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Alternative

The Strategy typically invests in stocks of companies that provide exposure to gold and other precious metals.
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Cumulative Total Returns

as of 7/31/17

Since Inception 9/7/10
-52%
Performance & Distributions
×

Alternative

Gross Expense Ratio:
      0.94%
    Net Expense Ratio:   0.93%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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 Y 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

    Gold & Special Minerals 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 8/18/17
      2010 2011 2012 2013 2014 2015 2016 YTD
    • C
    Gold & Special Minerals Fund -25.37 -9.05 -47.75 -15.19 -22.95 49.18 12.44
    Philadelphia Gold & Silver Index 34.76 -19.41 -6.70 -48.18 -17.28 -33.46 74.92

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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 Y 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 8/18/17)
    • C
    12.44%
    1 Year -19.76%
    3 Year -1.66%
    5 Year -8.71%
    Since Inception -10.01%
    YTD (as of 8/18/17)
    • C
    12.44%
    1 Year -19.76%
    3 Year -1.66%
    5 Year -8.71%
    Since Inception -10.01%
    YTD (as of 8/18/17)
    • C
    12.44%
    1 Year -11.91%
    3 Year -3.29%
    5 Year -9.18%
    Since Inception -10.38%
    YTD (as of 8/18/17)
    • C
    12.44%
    1 Year -11.91%
    3 Year -3.29%
    5 Year -9.18%
    Since Inception -10.38%
    Gross Expense Ratio
    0.94%
    Net Expense Ratio
    0.93%
    NAV
    • D
    as of 8/18/17
    $16.27

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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 Y 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

    Kirkland Lake Gold Ltd.
    7.5%
    Endeavour Financial Corp.
    6.3%
    Ivanplats Ltd. Class A
    6.0%
    Evolution Mining Ltd.
    5.2%
    Torex Gold Resources Inc.
    4.4%
    Newmont Mining Corp.
    3.0%
    Coeur D'Alene Mines
    2.7%
    Barrick Gold Corp.
    2.6%
    OceanaGold Corp-CDI
    2.5%
    Detour Gold Corp.
    2.3%
    Agnico-Eagle Mines Ltd.
    2.2%
    Randgold Resources Ltd.
    2.2%
    B2Gold Corp.
    2.0%
    Tahoe Resources, Inc.
    1.9%
    Saracen Mineral Holdings Ltd....
    1.8%
    Richmont Mines, Inc.
    1.8%
    Centerra Gold, Inc.
    1.7%
    Franco-Nevada Corp.
    1.6%
    Northern Star Resources Ltd. ...
    1.6%
    Roxgold, Inc.
    1.5%
    ×
    • 7.5%
      Kirkland Lake Gold Ltd.
    • Mines for gold and other minerals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 6.3%
      Endeavour Financial Corp.
    • Explores and develops gold mines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 6.0%
      Ivanplats Ltd. Class A
    • Engages in the exploration and development of copper, gold, platinum-group elements, nickel, and rhodium
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 5.2%
      Evolution Mining Ltd.
    • Engages in the business of exploring and operating gold mines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 4.4%
      Torex Gold Resources Inc.
    • Engages in acquisition, exploration and development of precious metal resources with a focus on gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 3.0%
      Newmont Mining Corp.
    • Explores and mines for gold and silver
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 2.7%
      Coeur D'Alene Mines
    • Engages in the development and exploration of silver and gold mining properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    MARKET CAP Small
    ×
    • 2.6%
      Barrick Gold Corp.
    • Mines and explores for gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 2.5%
      OceanaGold Corp-CDI
    • Explores and develops gold and other mineral mining activities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 2.3%
      Detour Gold Corp.
    • Acquires, explores and develops mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 2.2%
      Agnico-Eagle Mines Ltd.
    • Engages in the exploration, development and production of gold mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 2.2%
      Randgold Resources Ltd.
    • Engages in the exploration and mining of gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 2.0%
      B2Gold Corp.
    • Explores and mines for gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.9%
      Tahoe Resources, Inc.
    • Engages in the acquisition, exploration and development of mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.8%
      Saracen Mineral Holdings Ltd.
    • Explores, develops and produces mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Materials
    MARKET CAP Small
    ×
    • 1.8%
      Richmont Mines, Inc.
    • Engages in the exploration, operation, financing and development of mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Small
    ×
    • 1.7%
      Centerra Gold, Inc.
    • Explores and develops gold properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.6%
      Franco-Nevada Corp.
    • Engages in the business of acquiring, managing and creating resource royalties and stream
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 1.6%
      Northern Star Resources Ltd.
    • Acquires, explores and develops mineral resources
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.5%
      Roxgold, Inc.
    • Engages in the acquiring, exploring and evaluating mineral properties and gold projects
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Small
    Holdings Breakdown

    as of 07/31/17

    68.0%

    Canada

    14.2%

    Australia

    7.1%

    United States

    6.0%

    United Kingdom

    0.9%

    Mexico

    No Issuer Equity
    in
    Mexico
    0.7%

    China

    No Issuer Equity
    in
    China
    0.3%

    India

    No Issuer Equity
    in
    India
    96.8%

    Materials

    0.3%

    Consumer Discretionary

    No Issuer Equity
    in
    Consumer Discretionary
    97.1%

    50.2%

    Mid

    34.4%

    Small

    12.4%

    Large

    Risk Measurements

    as of 07/31/17

    Alpha 0.56%
    Beta 0.82
    R-Squared
    94.41
    Sharpe Ratio
    0.14
    Standard Deviation
    40.54%
    Sortino Ratio
    0.07
    Information Ratio
    0.18
    Equity Style
    Total Assets (all classes)
    as of 7/31/17
    $1.1 BN
    Portfolio Statistics

