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Multi Asset

The Strategy typically invests in stocks, bonds, and other uncorrelated financial instruments for additional diversification.
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Cumulative Total Returns

as of 8/31/17

Since Inception 8/17/93
295%
Performance & Distributions
×

Multi Asset

Gross Expense Ratio:
      1.85%
    Net Expense Ratio:   1.79%

    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 and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • B

    Compare to Indices

    Capital Income Fund
    VALUE of $10,000.00

    Income Dividend History
    • C

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 9/22/17
      1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • D
    Capital Income Fund -3.62 26.98 19.01 28.68 9.46 -7.09 15.97 -0.87 -16.89 32.33 9.32 1.60 14.18 -2.73 -37.50 16.90 10.64 3.10 10.09 8.04 4.04 -1.60 6.50 4.16
    65% Bloomberg Bar Agg/35% Russell 3000 10.19 -1.78 24.66 9.81 17.18 14.59 6.51 4.86 1.58 -1.47 13.29 7.12 3.85 8.32 6.70 -10.32 14.42 10.59 6.26 8.59 9.38 8.43 0.85 6.34

    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 and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • B

    as of 8/31/17

    as of 6/30/17

    • B
    YTD (as of 9/22/17)
    • D
    4.16%
    1 Year 5.04%
    3 Year 2.52%
    5 Year 4.41%
    10 Year 1.15%
    Since Inception 5.88%
    YTD (as of 9/22/17)
    • D
    4.16%
    1 Year 0.04%
    3 Year 1.56%
    5 Year 4.07%
    10 Year 1.15%
    Since Inception 5.88%
    YTD (as of 9/22/17)
    • D
    4.16%
    1 Year 5.50%
    3 Year 2.52%
    5 Year 4.78%
    10 Year 0.61%
    Since Inception 5.89%
    YTD (as of 9/22/17)
    • D
    4.16%
    1 Year 0.50%
    3 Year 1.56%
    5 Year 4.44%
    10 Year 0.61%
    Since Inception 5.89%
    Gross Expense Ratio
    1.85%
    Net Expense Ratio
    1.79%
    NAV
    • E
    as of 9/22/17
    $9.92
    Yields

    monthly as of 8/31/17

    Standardized SEC Yield 1.52%

    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 and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    08/31/17

    Apple, Inc.
    1.5%
    ACE Ltd.
    1.2%
    M & T Bank Corp.
    1.1%
    Lockheed Martin Corp.
    1.1%
    Citigroup Capital XIII PFD
    1.1%
    Alphabet, Inc.
    1.0%
    UnitedHealth Group, Inc.
    1.0%
    SPDR Gold Trust
    1.0%
    Altria Group, Inc.
    0.9%
    AT&T Inc.
    0.9%
    Blackstone Mortgage Trust
    0.8%
    Republic Services, Inc.
    0.8%
    Xilinx, Inc.
    0.8%
    Bell Canada Enterprises
    0.8%
    Cisco Systems, Inc.
    0.8%
    Philip Morris Intl, Inc.
    0.8%
    CIGNA Corp.
    0.7%
    Northrop-Grumman
    0.7%
    General Electric Co.
    0.7%
    Verizon Communications, Inc.
    0.7%
    ×
    • 1.5%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 1.2%
      ACE Ltd.
    • Operates as a holding company for a family of property and casualty insurance companies
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Equity Strategy
    ×
    • 1.1%
      M & T Bank Corp.
    • Operates as a bank holding company, which through its subsidiaries engages in the provision of banking and financial solutions
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Equity Strategy
    ×
    • 1.1%
      Lockheed Martin Corp.
    • Manufactures components and systems for aerospace and defense use
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 1.1%
      Citigroup Capital XIII PFD
    • Issues Asset-backed/Mortgage-backed/Structured Finance securities
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Opportunistic Strategy
    ×
    • 1.0%
      Alphabet, Inc.
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 1.0%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Health Care
    STRATEGY Equity Strategy
    ×
    • 1.0%
      SPDR Gold Trust
    • Exists as exchange Traded Fund
      Source: FactSet
    COUNTRY United States
    STRATEGY Opportunistic Strategy
    ×
    • 0.9%
      Altria Group, Inc.
    • Operates as a holding company which produces and markets tobacco products
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    STRATEGY Equity Strategy
    ×
    • 0.9%
      AT&T Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Blackstone Mortgage Trust
    • REIT/real estate investment trust
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Republic Services, Inc.
    • Provides solid waste collection and disposal & recycling services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Xilinx, Inc.
    • Develops and markets programmable logic solutions
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Bell Canada Enterprises
    • Provides telecommunication services
      Source: FactSet
    COUNTRY Canada
    EQUITY SECTOR Telecommunication Services
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Cisco Systems, Inc.
    • Designs, manufactures, and sells Internet protocol based networking products and services related to the communications and information technology industry
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Philip Morris Intl, Inc.
    • Manufactures cigarettes and other tobacco products
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    STRATEGY Equity Strategy
    ×
    • 0.7%
      CIGNA Corp.
    • Provides life, accident and health insurance products as well as financial services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Health Care
    STRATEGY Equity Strategy
    ×
    • 0.7%
      Northrop-Grumman
    • Provides innovative systems, products and solutions in aerospace, electronics and information systems
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 0.7%
      General Electric Co.
    • Develops and manufactures products for the generation, transmission, distribution, control and utilization of electricity; manufactures aircraft engines and medical equipment
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 0.7%
      Verizon Communications, Inc.
    • Provides wired and wireless telecommunication services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    STRATEGY Equity Strategy
    Holdings Breakdown

