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Domestic Equity

The Strategy typically invests primarily in dividend-paying large company U.S. stocks.
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Cumulative Total Returns

as of 7/31/17

Since Inception 2/13/87
2258%
Performance & Distributions
×

Domestic Equity

Gross Expense Ratio:
      1.05%
    Net Expense Ratio:   1.05%

    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 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Equity 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
      1987 1988 1989 1990 1991 1992 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
    • C
    Equity Income Fund 34.72 51.05 -6.77 38.77 24.88 7.31 -2.86 33.85 18.25 14.84 20.15 5.83 14.97 -1.20 -14.71 28.63 16.68 9.25 13.56 2.55 -35.56 42.22 20.86 -6.43 19.15 31.63 10.05 -9.83 14.67 2.80
    Russell 1000 Value 23.16 25.19 -8.08 24.55 13.58 18.07 -1.98 38.36 21.64 35.18 15.63 7.35 7.01 -5.59 -15.52 30.03 16.49 7.05 22.25 -0.17 -36.85 19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34
    Capital Gains Distributions ($ per share)
    Data as of 8/17/17
      2012 2013 2014 2015 2016
    Short Term 0.0709 0.5080 0.7101 0.4129
    Long Term 0.204 0.5971 1.041 1.0579
    Total Amount of Distribution 0.275 1.1051 1.751 1.4708
    Record Date 12/4/12 12/9/13 12/8/14 12/7/15
    Ex Div Date 12/5/12 12/10/13 12/9/14 12/8/15
    Pay Date 12/6/12 12/11/13 12/9/14 12/8/15

    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 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 5.75% maximum sales charge where indicated. 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
    2.80%
    1 Year 16.26%
    3 Year 4.38%
    5 Year 11.53%
    10 Year 6.95%
    Since Inception 10.93%
    YTD (as of 8/17/17)
    • C
    2.80%
    1 Year 9.58%
    3 Year 2.34%
    5 Year 10.22%
    10 Year 6.32%
    Since Inception 10.72%
    YTD (as of 8/17/17)
    • C
    2.80%
    1 Year 19.52%
    3 Year 3.15%
    5 Year 11.51%
    10 Year 6.46%
    Since Inception 10.89%
    YTD (as of 8/17/17)
    • C
    2.80%
    1 Year 12.64%
    3 Year 1.13%
    5 Year 10.20%
    10 Year 5.83%
    Since Inception 10.67%
    Gross Expense Ratio
    1.05%
    NAV
    • D
    as of 8/17/17
    $30.18
    Yields

    monthly as of 7/31/17

    Standardized SEC Yield 2.31%

    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 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Holdings

    05/31/17

    Citigroup, Inc.
    5.1%
    Chevron Corp.
    2.8%
    JPMorgan Chase & Co.
    2.6%
    Pfizer, Inc.
    2.5%
    Wells Fargo & Co.
    2.4%
    Royal Dutch Shell plc, Sponso...
    2.3%
    AT&T, Inc.
    2.2%
    Colony NorthStar, Inc.
    2.2%
    Apple, Inc.
    2.1%
    Allergan plc, 5.50%Cv. A
    2.1%
    American International Group
    1.8%
    Abbott Laboratories
    1.8%
    KKR & Co. LP
    1.8%
    Morgan Stanley
    1.8%
    Exxon Mobil Corp.
    1.7%
    Merck & Co. Inc.
    1.7%
    BP plc, Sponsored ADR
    1.6%
    Goldman Sachs Group, Inc.
    1.5%
    CalAtlantic Group, Inc.
    1.5%
    Cisco Systems, Inc.
    1.5%
    ×
    • 5.1%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.8%
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.6%
      JPMorgan Chase & Co.
    • Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.5%
      Pfizer, Inc.
    • Manufactures vaccines and injectable biologic medicines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 2.4%
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.3%
      Royal Dutch Shell plc, Sponsored ADR, Cl. A
    • Provides oil refining and distribution services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.2%
      AT&T, Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    MARKET CAP Large
    ×
    • 2.2%
      Colony NorthStar, Inc.
    • Invests in real estate
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    INDUSTRY Equity Real Estate Investment Trusts (REITs)
    MARKET CAP Mid
    ×
    • 2.1%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Technology Hardware Storage & Peripherals
    MARKET CAP Large
    ×
    • 2.1%
      Allergan plc, 5.50%Cv. A
    • Manufactures pharmaceutical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.8%
      American International Group
    • Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 1.8%
      Abbott Laboratories
    • Engages in the discovery, development, manufacture and sale of health care products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Large
    ×
    • 1.8%
      KKR & Co. LP
    • Provides investment management services to investors
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Mid
    ×
    • 1.8%
      Morgan Stanley
    • Provides diversified financial services including brokerage, investment management and venture capital services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.7%
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 1.7%
      Merck & Co. Inc.
    • Discovers, develops and markets human and animal health products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.6%
      BP plc, Sponsored ADR
    • Explores, produces, refines and distributes petroleum, natural gas and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 1.5%
      Goldman Sachs Group, Inc.
    • Provides investment banking, securities and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.5%
      CalAtlantic Group, Inc.
    • Provides home building services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Household Durables
    MARKET CAP Small
    ×
    • 1.5%
      Cisco Systems, Inc.
    • Designs, manufactures, and sells Internet protocol based networking products and services related to the communications and information technology industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Communications Equipment
    MARKET CAP Large
    Holdings Breakdown

