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Domestic Debt

The Strategy typically invests in limited-term, U.S. investment-grade fixed income instruments.
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Cumulative Total Returns

as of 7/31/17

Since Inception 8/1/13
9%
Performance & Distributions
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Domestic Debt

Gross Expense Ratio:
      0.4%
    Net Expense Ratio:
        0.39%

      Cumulative Returns

      Compare to Indices

      Limited-Term Bond Fund
      VALUE of $10,000.00

      Income Dividend History
      • A

      No income dividends were paid during this time.
      Calendar Year Returns % (w/o sales charge)
      Data as of 8/18/17
        2013 2014 2015 2016 YTD
      • B
      Limited-Term Bond Fund 1.99 0.82 2.51 2.20
      Bloomberg Barclays US Agg 1-3 Year Statistics and Returns
      -1.73 0.82 0.66 1.31
      Capital Gains Distributions ($ per share)
      Data as of 8/19/17
        2012 2013 2014 2015 2016
      Short Term 0.1660
      Long Term 0.0829
      Total Amount of Distribution 0.2488
      Record Date 12/28/12
      Ex Div Date 12/28/12
      Pay Date 12/28/12

      There is no guarantee of the payment of any dividend or other distributions at any level.

      Average Annual Total Returns

      as of 7/31/17

      as of 6/30/17

      YTD (as of 8/18/17)
      • B
      2.20%
      1 Year 2.07%
      3 Year 1.92%
      Since Inception 2.25%
      YTD (as of 8/18/17)
      • B
      2.20%
      1 Year 2.07%
      3 Year 1.92%
      Since Inception 2.25%
      YTD (as of 8/18/17)
      • B
      2.20%
      1 Year 2.22%
      3 Year 1.69%
      Since Inception 2.18%
      YTD (as of 8/18/17)
      • B
      2.20%
      1 Year 2.22%
      3 Year 1.69%
      Since Inception 2.18%
      Gross Expense Ratio
      0.40%
      Net Expense Ratio
      0.39%
      NAV
      • C
      as of 8/18/17
      $4.56
      Yields

      monthly as of 7/31/17

      Standardized SEC Yield 2.64%
      Dividend Yield
      with sales charge
      N/A
      Dividend Yield
      w/o sales charge
      2.88%
      Top Fixed Income Sectors

      07/31/17

      Corporates
      67.8%
      Agencies MBS
      25.6%
      ABS
      12.9%
      Non Agencies MBS
      4.9%
      CMBS
      4.5%
      Agencies
      0.3%
      Net Cash and Equivalents
      -15.9%
      ×
      • 67.8%
        Corporates
      COUNTRY Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Luxembourg, Netherlands, Norway, Portugal, Spain, Switzerland, United Kingdom, United States
      CREDIT RATING ALLOCATION AA, A, BBB, BB, B, Unrated
      ×
      • 25.6%
        Agencies MBS
      COUNTRY United States
      CREDIT RATING ALLOCATION Agency
      ×
      • 12.9%
        ABS
      COUNTRY United States
      CREDIT RATING ALLOCATION AAA, AA, A, BBB, BB
      ×
      • 4.9%
        Non Agencies MBS
      COUNTRY United States
      CREDIT RATING ALLOCATION AAA, AA, A, BBB, BB, B, CCC, D, Unrated
      ×
      • 4.5%
        CMBS
      COUNTRY United States
      CREDIT RATING ALLOCATION AAA, AA, A, BBB, BB
      ×
      • 0.3%
        Agencies
      COUNTRY United States
      CREDIT RATING ALLOCATION Agency
      ×
      • -15.9%
        Net Cash and Equivalents
      Holdings Breakdown

      as of 07/31/17

      101.1%

      United States

      3.0%

      Canada

      2.9%

      United Kingdom

      1.6%

      Germany

      1.4%

      Netherlands

      1.0%

      Italy

      0.9%

      France

      0.9%

      Switzerland

      0.6%

      Japan

      0.6%

      Australia

      0.5%

      Belgium

      0.4%

      Hong Kong

      0.4%

      Spain

      0.2%

      Portugal

      0.2%

      Luxembourg

      0.2%

      Norway

      104.1%

      Americas

      No Sector Fixed Income
      in
      Americas
      10.2%

      Europe

      No Sector Fixed Income
      in
      Europe
      1.6%

      Asia Pacific

      No Sector Fixed Income
      in
      Asia Pacific
      50.0%

      25.9%

      17.9%

      8.7%

      7.1%

      4.1%

      0.8%

      0.6%

      0.6%

      0.3%

      Risk Measurements

      as of 07/31/17

      Alpha 0.72%
      Beta 1.13
      R-Squared
      54.17
      Sharpe Ratio
      1.43
      Standard Deviation
      1.15%
      Sortino Ratio
      0.76
      Information Ratio
      1.08
      Equity Style
      Total Assets (all classes)
      as of 7/31/17
      $1.4 BN
      Portfolio Statistics

