Fund Facts  

Inception Date: Sep 8, 1999
CUSIP: 00141G872
Ticker Symbol: OOSAX
Morningstar Category:Bank Loan
As of Sep 30, 2022
Fund Net Assets ($millions) $3,496

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks income.

Principal Investment Strategies  

The fund invests mainly in floating rate loans that hold a senior position in the capital structure of U.S. and foreign corporations, partnerships or other business entities that, under normal circumstances, allow them to have priority of claim ahead of other obligations of a borrower in the event of liquidation. Under normal market conditions, it will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Senior Loans, and in derivatives and other instruments that have economic characteristics similar to such securities.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Sep 30, 2022
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Invesco Senior Floating Rate Aa2.63%-1.93%-1.10%0.68%0.92%2.53%4.01%
Credit Suisse Leveraged Loan Indexa,b1.19%-3.31%-2.62%2.12%3.00%3.70%N/A
Morningstar Bank Loana,c0.84%-4.89%-4.43%0.65%1.68%2.56%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, participants or plan sponsors in a MissionSquare Retirement administered account can log in at www.missionsq.org, or institutions can go to www.investments.missionsq.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Fund Expensesa,d
Gross Expenses1.11%
Net Expenses1.08%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated "5B" or lower, meaning that the highest rated issues included in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries.

c. The Morningstar category average return represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

d. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2022
Period Stars Category Size
Overall 3 Stars232
3-Year 3 Stars232
5-Year 2 Stars214
10-Year 3 Stars142

The Morningstar Rating™ 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. 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. 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.

Morningstar Stylebox As of Sep 30, 2022
Fixed Income Stylebox
Low Limited
Allocation of Assets As of Aug 31, 2022
Type of Asset Percent
Equity3%
Fixed Income90%
Cash/Other7%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Aug 31, 2022
Asset ClassPercent
Domestic Stock0.9%
Foreign Stock2.5%
Domestic Bond36.0%
Foreign Bond51.8%
Preferred1.8%
Convertible0.0%
Cash5.7%
Other1.4%

Due to rounding, percentages shown may not add up to 100%.

 

Equity Sector As of Mar 31, 2021
SectorPercent
Communication Services0.4%
Energy0.2%
Industrials0.1%

Exposure reflects equity securities only and will sum to the equity exposure of the fund.

 
Credit Quality As of Aug 31, 2022
Quality LevelPercent
AAA0.0%
AA0.0%
A0.0%
BBB1.1%
BB14.2%
B58.4%
Below B17.4%
Not Rated8.9%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Aug 31, 2022
Holding NamePercent
Invesco Shrt-Trm Inv Gov&Agcy Instl3.0%
Quarternorth Energy Inc Common Stock2.2%
Murray Energy Corp Murray Energy Corp Pref1.3%
Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B1.0%
Vertical Us Newco Inc Term Loan B0.8%
American Airlines, Inc. 2021 Term Loan0.8%
Summer (Bc) Holdco B S.A R.L Usd Revolver0.8%
Carnival Corporation 2021 Incremental Term Loan B0.7%
My Alarm Class A Units My Alarm Equity Lx1960220.7%
CCI Buyer, Inc. Term Loan0.7%
Fixed Income Sector As of Aug 31, 2022
SectorPercent
Corporate88.6%
Cash & Equivalents5.7%
Municipal0.3%
Securitized0.3%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
 

Statistics

Duration and Maturity As of Aug 31, 2022
StatisticValue
Average Effective DurationN/A
Average Effective Maturity4.68 years
Portfolio Statistics As of Sep 30, 2022
Statistic3-Year5-Year
BetaN/AN/A
AlphaN/AN/A
Standard Deviation8.997.29
 
 

Footnotes

1.

Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at www.missionsq.org.

The source for this information is Morningstar, Inc. Copyright © 2022 Morningstar, Inc.™ All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates. MissionSquare Retirement does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.