    as of 08/31/17

    44.1%

    No Issuer Equity
    in
    High Grade Fixed Income Strategy
    37.1%

    19.0%

    110.8%

    United States

    2.2%

    Germany

    No Issuer Equity
    in
    Germany
    1.5%

    United Kingdom

    No Issuer Equity
    in
    United Kingdom
    1.2%

    Switzerland

    No Issuer Equity
    in
    Switzerland
    1.1%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    0.7%

    Canada

    0.6%

    Russia

    No Issuer Equity
    in
    Russia
    0.3%

    Luxembourg

    No Issuer Equity
    in
    Luxembourg
    0.2%

    Ireland

    No Issuer Equity
    in
    Ireland
    0.2%

    Belgium

    No Issuer Equity
    in
    Belgium
    0.1%

    Norway

    No Issuer Equity
    in
    Norway
    0.1%

    Portugal

    No Issuer Equity
    in
    Portugal
    0.1%

    Hong Kong

    No Issuer Equity
    in
    Hong Kong
    Developed Markets 8
    Emerging Markets 8
    111.6%

    Americas

    No Issuer Equity
    in
    Americas
    4.2%

    Europe

    No Issuer Equity
    in
    Europe
    -0.9%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.7%

    Europe

    No Issuer Equity
    in
    Europe
    -1.7%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    Sector Equity 8
    Sector Fixed Income 8
    6.6%

    Financials

    6.0%

    Industrials

    5.2%

    Health Care

    4.5%

    Information Technology

    3.4%

    Energy

    No Issuer Equity
    in
    Energy
    3.3%

    Broad Market

    No Issuer Equity
    in
    Broad Market
    2.4%

    Telecommunication Services

    2.3%

    Utilities

    No Issuer Equity
    in
    Utilities
    2.2%

    Consumer Staples

    1.7%

    Materials

    No Issuer Equity
    in
    Materials
    0.9%

    Consumer Discretionary

    No Issuer Equity
    in
    Consumer Discretionary
    0.2%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    31.8%

    Corporates

    No Issuer Equity
    in
    Corporates
    15.0%

    Agencies MBS

    No Issuer Equity
    in
    Agencies MBS
    8.0%

    ABS

    No Issuer Equity
    in
    ABS
    4.4%

    Non Agencies MBS

    No Issuer Equity
    in
    Non Agencies MBS
    3.3%

    Treasuries

    No Issuer Equity
    in
    Treasuries
    2.2%

    CMBS

    No Issuer Equity
    in
    CMBS
    0.1%

    Agencies

    No Issuer Equity
    in
    Agencies
    Risk Measurements

    as of 08/31/17

    Alpha -1.69%
    Beta 0.83
    R-Squared
    85.61
    Sharpe Ratio
    0.66
    Standard Deviation
    3.42%
    Sortino Ratio
    0.31
    Information Ratio
    -1.78
    Equity Style
    • F
    Total Assets (all classes)
    as of 8/31/17
    $2.7 BN
    Portfolio Statistics

    as of 8/31/17

    Turnover Ratio
    54.00%
    Duration (yrs)
    2.3
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • C
    Est Frequency Quarterly
    Last Pay Date 9/22/17
    Per Share ($) 0.0391
    12-Month Distribution ($) 0.1800
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Issuers

