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Multi Asset

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

as of 1/31/17

Since Inception 2/9/87
663%
Performance & Distributions
×

Multi Asset

Gross Expense Ratio:
      0.91%
    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 2/22/17
      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 2.36
    65% Bar Agg/35% Russell 3000® (Linked Index) 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 1/31/17

    as of 12/30/16

    • C
    YTD (as of 2/22/17)
    • B
    2.36%
    1 Year 7.67%
    3 Year 5.00%
    5 Year 7.46%
    10 Year 1.70%
    Since Inception 7.02%
    YTD (as of 2/22/17)
    • B
    2.36%
    1 Year 7.67%
    3 Year 5.00%
    5 Year 7.46%
    10 Year 1.70%
    Since Inception 7.02%
    YTD (as of 2/22/17)
    • B
    2.36%
    1 Year 5.26%
    3 Year 4.72%
    5 Year 7.86%
    10 Year 1.73%
    Since Inception 7.00%
    YTD (as of 2/22/17)
    • B
    2.36%
    1 Year 5.26%
    3 Year 4.72%
    5 Year 7.86%
    10 Year 1.73%
    Since Inception 7.00%
    Gross Expense Ratio
    0.91%
    Net Expense Ratio
    0.67%
    NAV
    • D
    as of 2/22/17
    $15.21

    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.

    "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.

    Top 20 Holdings

    (24.5% of assets) as of 1/31/17

    Federal National Mortgage Ass...
    4.0%
    Federal National Mortgage Ass...
    2.4%
    Government National Mortgage ...
    1.9%
    Federal National Mortgage Ass...
    1.3%
    Alphabet, Inc., Cl. C
    1.3%
    Federal National Mortgage Ass...
    1.3%
    Microsoft Corp.
    1.2%
    Citigroup, Inc.
    1.0%
    PG&E Corp.
    1.0%
    Johnson & Johnson
    1.0%
    Facebook, Inc.
    1.0%
    Government National Mortgage ...
    0.9%
    Suncor Energy, Inc.
    0.9%
    Chevron Corp.
    0.9%
    Comcast Corp.
    0.8%
    JPMorgan Chase & Co.
    0.8%
    Synchrony Financial
    0.7%
    Wells Fargo & Co.
    0.7%
    Verizon Communications, Inc.
    0.7%
    Credit Suisse International, ...
    0.7%
    ×
    • 4.0 %
      Federal National Mortgage Assn., 4.00%, 2/1/47
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 2.4 %
      Federal National Mortgage Assn., 3.00%, 2/1/29
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.9 %
      Government National Mortgage Assn., 3.50%, 12/20/45
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.3 %
      Federal National Mortgage Assn., 4.50%, 2/1/47
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.3 %
      Alphabet, Inc., Cl. C
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.3 %
      Federal National Mortgage Assn., 5.00%, 2/1/47
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.2 %
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      PG&E Corp.
    • Provides electric energy services and transports natural gas
      Source: FactSet
    COUNTRY United States
    SECTOR Utilities
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      Johnson & Johnson
    • Operates as an investment holding company with interests in health care products
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      Facebook, Inc.
    • Operates as a social networking service and website
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.9 %
      Government National Mortgage Assn., 4.00%, 2/1/46
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 0.9 %
      Suncor Energy, Inc.
    • Develops and upgrades oil sands
      Source: FactSet
    COUNTRY Canada
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.9 %
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    COUNTRY United States
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.8 %
      Comcast Corp.
    • Provides entertainment, information and communications products and services
      Source: FactSet
    COUNTRY United States
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 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
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Synchrony Financial
    • Operates as a holding company, with interests in providing consumer financial services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Verizon Communications, Inc.
    • Provides wired and wireless telecommunication services
      Source: FactSet
    COUNTRY United States
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Credit Suisse International, HY27 Index, Credit Default Swap
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Other
    Holdings Breakdown

