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Cumulative Total Returns

as of 7/31/17

Since Inception 12/27/13
18%
Performance & Distributions
×

Multi Asset

Gross Expense Ratio:
      0.66%
    Net Expense Ratio:
        0.6%

      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.

      Cumulative Returns
      • A

      Compare to Indices

      Capital Income Fund
      VALUE of $10,000.00

      Income Dividend History
      • B

      No income dividends were paid during this time.
      Calendar Year Returns % (w/o sales charge)
      Data as of 8/17/17
        2013 2014 2015 2016 YTD
      • C
      Capital Income Fund 5.21 -0.35 7.72 4.02
      65% Bloomberg Bar Agg/35% Russell 3000 9.38 8.43 0.85 6.34

      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.

      Average Annual Total Returns
      • A

      as of 7/31/17

      as of 6/30/17

      • A
      YTD (as of 8/17/17)
      • C
      4.02%
      1 Year 6.19%
      3 Year 4.25%
      Since Inception 4.76%
      YTD (as of 8/17/17)
      • C
      4.02%
      1 Year 6.19%
      3 Year 4.25%
      Since Inception 4.76%
      YTD (as of 8/17/17)
      • C
      4.02%
      1 Year 6.65%
      3 Year 3.73%
      Since Inception 4.67%
      YTD (as of 8/17/17)
      • C
      4.02%
      1 Year 6.65%
      3 Year 3.73%
      Since Inception 4.67%
      Gross Expense Ratio
      0.66%
      Net Expense Ratio
      0.60%
      NAV
      • D
      as of 8/17/17
      $10.08
      Yields

      monthly as of 7/31/17

      Standardized SEC Yield 2.69%

      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.

      Top Issuers

      07/31/17

      Apple, Inc.
      1.5%
      ACE Ltd.
      1.3%
      Allstate Corp.
      1.3%
      M & T Bank Corp.
      1.2%
      UnitedHealth Group, Inc.
      1.2%
      Citigroup Capital XIII PFD
      1.1%
      AT&T Inc.
      1.1%
      Lockheed Martin Corp.
      1.0%
      Alphabet, Inc.
      1.0%
      Bell Canada Enterprises
      0.9%
      Northrop-Grumman
      0.9%
      Altria Group, Inc.
      0.9%
      SPDR Gold Trust
      0.9%
      Verizon Communications, Inc.
      0.8%
      Republic Services, Inc.
      0.8%
      Philip Morris Intl, Inc.
      0.8%
      Blackstone Mortgage Trust
      0.8%
      Xilinx, Inc.
      0.8%
      Cisco Systems, Inc.
      0.8%
      General Electric Co.
      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
      ×
      • 1.3%
        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
      ×
      • 1.3%
        Allstate Corp.
      • Engages in the provision of personal property and casualty insurance, life insurance, and retirement and investment products
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Financials
      STRATEGY Equity Strategy
      ×
      • 1.2%
        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
      ×
      • 1.2%
        UnitedHealth Group, Inc.
      • Provides hospital and medical service plans
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Health Care
      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
      ×
      • 1.1%
        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
      ×
      • 1.0%
        Lockheed Martin Corp.
      • Manufactures components and systems for aerospace and defense use
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Industrials
      STRATEGY Equity 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
      ×
      • 0.9%
        Bell Canada Enterprises
      • Provides telecommunication services
        Source: FactSet
      COUNTRY Canada
      EQUITY SECTOR Telecommunication Services
      STRATEGY Equity Strategy
      ×
      • 0.9%
        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
      ×
      • 0.9%
        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%
        SPDR Gold Trust
      • Exists as exchange Traded Fund
        Source: FactSet
      COUNTRY United States
      STRATEGY Opportunistic Strategy
      ×
      • 0.8%
        Verizon Communications, Inc.
      • Provides wired and wireless telecommunication services
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Telecommunication Services
      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%
        Philip Morris Intl, Inc.
      • Manufactures cigarettes and other tobacco products
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Consumer Staples
      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%
        Xilinx, Inc.
      • Develops and markets programmable logic solutions
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Information Technology
      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
      ×
      • 0.7%
        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
      Holdings Breakdown