    08/31/17

    Apple, Inc.
    1.5%
    ACE Ltd.
    1.2%
    M & T Bank Corp...
    1.1%
    Lockheed Martin...
    1.1%
    Citigroup Capit...
    1.1%
    Alphabet, Inc.
    1.0%
    UnitedHealth Gr...
    1.0%
    SPDR Gold Trust...
    1.0%
    Altria Group, I...
    0.9%
    AT&T Inc.
    0.9%
    Blackstone Mort...
    0.8%
    Republic Servic...
    0.8%
    Xilinx, Inc.
    0.8%
    Bell Canada Ent...
    0.8%
    Cisco Systems, ...
    0.8%
    Philip Morris I...
    0.8%
    CIGNA Corp.
    0.7%
    Northrop-Grumma...
    0.7%
    General Electri...
    0.7%
    Verizon Communi...
    0.7%
    Holdings Breakdown

    as of 08/31/17

    Reset
    44.1%

    No Issuer Equity
    in
    High Grade Fixed Income Strategy
    37.1%

    19.0%

    110.8%

    United States

    2.2%

    Germany

    No Issuer Equity
    in
    Germany
    1.5%

    United Kingdom

    No Issuer Equity
    in
    United Kingdom
    1.2%

    Switzerland

    No Issuer Equity
    in
    Switzerland
    1.1%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    0.7%

    Canada

    0.6%

    Russia

    No Issuer Equity
    in
    Russia
    0.3%

    Luxembourg

    No Issuer Equity
    in
    Luxembourg
    0.2%

    Ireland

    No Issuer Equity
    in
    Ireland
    0.2%

    Belgium

    No Issuer Equity
    in
    Belgium
    0.1%

    Norway

    No Issuer Equity
    in
    Norway
    0.1%

    Portugal

    No Issuer Equity
    in
    Portugal
    0.1%

    Hong Kong

    No Issuer Equity
    in
    Hong Kong
    111.6%

    Americas

    No Issuer Equity
    in
    Americas
    4.2%

    Europe

    No Issuer Equity
    in
    Europe
    -0.9%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.7%

    Europe

    No Issuer Equity
    in
    Europe
    -1.7%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    6.6%

    Financials

    6.0%

    Industrials

    5.2%

    Health Care

    4.5%

    Information Technology

    3.4%

    Energy

    No Issuer Equity
    in
    Energy
    3.3%

    Broad Market

    No Issuer Equity
    in
    Broad Market
    2.4%

    Telecommunication Services

    2.3%

    Utilities

    No Issuer Equity
    in
    Utilities
    2.2%

    Consumer Staples

    1.7%

    Materials

    No Issuer Equity
    in
    Materials
    0.9%

    Consumer Discretionary

    No Issuer Equity
    in
    Consumer Discretionary
    0.2%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    31.8%

