018 4.71
Date Dividends
12/31/2014 0.0026
1/30/2015 0.0028
2/27/2015 0.0027
3/31/2015 0.0034
4/30/2015 0.0036
5/29/2015 0.0039
6/30/2015 0.0041
7/31/2015 0.0051
8/31/2015 0.0028
9/30/2015 0.0027
10/30/2015 0.0031
11/30/2015 0.0031
12/31/2015 0.0051
1/29/2016 0.004
2/29/2016 0.0039
3/31/2016 0.0055
4/29/2016 0.0042
5/31/2016 0.0043
6/30/2016 0.0041
7/29/2016 0.0043
8/31/2016 0.0042
9/30/2016 0.004
10/31/2016 0.0041
11/30/2016 0.0042
12/30/2016 0.005
1/31/2017 0.0051
2/28/2017 0.0048
3/31/2017 0.0054
4/28/2017 0.0053
5/31/2017 0.0055
6/30/2017 0.0055
7/31/2017 0.0059
8/31/2017 0.0067
9/29/2017 0.0059
10/31/2017 0.0062
11/30/2017 0.0061
12/29/2017 0.0061
1/31/2018 0.0069
2/28/2018 0.0065
3/29/2018 0.008
4/30/2018 0.0092

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

$ per share as of 05/23/2018

Date 2013 2014 2015 2016 2017
Short Term 0.0048
Long Term 0.0002
Total Amount of Distribution 0.0050
Record Date 12/31/14
Ex Div Date 12/31/14
Pay Date 12/31/14

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

Portfolio

Top Asset Allocations

(128.9% of assets as of 04/30/2018)


Portfolio Holdings Breakdown

Country
Developed Markets
Credit Rating Allocation
Country Ultra-Short Duration Fund ICE BofAML 3-month US T-Bill Index Overweight / Underweight
United States 59.8% 100.0% -40.2%
Canada 10.5% - -
Japan 5.8% - -
Netherlands 5.0% - -
Australia 4.2% - -
Sweden 3.5% - -
France 2.4% - -
United Kingdom 1.9% - -
Italy 1.7% - -
Germany 1.6% - -
Norway 1.3% - -
Switzerland 1.3% - -
Denmark 1.0% - -
Developed Markets Ultra-Short Duration Fund ICE BofAML 3-month US T-Bill Index Overweight / Underweight
Americas 70.2% 100.0% -29.8%
Europe 19.8% - -
Asia Pacific 10.0% - -
Credit Rating Allocation Ultra-Short Duration Fund ICE BofAML 3-month US T-Bill Index Overweight / Underweight
AAA 7.0% - -
AA 29.2% - -
A 37.9% - -
BBB 20.1% - -
Unrated 5.7% - -
Other 0.1% - -
Analytics
(As of 04/30/2018)

Morningstar 04/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
140
Category
Ultrashort Bond
Performance Statistics
3Y
Alpha
0.91
Beta
0.98
Information Ratio
1.20
R-Squared
0.38
Sharpe Ratio
1.13
Standard Deviation
0.75
Upside Capture
251.14
Downside Capture
-947.83
Sortino Ratio
1.44
Win Ratio
86.00
Loss Ratio
14.00
Margin of Outperformance
0.11
Margin of Underperformance
-0.12
Tracking Error
0.77
Dividends
  • C
Est. Frequency
Monthly
Last Pay Date
4/30/2018
Per Share ($)
$0.0092
12-Month Distribution ($)
$0.0785
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
2.22%
-
Yield to Worst
2.22%
-
Average Effective Maturity
1.02 yrs
-
Current Duration
0.40 yrs
-
Average Coupon
1.98%
-
Effective Coupon
1.98%
-
Convexity
0.0
-
Option Adjusted Spread
47.63 bps
-
Turnover Ratio
52.00%
-
Yields
Dividend Yield (w/o sales charge)
2.22%
Standardized Yield
2.31%
Distribution Sources
  • C
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Documents
  1. 1. Special Risks Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. 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. Asset-backed securities are subject to prepayment risk. The Fund may invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. Diversification does not guarantee profit or protect against loss.
  2. 2. 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.
  3. 3. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  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. 6. On August 7, 2015, the Fund underwent a two for one share split, which resulted in twice as many shares of the Fund outstanding and a lower share price. The Standardized yield figure reflects the average number of shares for the period adjusted for the share split, which is a more accurate reflection of the standardized yield for the Fund. Without such adjustments, the standardized yields for Class Y and I would have been 072% and 0.71%, respectively.
  7. 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.
  8. B. "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.
  9. C. There is no guarantee of the payment of any dividend or other distributions at any level.
  10. The funds invest in below-investment-grade debt securities, which may entail greater credit risks, as described in each fund’s prospectus. These securities (sometimes called “junk bonds”) may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade municipal securities. The funds may invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. The funds may also invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rican bonds and the performance of the Rochester municipal funds that hold them.The views represented herein are the opinions of the Portfolio Managers at Macquarie Capital Investment Management LLC and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the date indicated, and are subject to change based on subsequent developments.Funds returns may not match the return of its respective index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternate weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because the Funds are rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performanceOn April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.On April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.

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