      as of 7/31/17

      Turnover Ratio
      55.00%
      Duration (yrs)
      1.7
      Dividends ($ per share)
      • A
      Est Frequency Monthly
      Last Pay Date 7/31/17
      Per Share ($) 0.0112
      12-Month Distribution ($) 0.1234
      Distribution Sources
      Net Income 100.00%
      Net Profit from Sale 0.00%
      Other Capital Sources 0.00%
      Top Fixed Income Sectors

      07/31/17

      Corporates
      67.8%
      Agencies MBS
      25.6%
      ABS
      12.9%
      Non Agencies MB...
      4.9%
      CMBS
      4.5%
      Agencies
      0.3%
      Net Cash and Eq...
      -15.9%
      Holdings Breakdown

      as of 07/31/17

      Reset
      101.1%

      United States

      3.0%

      Canada

      2.9%

      United Kingdom

      1.6%

      Germany

      1.4%

      Netherlands

      1.0%

      Italy

      0.9%

      France

      0.9%

      Switzerland

      0.6%

      Japan

      0.6%

      Australia

      0.5%

      Belgium

      0.4%

      Hong Kong

      0.4%

      Spain

      0.2%

      Portugal

      0.2%

      Luxembourg

      0.2%

      Norway

      104.1%

      Americas

      No Sector Fixed Income
      in
      Americas
      10.2%

      Europe

      No Sector Fixed Income
      in
      Europe
      1.6%

      Asia Pacific

      No Sector Fixed Income
      in
      Asia Pacific
      50.0%

      25.9%

      17.9%

      8.7%

      7.1%

      4.1%

      0.8%

      0.6%

      0.6%

      0.3%

      ×
      • 67.8%
        Corporates
      COUNTRY Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Luxembourg, Netherlands, Norway, Portugal, Spain, Switzerland, United Kingdom, United States
      CREDIT RATING ALLOCATION AA, A, BBB, BB, B, Unrated
      ×
      • 25.6%
        Agencies MBS
      COUNTRY United States
      CREDIT RATING ALLOCATION Agency
      ×
      • 12.9%
        ABS
      COUNTRY United States
      CREDIT RATING ALLOCATION AAA, AA, A, BBB, BB
      ×
      • 4.9%
        Non Agencies MBS
      COUNTRY United States
      CREDIT RATING ALLOCATION AAA, AA, A, BBB, BB, B, CCC, D, Unrated
      ×
      • 4.5%
        CMBS
      COUNTRY United States
      CREDIT RATING ALLOCATION AAA, AA, A, BBB, BB
      ×
      • 0.3%
        Agencies
      COUNTRY United States
      CREDIT RATING ALLOCATION Agency
      ×
      • -15.9%
        Net Cash and Equivalents

      Management

      Peter Strzalkowski, CFA

      Managed Fund since 4/09

      Investment Approach

      We take a top-down, bottom-up investment approach, where our 6-12 month investment outlook influences portfolio manager risk budgeting across drivers of return. Sector-dedicated research analysts are responsible for security analysis and selection. Risk management is critical throughout our process and includes multi-layered/dimensional risk limits as well as the use of various proprietary tools including stop-outs.

      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. 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. Asset-backed securities are subject to prepayment risk. Mortgage-backed securities are subject to prepayment risk. Mortgage bonds are susceptible to risks such as default and prepayment of principal and are taxable at the state and federal levels. U.S. Government securities are backed by the full faith and credit of the U.S. Government, meaning, that payment of interest and principal is guaranteed, but yield and market value are not. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. 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.
      2. 2. 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.
      3. A. There is no guarantee of the payment of any dividend or other distributions at any level.
      4. B. "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.
      5. C. 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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