    Corporates

    No Issuer Equity
    in
    Corporates
    15.0%

    Agencies MBS

    No Issuer Equity
    in
    Agencies MBS
    8.0%

    ABS

    No Issuer Equity
    in
    ABS
    4.4%

    Non Agencies MBS

    No Issuer Equity
    in
    Non Agencies MBS
    3.3%

    Treasuries

    No Issuer Equity
    in
    Treasuries
    2.2%

    CMBS

    No Issuer Equity
    in
    CMBS
    0.1%

    Agencies

    No Issuer Equity
    in
    Agencies
    ×
    • 1.5%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 1.2%
      ACE Ltd.
    • Operates as a holding company for a family of property and casualty insurance companies
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Equity Strategy
    ×
    • 1.1%
      M & T Bank Corp.
    • Operates as a bank holding company, which through its subsidiaries engages in the provision of banking and financial solutions
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Equity Strategy
    ×
    • 1.1%
      Lockheed Martin Corp.
    • Manufactures components and systems for aerospace and defense use
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 1.1%
      Citigroup Capital XIII PFD
    • Issues Asset-backed/Mortgage-backed/Structured Finance securities
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Opportunistic Strategy
    ×
    • 1.0%
      Alphabet, Inc.
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 1.0%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Health Care
    STRATEGY Equity Strategy
    ×
    • 1.0%
      SPDR Gold Trust
    • Exists as exchange Traded Fund
      Source: FactSet
    COUNTRY United States
    STRATEGY Opportunistic Strategy
    ×
    • 0.9%
      Altria Group, Inc.
    • Operates as a holding company which produces and markets tobacco products
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    STRATEGY Equity Strategy
    ×
    • 0.9%
      AT&T Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Blackstone Mortgage Trust
    • REIT/real estate investment trust
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Financials
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Republic Services, Inc.
    • Provides solid waste collection and disposal & recycling services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Xilinx, Inc.
    • Develops and markets programmable logic solutions
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Bell Canada Enterprises
    • Provides telecommunication services
      Source: FactSet
    COUNTRY Canada
    EQUITY SECTOR Telecommunication Services
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Cisco Systems, Inc.
    • Designs, manufactures, and sells Internet protocol based networking products and services related to the communications and information technology industry
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Information Technology
    STRATEGY Equity Strategy
    ×
    • 0.8%
      Philip Morris Intl, Inc.
    • Manufactures cigarettes and other tobacco products
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    STRATEGY Equity Strategy
    ×
    • 0.7%
      CIGNA Corp.
    • Provides life, accident and health insurance products as well as financial services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Health Care
    STRATEGY Equity Strategy
    ×
    • 0.7%
      Northrop-Grumman
    • Provides innovative systems, products and solutions in aerospace, electronics and information systems
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 0.7%
      General Electric Co.
    • Develops and manufactures products for the generation, transmission, distribution, control and utilization of electricity; manufactures aircraft engines and medical equipment
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Industrials
    STRATEGY Equity Strategy
    ×
    • 0.7%
      Verizon Communications, Inc.
    • Provides wired and wireless telecommunication services
      Source: FactSet
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    STRATEGY Equity Strategy

    Management

    Michelle Borré, CFA

    Managed Fund since 4/09

    Krishna Memani

    Managed Fund since 5/09

    Investment Approach

    The portfolio managers invest in stocks, bonds, hybrid securities and other financial instruments seeking capital appreciation and a stream of income while attempting to provide downside mitigation. The High-Grade Fixed Income Strategy seeks to provide competitive returns with low to moderate volatility from diversified sources throughout the U.S. fixed income market. The Opportunistic Strategy seeks to invest in securities with asymmetric payoff profiles, diversifying characteristics and those that fulfill the Fund’s investment mandate. These securities may include equity hybrids, convertible bonds, corporate bonds, asset-backed securities, derivatives, cash, structured products and other instruments.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×
    1. 1. The Fund's investment objective changed from "seeks as much current income as is compatible with prudent investment" to "seeks total return" on 12/28/12.
    2. 2. Effective 11/1/13, the Fund will increase its investment limit on below investment grade securities from 25% to 40%, and the Fund will increase its investment limit on illiquid securities from 10% to 15%. Please see the Fund's prospectus and prospectus supplement for further information.
    3. 3. 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. Below-investment-grade (“high yield” or "junk") bonds are more at risk of default and are subject to liquidity risk. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mortgage-backed securities are subject to prepayment risk. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Asset-backed securities are subject to prepayment risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
    4. 4. The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
    5. 5. 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.
    6. 6. Access index definitions.
    7. 7. 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.
    8. 8. Holdings are subject to change, and are dollar weighted based on total net 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.
    9. A. Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.
    10. 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 and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    11. C. There is no guarantee of the payment of any dividend or other distributions at any level.
    12. 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.
    13. E. 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.
    14. F. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
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