    as of 1/31/17

    90.0%

    United States

    2.3%

    Canada

    2.1%

    United Kingdom

    No Top Holdings
    in
    United Kingdom
    0.8%

    Netherlands

    No Top Holdings
    in
    Netherlands
    0.6%

    Germany

    No Top Holdings
    in
    Germany
    0.5%

    France

    No Top Holdings
    in
    France
    0.5%

    Ireland

    No Top Holdings
    in
    Ireland
    0.4%

    Belgium

    No Top Holdings
    in
    Belgium
    0.4%

    Australia

    No Top Holdings
    in
    Australia
    0.4%

    China

    No Top Holdings
    in
    China
    0.3%

    Singapore

    No Top Holdings
    in
    Singapore
    0.2%

    Spain

    No Top Holdings
    in
    Spain
    0.2%

    Switzerland

    No Top Holdings
    in
    Switzerland
    0.2%

    Italy

    No Top Holdings
    in
    Italy
    0.2%

    Japan

    No Top Holdings
    in
    Japan
    0.2%

    Hong Kong

    No Top Holdings
    in
    Hong Kong
    0.2%

    Israel

    No Top Holdings
    in
    Israel
    0.1%

    Sweden

    No Top Holdings
    in
    Sweden
    0.1%

    Denmark

    No Top Holdings
    in
    Denmark
    0.1%

    Norway

    No Top Holdings
    in
    Norway
    Developed Markets 5
    Emerging Markets 5
    92.3%

    Americas

    No Top Holdings
    in
    Americas
    6.1%

    Europe

    No Top Holdings
    in
    Europe
    1.0%

    Asia Pacific

    No Top Holdings
    in
    Asia Pacific
    0.2%

    Middle East

    No Top Holdings
    in
    Middle East
    0.4%

    Asia Pacific

    No Top Holdings
    in
    Asia Pacific
    Equity Sectors 5
    Fixed Income Sectors 5
    7.1%

    Information Technology

    4.6%

    Financials

    4.6%

    Health Care

    4.0%

    Industrials

    No Top Holdings
    in
    Industrials
    3.9%

    Consumer Discretionary

    3.1%

    Consumer Staples

    No Top Holdings
    in
    Consumer Staples
    2.7%

    Energy

    1.5%

    Materials

    No Top Holdings
    in
    Materials
    1.2%

    Utilities

    0.8%

    Real Estate

    No Top Holdings
    in
    Real Estate
    0.7%

    Telecommunication Services

    32.4%

    Corporates

    15.3%

    Agencies MBS

    8.2%

    ABS

    No Top Holdings
    in
    ABS
    4.7%

    Non Agencies MBS

    No Top Holdings
    in
    Non Agencies MBS
    4.1%

    CMBS

    No Top Holdings
    in
    CMBS
    0.8%

    Agencies

    No Top Holdings
    in
    Agencies
    0.2%

    Treasuries

    No Top Holdings
    in
    Treasuries
    0.2%

    No Top Holdings
    in
    Treasury
    15.6%

    6.1%

    No Top Holdings
    in
    AAA
    4.9%

    No Top Holdings
    in
    AA
    10.7%

    No Top Holdings
    in
    A
    20.3%

    No Top Holdings
    in
    BBB
    3.7%

    No Top Holdings
    in
    BB
    0.1%

    No Top Holdings
    in
    B
    1.0%

    No Top Holdings
    in
    CCC
    0.7%

    No Top Holdings
    in
    D
    0.9%

    No Top Holdings
    in
    Unrated
    35.8%

    65.8%

    34.2%

    0.1%

    No Top Holdings
    in
    Net Cash and Equivalents
    65.7%

    Large

    26.9%

    Mid

    No Top Holdings
    in
    Mid
    7.4%

    Small

    No Top Holdings
    in
    Small
    Morningstar
    • E

    as of 1/31/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 107
    Category Allocation--30% to 50% Equity
    Risk Measurements

    as of 1/31/17

    Alpha -0.77%
    Beta 1.06
    R-Squared
    95.73
    Sharpe Ratio
    1.09
    Standard Deviation
    4.4%
    Equity Style
    Total Assets (all classes)
    as of 1/31/17
    $224.4 MM
    Portfolio Statistics

    as of 1/31/17

    Avg Market Cap (weighted) 119.1 BN
    Median Market Cap (weighted) 37.0 BN
    P/E (next 12 months) 17.35
    P/E Operating (LTM) 25.17
    Price/Book Value (LTM) 2.7
    Turnover Ratio
    68.0%
    Duration (yrs)
    3.90
    Dividends ($ per share)
    • A
    Est Frequency Annual
    Last Pay Date 6/21/16
    Per Share ($) 0.3537
    12-Month Distribution ($) 0.3537
    Distribution Sources
    Net Income 87.20%
    Net Profit from Sale 12.80%
    Other Capital Sources 0.00%
    Top 20 Holdings

