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Multi Asset

The Strategy typically invests in common stocks and fixed income securities.
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Conservative Balanced Fund/VA

The Strategy typically invests in common stocks and fixed income securities.

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Cumulative Total Returns

as of 7/31/17

Since Inception 2/9/87
704%
Performance & Distributions
×

Multi Asset

Gross Expense Ratio:
      0.94%
    Net Expense Ratio:   0.67%

    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. The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

    Cumulative Returns

    Compare to Indices

    Conservative Balanced Fund/VA
    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 8/17/17
      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
    • B
    Conservative Balanced Fund/VA 22.15 15.76 -1.91 17.48 8.99 15.95 -1.95 21.36 15.50 17.22 6.66 11.80 6.44 2.22 -10.40 24.96 10.10 3.89 11.15 3.79 -43.47 21.89 12.91 0.72 12.34 13.17 8.20 0.83 5.26 6.10
    65% Bloomberg Bar Agg/35% Russell 3000 24.76 1.81 24.75 7.65 10.03 -0.33 29.67 14.96 23.78 20.88 12.17 -0.71 -3.67 -9.63 18.73 8.40 4.05 11.20 6.47 -20.91 18.98 12.10 5.19 11.40 12.04 8.43 0.85 6.34

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

    Average Annual Total Returns
    • C

    as of 7/31/17

    as of 6/30/17

    • C
    YTD (as of 8/17/17)
    • B
    6.10%
    1 Year 5.38%
    3 Year 5.29%
    5 Year 7.84%
    10 Year 1.98%
    Since Inception 7.08%
    YTD (as of 8/17/17)
    • B
    6.10%
    1 Year 5.38%
    3 Year 5.29%
    5 Year 7.84%
    10 Year 1.98%
    Since Inception 7.08%
    YTD (as of 8/17/17)
    • B
    6.10%
    1 Year 6.48%
    3 Year 4.70%
    5 Year 8.04%
    10 Year 1.68%
    Since Inception 7.07%
    YTD (as of 8/17/17)
    • B
    6.10%
    1 Year 6.48%
    3 Year 4.70%
    5 Year 8.04%
    10 Year 1.68%
    Since Inception 7.07%
    Gross Expense Ratio
    0.94%
    Net Expense Ratio
    0.67%
    NAV
    • D
    as of 8/17/17
    $15.46

    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. The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

    Top Holdings

    05/31/17

    Federal National Mortgage Ass...
    12.5%
    Federal National Mortgage Ass...
    7.4%
    Federal National Mortgage Ass...
    5.4%
    Federal National Mortgage Ass...
    2.4%
    Credit Suisse International, ...
    1.6%
    Federal National Mortgage Ass...
    1.3%
    Alphabet, Inc., Cl. C
    1.2%
    Johnson & Johnson
    1.1%
    Microsoft Corp.
    1.1%
    Federal National Mortgage Ass...
    1.1%
    Exxon Mobil Corp.
    1.0%
    G2SF 4 6/17
    0.9%
    Facebook, Inc.
    0.9%
    PG&E Corp.
    0.8%
    Comcast Corp.
    0.8%
    JPMorgan Chase & Co.
    0.8%
    Citigroup, Inc.
    0.8%
    McDonald's Corp.
    0.7%
    Wells Fargo & Co.
    0.6%
    Merck & Co. Inc.
    0.6%
    ×
    • 12.5%
      Federal National Mortgage Assn., 4.00%, 6/1/45
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 7.4%
      Federal National Mortgage Assn., 4.50%, 6/1/44
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 5.4%
      Federal National Mortgage Assn., 3.50%, 6/1/45
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 2.4%
      Federal National Mortgage Assn., 3.00%, 6/1/28
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.6%
      Credit Suisse International, HY28 Index, Credit Default Swap
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.3%
      Federal National Mortgage Assn., 5.00%, 6/1/45
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.2%
      Alphabet, Inc., Cl. C
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Information Technology
    ×
    • 1.1%
      Johnson & Johnson
    • Operates as an investment holding company with interests in health care products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Health Care
    ×
    • 1.1%
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Information Technology
    ×
    • 1.1%
      Federal National Mortgage Assn., 3.50%, 6/1/28
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.0%
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Energy
    ×
    • 0.9%
      G2SF 4 6/17
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 0.9%
      Facebook, Inc.
    • Operates as a social networking service and website
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Information Technology
    ×
    • 0.8%
      PG&E Corp.
    • Provides electric energy services and transports natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Utilities
    ×
    • 0.8%
      Comcast Corp.
    • Provides entertainment, information and communications products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Consumer Discretionary
    ×
    • 0.8%
      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 Equity
    FIXED INCOME SECTOR Financials
    ×
    • 0.8%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Financials
    ×
    • 0.7%
      McDonald's Corp.
    • Operates and franchises a food restaurant chain
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Consumer Discretionary
    ×
    • 0.6%
      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 Equity
    FIXED INCOME SECTOR Financials
    ×
    • 0.6%
      Merck & Co. Inc.
    • Discovers, develops and markets human and animal health products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Health Care
    Holdings Breakdown