    as of 05/31/17

    94.0%

    United States

    3.9%

    United Kingdom

    1.1%

    Israel

    No Holding
    in
    Israel
    94.0%

    Americas

    No Holding
    in
    Americas
    3.9%

    Europe

    No Holding
    in
    Europe
    1.1%

    Middle East

    No Holding
    in
    Middle East
    26.1%

    Financials

    14.5%

    Health Care

    11.6%

    Energy

    11.3%

    Information Technology

    8.0%

    Consumer Discretionary

    7.1%

    Consumer Staples

    No Holding
    in
    Consumer Staples
    5.6%

    Real Estate

    5.4%

    Industrials

    No Holding
    in
    Industrials
    4.0%

    Telecommunication Services

    3.3%

    Utilities

    No Holding
    in
    Utilities
    2.2%

    Materials

    No Holding
    in
    Materials
    11.5%

    Oil Gas & Consumable Fuels

    11.4%

    Banks

    8.8%

    Pharmaceuticals

    5.1%

    Capital Markets

    4.8%

    Equity Real Estate Investment Trusts (REITs)

    4.3%

    Insurance

    4.0%

    Diversified Telecommunication Services

    3.1%

    Technology Hardware Storage & Peripherals

    3.1%

    Health Care Equipment & Supplies

    2.7%

    Semiconductors & Semiconductor Equipment

    No Holding
    in
    Semiconductors & Semiconductor Equipment
    2.6%

    Biotechnology

    No Holding
    in
    Biotechnology
    2.5%

    Mortgage Real Estate Investment Trusts (REITs)

    No Holding
    in
    Mortgage Real Estate Investment Trusts (REITs)
    2.5%

    Food & Staples Retailing

    No Holding
    in
    Food & Staples Retailing
    2.5%

    Food Products

    No Holding
    in
    Food Products
    2.4%

    Electric Utilities

    No Holding
    in
    Electric Utilities
    2.2%

    Thrifts & Mortgage Finance

    No Holding
    in
    Thrifts & Mortgage Finance
    2.1%

    Software

    No Holding
    in
    Software
    2.0%

    Household Durables

    1.5%

    Media

    No Holding
    in
    Media
    1.5%

    Communications Equipment

    98.7%

    0.4%

    No Holding
    in
    Fixed Income
    73.2%

    Large

    13.7%

    Mid

    11.6%

    Small

    Risk Measurements

    as of 07/31/17

    Alpha -4.60%
    Beta 1.11
    R-Squared
    90.67
    Sharpe Ratio
    0.39
    Standard Deviation
    12.21%
    Sortino Ratio
    0.17
    Information Ratio
    -1.04
    Equity Style
    Total Assets (all classes)
    as of 7/31/17
    $3.9 BN
    Portfolio Statistics

    as of 7/31/17

    Avg Market Cap (weighted) 130.6 BN
    Median Market Cap (weighted) 86.3 BN
    P/E (next 12 months) 13.39
    P/E Operating (LTM) 17.48
    Price/Book Value (LTM) 1.73
    Turnover Ratio
    41.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • B
    Est Frequency Quarterly
    Last Pay Date 6/22/17
    Per Share ($) 0.1804
    12-Month Distribution ($) 0.7023
    Distribution Sources
    Net Income 92.40%
    Net Profit from Sale 0.00%
    Other Capital Sources 7.60%
    Top Holdings

    05/31/17

    Citigroup, Inc....
    5.1%
    Chevron Corp.
    2.8%
    JPMorgan Chase ...
    2.6%
    Pfizer, Inc.
    2.5%
    Wells Fargo & C...
    2.4%
    Royal Dutch She...
    2.3%
    AT&T, Inc.
    2.2%
    Colony NorthSta...
    2.2%
    Apple, Inc.
    2.1%
    Allergan plc, 5...
    2.1%
    American Intern...
    1.8%
    Abbott Laborato...
    1.8%
    KKR & Co. LP
    1.8%
    Morgan Stanley
    1.8%
    Exxon Mobil Cor...
    1.7%
    Merck & Co. Inc...
    1.7%
    BP plc, Sponsor...
    1.6%
    Goldman Sachs G...
    1.5%
    CalAtlantic Gro...
    1.5%
    Cisco Systems, ...
    1.5%
    Holdings Breakdown