      as of 07/31/17

      44.1%

      No Issuer Equity
      in
      High Grade Fixed Income Strategy
      40.2%

      17.9%

      -1.5%

      No Issuer Equity
      in
      Other
      109.4%

      United States

      2.2%

      Germany

      No Issuer Equity
      in
      Germany
      1.5%

      United Kingdom

      No Issuer Equity
      in
      United Kingdom
      1.3%

      Switzerland

      No Issuer Equity
      in
      Switzerland
      1.1%

      Netherlands

      No Issuer Equity
      in
      Netherlands
      0.8%

      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%

      Denmark

      No Issuer Equity
      in
      Denmark
      0.1%

      Portugal

      No Issuer Equity
      in
      Portugal
      0.1%

      Norway

      No Issuer Equity
      in
      Norway
      0.1%

      Hong Kong

      No Issuer Equity
      in
      Hong Kong
      0.1%

      Sweden

      No Issuer Equity
      in
      Sweden
      Developed Markets
      Emerging Markets
      110.3%

      Americas

      No Issuer Equity
      in
      Americas
      4.3%

      Europe

      No Issuer Equity
      in
      Europe
      -0.9%

      Asia Pacific

      No Issuer Equity
      in
      Asia Pacific
      0.7%

      Europe

      No Issuer Equity
      in
      Europe
      -2.3%

      Asia Pacific

      No Issuer Equity
      in
      Asia Pacific
      Sector Equity
      Sector Fixed Income
      7.7%

      Financials

      6.5%

      Industrials

      5.7%

      Health Care

      4.6%

      Information Technology

      3.5%

      Broad Market

      No Issuer Equity
      in
      Broad Market
      3.5%

      Energy

      No Issuer Equity
      in
      Energy
      2.8%

      Telecommunication Services

      2.3%

      Consumer Staples

      2.2%

      Utilities

      No Issuer Equity
      in
      Utilities
      1.8%

      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
      32.4%

      Corporates

      No Issuer Equity
      in
      Corporates
      16.7%

      Agencies MBS

      No Issuer Equity
      in
      Agencies MBS
      7.9%

      ABS

      No Issuer Equity
      in
      ABS
      4.7%

      Non Agencies MBS

      No Issuer Equity
      in
      Non Agencies MBS
      2.2%

      CMBS

      No Issuer Equity
      in
      CMBS
      0.1%

      Agencies

      No Issuer Equity
      in
      Agencies
      -0.6%

      Sovereign

      No Issuer Equity
      in
      Sovereign
      -0.9%

      Treasuries

      No Issuer Equity
      in
      Treasuries
      Risk Measurements

      as of 07/31/17

      Alpha -0.46%
      Beta 0.83
      R-Squared
      87.55
      Sharpe Ratio
      1.12
      Standard Deviation
      3.53%
      Sortino Ratio
      0.59
      Information Ratio
      -0.99
      Equity Style
      • E
      Total Assets (all classes)
      as of 7/31/17
      $2.7 BN
      Portfolio Statistics

      as of 7/31/17

      Turnover Ratio
      54.00%
      Duration (yrs)
      2.2
      Investment Minimums
      Initial
      $1,000
      Dividends ($ per share)
      • B
      Est Frequency Quarterly
      Last Pay Date 6/23/17
      Per Share ($) 0.0721
      12-Month Distribution ($) 0.3079
      Distribution Sources
      Net Income 100.00%
      Net Profit from Sale 0.00%
      Other Capital Sources 0.00%
      Top Issuers

      07/31/17

      Apple, Inc.
      1.5%
      ACE Ltd.
      1.3%
      Allstate Corp.
      1.3%
      M & T Bank Corp...
      1.2%
      UnitedHealth Gr...
      1.2%
      Citigroup Capit...
      1.1%
      AT&T Inc.
      1.1%
      Lockheed Martin...
      1.0%
      Alphabet, Inc.
      1.0%
      Bell Canada Ent...
      0.9%
      Northrop-Grumma...
      0.9%
      Altria Group, I...
      0.9%
      SPDR Gold Trust...
      0.9%
      Verizon Communi...
      0.8%
      Republic Servic...
      0.8%
      Philip Morris I...
      0.8%
      Blackstone Mort...
      0.8%
      Xilinx, Inc.
      0.8%
      Cisco Systems, ...
      0.8%
      General Electri...
      0.7%
      Holdings Breakdown