    as of 05/31/17

    107.5%

    United States

    2.0%

    Canada

    No Holding
    in
    Canada
    1.8%

    United Kingdom

    No Holding
    in
    United Kingdom
    0.7%

    Netherlands

    No Holding
    in
    Netherlands
    0.6%

    Germany

    No Holding
    in
    Germany
    0.6%

    France

    No Holding
    in
    France
    0.4%

    Ireland

    No Holding
    in
    Ireland
    0.4%

    Belgium

    No Holding
    in
    Belgium
    0.4%

    Switzerland

    No Holding
    in
    Switzerland
    0.4%

    Australia

    No Holding
    in
    Australia
    0.4%

    Italy

    No Holding
    in
    Italy
    0.4%

    Spain

    No Holding
    in
    Spain
    0.3%

    Sweden

    No Holding
    in
    Sweden
    0.2%

    Hong Kong

    No Holding
    in
    Hong Kong
    0.1%

    Denmark

    No Holding
    in
    Denmark
    0.1%

    Norway

    No Holding
    in
    Norway
    0.1%

    Guernsey

    No Holding
    in
    Guernsey
    109.5%

    Americas

    No Holding
    in
    Americas
    6.3%

    Europe

    No Holding
    in
    Europe
    0.6%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    Sector Equity 5
    Sector Fixed Income 5
    82.8%

    Fixed Income

    33.6%

    Equity

    7.7%

    Information Technology

    4.9%

    Financials

    4.3%

    Health Care

    3.6%

    Industrials

    No Holding
    in
    Industrials
    3.5%

    Consumer Discretionary

    3.2%

    Consumer Staples

    No Holding
    in
    Consumer Staples
    2.1%

    Energy

    1.3%

    Real Estate

    No Holding
    in
    Real Estate
    1.2%

    Materials

    No Holding
    in
    Materials
    1.1%

    Utilities

    0.6%

    Telecommunication Services

    No Holding
    in
    Telecommunication Services
    82.8%

    33.6%

    Risk Measurements

    as of 07/31/17

    Alpha -0.63%
    Beta 1.06
    R-Squared
    95.00
    Sharpe Ratio
    1.16
    Standard Deviation
    4.29%
    Sortino Ratio
    0.64
    Information Ratio
    -0.35
    Equity Style
    Total Assets (all classes)
    as of 7/31/17
    $222.2 MM
    Portfolio Statistics

    as of 7/31/17

    Turnover Ratio
    68.00%
    Duration (yrs)
    3.8
    Dividends ($ per share)
    • A
    Est Frequency Annual
    Last Pay Date 6/20/17
    Per Share ($) 0.3049
    12-Month Distribution ($) 0.3049
    Distribution Sources
    Net Income 94.30%
    Net Profit from Sale 5.70%
    Other Capital Sources 0.00%
    Top Holdings

    05/31/17

    Federal Nationa...
    12.5%
    Federal Nationa...
    7.4%
    Federal Nationa...
    5.4%
    Federal Nationa...
    2.4%
    Credit Suisse I...
    1.6%
    Federal Nationa...
    1.3%
    Alphabet, Inc.,...
    1.2%
    Johnson & Johns...
    1.1%
    Microsoft Corp....
    1.1%
    Federal Nationa...
    1.1%
    Exxon Mobil Cor...
    1.0%
    G2SF 4 6/17
    0.9%
    Facebook, Inc.
    0.9%
    PG&E Corp.
    0.8%
    Comcast Corp.
    0.8%
    JPMorgan Chase ...
    0.8%
    Citigroup, Inc....
    0.8%
    McDonald's Corp...
    0.7%
    Wells Fargo & C...
    0.6%
    Merck & Co. Inc...
    0.6%
    Holdings Breakdown