    as of 05/31/17

    Reset
    94.0%

    United States

    3.9%

    United Kingdom

    1.1%

    Israel

    No Holding
    in
    Israel
    94.0%

    Americas

    No Holding
    in
    Americas
    3.9%

    Europe

    No Holding
    in
    Europe
    1.1%

    Middle East

    No Holding
    in
    Middle East
    26.1%

    Financials

    14.5%

    Health Care

    11.6%

    Energy

    11.3%

    Information Technology

    8.0%

    Consumer Discretionary

    7.1%

    Consumer Staples

    No Holding
    in
    Consumer Staples
    5.6%

    Real Estate

    5.4%

    Industrials

    No Holding
    in
    Industrials
    4.0%

    Telecommunication Services

    3.3%

    Utilities

    No Holding
    in
    Utilities
    2.2%

    Materials

    No Holding
    in
    Materials
    11.5%

    Oil Gas & Consumable Fuels

    11.4%

    Banks

    8.8%

    Pharmaceuticals

    5.1%

    Capital Markets

    4.8%

    Equity Real Estate Investment Trusts (REITs)

    4.3%

    Insurance

    4.0%

    Diversified Telecommunication Services

    3.1%

    Technology Hardware Storage & Peripherals

    3.1%

    Health Care Equipment & Supplies

    2.7%

    Semiconductors & Semiconductor Equipment

    No Holding
    in
    Semiconductors & Semiconductor Equipment
    2.6%

    Biotechnology

    No Holding
    in
    Biotechnology
    2.5%

    Mortgage Real Estate Investment Trusts (REITs)

    No Holding
    in
    Mortgage Real Estate Investment Trusts (REITs)
    2.5%

    Food & Staples Retailing

    No Holding
    in
    Food & Staples Retailing
    2.5%

    Food Products

    No Holding
    in
    Food Products
    2.4%

    Electric Utilities

    No Holding
    in
    Electric Utilities
    2.2%

    Thrifts & Mortgage Finance

    No Holding
    in
    Thrifts & Mortgage Finance
    2.1%

    Software

    No Holding
    in
    Software
    2.0%

    Household Durables

    1.5%

    Media

    No Holding
    in
    Media
    1.5%

    Communications Equipment

    98.7%

    0.4%

    No Holding
    in
    Fixed Income
    73.2%

    Large

    13.7%

    Mid

    11.6%

    Small

    ×
    • 5.1%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.8%
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.6%
      JPMorgan Chase & Co.
    • Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.5%
      Pfizer, Inc.
    • Manufactures vaccines and injectable biologic medicines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 2.4%
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.3%
      Royal Dutch Shell plc, Sponsored ADR, Cl. A
    • Provides oil refining and distribution services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.2%
      AT&T, Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    MARKET CAP Large
    ×
    • 2.2%
      Colony NorthStar, Inc.
    • Invests in real estate
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    INDUSTRY Equity Real Estate Investment Trusts (REITs)
    MARKET CAP Mid
    ×
    • 2.1%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Technology Hardware Storage & Peripherals
    MARKET CAP Large
    ×
    • 2.1%
      Allergan plc, 5.50%Cv. A
    • Manufactures pharmaceutical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.8%
      American International Group
    • Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 1.8%
      Abbott Laboratories
    • Engages in the discovery, development, manufacture and sale of health care products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Large
    ×
    • 1.8%
      KKR & Co. LP
    • Provides investment management services to investors
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Mid
    ×
    • 1.8%
      Morgan Stanley
    • Provides diversified financial services including brokerage, investment management and venture capital services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.7%
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 1.7%
      Merck & Co. Inc.
    • Discovers, develops and markets human and animal health products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.6%
      BP plc, Sponsored ADR
    • Explores, produces, refines and distributes petroleum, natural gas and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 1.5%
      Goldman Sachs Group, Inc.
    • Provides investment banking, securities and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.5%
      CalAtlantic Group, Inc.
    • Provides home building services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Household Durables
    MARKET CAP Small
    ×
    • 1.5%
      Cisco Systems, Inc.
    • Designs, manufactures, and sells Internet protocol based networking products and services related to the communications and information technology industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Communications Equipment
    MARKET CAP Large

    Management

    Michael Levine, CFA

    Managed Fund since 7/07

    Investment Approach

    The portfolio manager focuses on identifying companies with an above average yield that are mispriced based on valuation and the long-term fundamental outlook. In addition to common equities, the manager may also invest in convertible securities should they present an attractive yield and risk profile.

    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

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    1. 1. On 8/1/07, the Fund's investment objective changed from "seeks capital appreciation" to "seeks total return." Performance prior to 8/1/07 is not indicative of performance for any subsequent periods.
    2. 2. 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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. There is no guarantee that the issuers of stocks will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Diversification does not guarantee profit or protect against loss.
    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. Access index definitions.
    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. Top Holdings represent stock holdings only and do not include cash and cash equivalents or fixed income holdings.
    7. 7. 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.
    8. 8. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
    9. A. 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 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    10. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    11. 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.
    12. 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.
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