    as of 7/31/17

    Avg Market Cap (weighted) 3.5 BN
    Median Market Cap (weighted) 1.8 BN
    Turnover Ratio
    69.00%
    Dividends ($ per share)
    • B
    Est Frequency Annual
    Last Pay Date 12/13/16
    Per Share ($) 1.0930
    12-Month Distribution ($) 1.0930
    Distribution Sources
    Net Income 4.20%
    Net Profit from Sale 95.80%
    Other Capital Sources 0.00%
    Top Issuers

    07/31/17

    Kirkland Lake G...
    7.5%
    Endeavour Finan...
    6.3%
    Ivanplats Ltd. ...
    6.0%
    Evolution Minin...
    5.2%
    Torex Gold Reso...
    4.4%
    Newmont Mining ...
    3.0%
    Coeur D'Alene M...
    2.7%
    Barrick Gold Co...
    2.6%
    OceanaGold Corp...
    2.5%
    Detour Gold Cor...
    2.3%
    Agnico-Eagle Mi...
    2.2%
    Randgold Resour...
    2.2%
    B2Gold Corp.
    2.0%
    Tahoe Resources...
    1.9%
    Saracen Mineral...
    1.8%
    Richmont Mines,...
    1.8%
    Centerra Gold, ...
    1.7%
    Franco-Nevada C...
    1.6%
    Northern Star R...
    1.6%
    Roxgold, Inc.
    1.5%
    Holdings Breakdown

    as of 07/31/17

    Reset
    68.0%

    Canada

    14.2%

    Australia

    7.1%

    United States

    6.0%

    United Kingdom

    0.9%

    Mexico

    No Issuer Equity
    in
    Mexico
    0.7%

    China

    No Issuer Equity
    in
    China
    0.3%

    India

    No Issuer Equity
    in
    India
    96.8%

    Materials

    0.3%

    Consumer Discretionary

    No Issuer Equity
    in
    Consumer Discretionary
    97.1%

    50.2%

    Mid

    34.4%

    Small

    12.4%

    Large

    ×
    • 7.5%
      Kirkland Lake Gold Ltd.
    • Mines for gold and other minerals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 6.3%
      Endeavour Financial Corp.
    • Explores and develops gold mines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 6.0%
      Ivanplats Ltd. Class A
    • Engages in the exploration and development of copper, gold, platinum-group elements, nickel, and rhodium
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 5.2%
      Evolution Mining Ltd.
    • Engages in the business of exploring and operating gold mines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 4.4%
      Torex Gold Resources Inc.
    • Engages in acquisition, exploration and development of precious metal resources with a focus on gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 3.0%
      Newmont Mining Corp.
    • Explores and mines for gold and silver
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 2.7%
      Coeur D'Alene Mines
    • Engages in the development and exploration of silver and gold mining properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    MARKET CAP Small
    ×
    • 2.6%
      Barrick Gold Corp.
    • Mines and explores for gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 2.5%
      OceanaGold Corp-CDI
    • Explores and develops gold and other mineral mining activities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 2.3%
      Detour Gold Corp.
    • Acquires, explores and develops mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 2.2%
      Agnico-Eagle Mines Ltd.
    • Engages in the exploration, development and production of gold mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 2.2%
      Randgold Resources Ltd.
    • Engages in the exploration and mining of gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 2.0%
      B2Gold Corp.
    • Explores and mines for gold
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.9%
      Tahoe Resources, Inc.
    • Engages in the acquisition, exploration and development of mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.8%
      Saracen Mineral Holdings Ltd.
    • Explores, develops and produces mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Materials
    MARKET CAP Small
    ×
    • 1.8%
      Richmont Mines, Inc.
    • Engages in the exploration, operation, financing and development of mineral properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Small
    ×
    • 1.7%
      Centerra Gold, Inc.
    • Explores and develops gold properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.6%
      Franco-Nevada Corp.
    • Engages in the business of acquiring, managing and creating resource royalties and stream
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Large
    ×
    • 1.6%
      Northern Star Resources Ltd.
    • Acquires, explores and develops mineral resources
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.5%
      Roxgold, Inc.
    • Engages in the acquiring, exploring and evaluating mineral properties and gold projects
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Materials
    MARKET CAP Small

    Management

    Shanquan Li

    Managed Fund since 7/97

    Investment Approach

    The portfolio manager combines industry wide, or “top-down” analysis with rigorous company-specific, or “bottom-up,” fundamental analysis to find prospective investments. He searches in particular for high quality mining firms with multiple projects and diversified regional exposure.  Finding those stocks is a matter of careful and meticulous research into the quality of their reserves, the cost of developing those reserves, an objective analysis of their prospects for long-term growth, and determining appropriate valuations.

    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. Special Risks: Investments in mining and metal industry companies are speculative and may be subject to volatility. 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. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. Investments in securities of growth companies may be volatile. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. 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. Gold ETFs involve additional fees and risks. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer. 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.
    2. 2. 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.
    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. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
    5. 5. Access index definitions.
    6. 6. 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.
    7. 7. 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.
    8. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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 Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    9. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    10. 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.
    11. 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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