    as of 05/31/17

    Reset
    107.5%

    United States

    2.0%

    Canada

    No Holding
    in
    Canada
    1.8%

    United Kingdom

    No Holding
    in
    United Kingdom
    0.7%

    Netherlands

    No Holding
    in
    Netherlands
    0.6%

    Germany

    No Holding
    in
    Germany
    0.6%

    France

    No Holding
    in
    France
    0.4%

    Ireland

    No Holding
    in
    Ireland
    0.4%

    Belgium

    No Holding
    in
    Belgium
    0.4%

    Switzerland

    No Holding
    in
    Switzerland
    0.4%

    Australia

    No Holding
    in
    Australia
    0.4%

    Italy

    No Holding
    in
    Italy
    0.4%

    Spain

    No Holding
    in
    Spain
    0.3%

    Sweden

    No Holding
    in
    Sweden
    0.2%

    Hong Kong

    No Holding
    in
    Hong Kong
    0.1%

    Denmark

    No Holding
    in
    Denmark
    0.1%

    Norway

    No Holding
    in
    Norway
    0.1%

    Guernsey

    No Holding
    in
    Guernsey
    109.5%

    Americas

    No Holding
    in
    Americas
    6.3%

    Europe

    No Holding
    in
    Europe
    0.6%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    82.8%

    Fixed Income

    33.6%

    Equity

    7.7%

    Information Technology

    4.9%

    Financials

    4.3%

    Health Care

    3.6%

    Industrials

    No Holding
    in
    Industrials
    3.5%

    Consumer Discretionary

    3.2%

    Consumer Staples

    No Holding
    in
    Consumer Staples
    2.1%

    Energy

    1.3%

    Real Estate

    No Holding
    in
    Real Estate
    1.2%

    Materials

    No Holding
    in
    Materials
    1.1%

    Utilities

    0.6%

    Telecommunication Services

    No Holding
    in
    Telecommunication Services
    82.8%

    33.6%

    ×
    • 12.5%
      Federal National Mortgage Assn., 4.00%, 6/1/45
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 7.4%
      Federal National Mortgage Assn., 4.50%, 6/1/44
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 5.4%
      Federal National Mortgage Assn., 3.50%, 6/1/45
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 2.4%
      Federal National Mortgage Assn., 3.00%, 6/1/28
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.6%
      Credit Suisse International, HY28 Index, Credit Default Swap
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.3%
      Federal National Mortgage Assn., 5.00%, 6/1/45
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.2%
      Alphabet, Inc., Cl. C
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Information Technology
    ×
    • 1.1%
      Johnson & Johnson
    • Operates as an investment holding company with interests in health care products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Health Care
    ×
    • 1.1%
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Information Technology
    ×
    • 1.1%
      Federal National Mortgage Assn., 3.50%, 6/1/28
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 1.0%
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Energy
    ×
    • 0.9%
      G2SF 4 6/17
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    EQUITY SECTOR Fixed Income
    ×
    • 0.9%
      Facebook, Inc.
    • Operates as a social networking service and website
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Information Technology
    ×
    • 0.8%
      PG&E Corp.
    • Provides electric energy services and transports natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Utilities
    ×
    • 0.8%
      Comcast Corp.
    • Provides entertainment, information and communications products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Consumer Discretionary
    ×
    • 0.8%
      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 Equity
    FIXED INCOME SECTOR Financials
    ×
    • 0.8%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Financials
    ×
    • 0.7%
      McDonald's Corp.
    • Operates and franchises a food restaurant chain
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Consumer Discretionary
    ×
    • 0.6%
      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 Equity
    FIXED INCOME SECTOR Financials
    ×
    • 0.6%
      Merck & Co. Inc.
    • Discovers, develops and markets human and animal health products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Equity
    FIXED INCOME SECTOR Health Care

    Management

    Magnus Krantz

    Managed Fund since 4/13

    Krishna Memani

    Managed Fund since 4/09

    Investment Approach

    The portfolio managers invest in common stocks and fixed income securities seeking total investment return, which includes current income and capital appreciation. In the equity strategy, the portfolio manager typically focuses on identifying U.S.-domiciled companies with competitive advantages and/or superior execution that can be sustained in various market environments. In the fixed income strategy, portfolio managers employ “top-down,” or global macroeconomic analysis of the fixed income markets, then set strategic targets to guide decisions on interest rate sensitivity and sector allocations. The managers then pair these targets with “bottom-up,” or security-by-security, fundamental research to make individual investment decisions and help manage risks within each bond sector.

    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. Effective 4/30/13, the Fund's investment objective changed from "seeks high total investment return, which includes current income and capital appreciation" to "seeks total return." Performance prior to 4/30/13 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. May invest no more than 10% in below-investment-grade non-convertible debt securities, but up to 25% in below-investment-grade (“high yield” or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Mortgage-related securities are subject to default risk, prepayment risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. 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. 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. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments.
    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. 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.
    6. A. There is no guarantee of the payment of any dividend or other distributions at any level.
    7. 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.
    8. C. 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. The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.
    9. 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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