      as of 07/31/17

      Reset
      44.1%

      No Issuer Equity
      in
      High Grade Fixed Income Strategy
      40.2%

      17.9%

      -1.5%

      No Issuer Equity
      in
      Other
      109.4%

      United States

      2.2%

      Germany

      No Issuer Equity
      in
      Germany
      1.5%

      United Kingdom

      No Issuer Equity
      in
      United Kingdom
      1.3%

      Switzerland

      No Issuer Equity
      in
      Switzerland
      1.1%

      Netherlands

      No Issuer Equity
      in
      Netherlands
      0.8%

      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%

      Denmark

      No Issuer Equity
      in
      Denmark
      0.1%

      Portugal

      No Issuer Equity
      in
      Portugal
      0.1%

      Norway

      No Issuer Equity
      in
      Norway
      0.1%

      Hong Kong

      No Issuer Equity
      in
      Hong Kong
      0.1%

      Sweden

      No Issuer Equity
      in
      Sweden
      110.3%

      Americas

      No Issuer Equity
      in
      Americas
      4.3%

      Europe

      No Issuer Equity
      in
      Europe
      -0.9%

      Asia Pacific

      No Issuer Equity
      in
      Asia Pacific
      0.7%

      Europe

      No Issuer Equity
      in
      Europe
      -2.3%

      Asia Pacific

      No Issuer Equity
      in
      Asia Pacific
      7.7%

      Financials

      6.5%

      Industrials

      5.7%

      Health Care

      4.6%

      Information Technology

      3.5%

      Broad Market

      No Issuer Equity
      in
      Broad Market
      3.5%

      Energy

      No Issuer Equity
      in
      Energy
      2.8%

      Telecommunication Services

      2.3%

      Consumer Staples

      2.2%

      Utilities

      No Issuer Equity
      in
      Utilities
      1.8%

      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
      32.4%

      Corporates

      No Issuer Equity
      in
      Corporates
      16.7%

      Agencies MBS

      No Issuer Equity
      in
      Agencies MBS
      7.9%

      ABS

      No Issuer Equity
      in
      ABS
      4.7%

      Non Agencies MBS

      No Issuer Equity
      in
      Non Agencies MBS
      2.2%

      CMBS

      No Issuer Equity
      in
      CMBS
      0.1%

      Agencies

      No Issuer Equity
      in
      Agencies
      -0.6%

      Sovereign

      No Issuer Equity
      in
      Sovereign
      -0.9%

      Treasuries

      No Issuer Equity
      in
      Treasuries
      ×
      • 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
      ×
      • 1.3%
        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
      ×
      • 1.3%
        Allstate Corp.
      • Engages in the provision of personal property and casualty insurance, life insurance, and retirement and investment products
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Financials
      STRATEGY Equity Strategy
      ×
      • 1.2%
        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
      ×
      • 1.2%
        UnitedHealth Group, Inc.
      • Provides hospital and medical service plans
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Health Care
      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
      ×
      • 1.1%
        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
      ×
      • 1.0%
        Lockheed Martin Corp.
      • Manufactures components and systems for aerospace and defense use
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Industrials
      STRATEGY Equity 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
      ×
      • 0.9%
        Bell Canada Enterprises
      • Provides telecommunication services
        Source: FactSet
      COUNTRY Canada
      EQUITY SECTOR Telecommunication Services
      STRATEGY Equity Strategy
      ×
      • 0.9%
        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
      ×
      • 0.9%
        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%
        SPDR Gold Trust
      • Exists as exchange Traded Fund
        Source: FactSet
      COUNTRY United States
      STRATEGY Opportunistic Strategy
      ×
      • 0.8%
        Verizon Communications, Inc.
      • Provides wired and wireless telecommunication services
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Telecommunication Services
      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%
        Philip Morris Intl, Inc.
      • Manufactures cigarettes and other tobacco products
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Consumer Staples
      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%
        Xilinx, Inc.
      • Develops and markets programmable logic solutions
        Source: FactSet
      COUNTRY United States
      EQUITY SECTOR Information Technology
      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
      ×
      • 0.7%
        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

      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. 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.
      5. 5. Access index definitions.
      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. A. 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.
      8. B. There is no guarantee of the payment of any dividend or other distributions at any level.
      9. 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.
      10. D. 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.
      11. E. 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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