    (24.5% of assets) as of 1/31/17

    Federal Nationa...
    4.0%
    Federal Nationa...
    2.4%
    Government Nati...
    1.9%
    Federal Nationa...
    1.3%
    Alphabet, Inc.,...
    1.3%
    Federal Nationa...
    1.3%
    Microsoft Corp....
    1.2%
    Citigroup, Inc....
    1.0%
    PG&E Corp.
    1.0%
    Johnson & Johns...
    1.0%
    Facebook, Inc.
    1.0%
    Government Nati...
    0.9%
    Suncor Energy, ...
    0.9%
    Chevron Corp.
    0.9%
    Comcast Corp.
    0.8%
    JPMorgan Chase ...
    0.8%
    Synchrony Finan...
    0.7%
    Wells Fargo & C...
    0.7%
    Verizon Communi...
    0.7%
    Credit Suisse I...
    0.7%
    Holdings Breakdown

    as of 1/31/17

    Reset
    90.0%

    United States

    2.3%

    Canada

    2.1%

    United Kingdom

    No Top Holdings
    in
    United Kingdom
    0.8%

    Netherlands

    No Top Holdings
    in
    Netherlands
    0.6%

    Germany

    No Top Holdings
    in
    Germany
    0.5%

    France

    No Top Holdings
    in
    France
    0.5%

    Ireland

    No Top Holdings
    in
    Ireland
    0.4%

    Belgium

    No Top Holdings
    in
    Belgium
    0.4%

    Australia

    No Top Holdings
    in
    Australia
    0.4%

    China

    No Top Holdings
    in
    China
    0.3%

    Singapore

    No Top Holdings
    in
    Singapore
    0.2%

    Spain

    No Top Holdings
    in
    Spain
    0.2%

    Switzerland

    No Top Holdings
    in
    Switzerland
    0.2%

    Italy

    No Top Holdings
    in
    Italy
    0.2%

    Japan

    No Top Holdings
    in
    Japan
    0.2%

    Hong Kong

    No Top Holdings
    in
    Hong Kong
    0.2%

    Israel

    No Top Holdings
    in
    Israel
    0.1%

    Sweden

    No Top Holdings
    in
    Sweden
    0.1%

    Denmark

    No Top Holdings
    in
    Denmark
    0.1%

    Norway

    No Top Holdings
    in
    Norway
    92.3%

    Americas

    No Top Holdings
    in
    Americas
    6.1%

    Europe

    No Top Holdings
    in
    Europe
    1.0%

    Asia Pacific

    No Top Holdings
    in
    Asia Pacific
    0.2%

    Middle East

    No Top Holdings
    in
    Middle East
    0.4%

    Asia Pacific

    No Top Holdings
    in
    Asia Pacific
    7.1%

    Information Technology

    4.6%

    Financials

    4.6%

    Health Care

    4.0%

    Industrials

    No Top Holdings
    in
    Industrials
    3.9%

    Consumer Discretionary

    3.1%

    Consumer Staples

    No Top Holdings
    in
    Consumer Staples
    2.7%

    Energy

    1.5%

    Materials

    No Top Holdings
    in
    Materials
    1.2%

    Utilities

    0.8%

    Real Estate

    No Top Holdings
    in
    Real Estate
    0.7%

    Telecommunication Services

    32.4%

    Corporates

    15.3%

    Agencies MBS

    8.2%

    ABS

    No Top Holdings
    in
    ABS
    4.7%

    Non Agencies MBS

    No Top Holdings
    in
    Non Agencies MBS
    4.1%

    CMBS

    No Top Holdings
    in
    CMBS
    0.8%

    Agencies

    No Top Holdings
    in
    Agencies
    0.2%

    Treasuries

    No Top Holdings
    in
    Treasuries
    0.2%

    No Top Holdings
    in
    Treasury
    15.6%

    6.1%

    No Top Holdings
    in
    AAA
    4.9%

    No Top Holdings
    in
    AA
    10.7%

    No Top Holdings
    in
    A
    20.3%

    No Top Holdings
    in
    BBB
    3.7%

    No Top Holdings
    in
    BB
    0.1%

    No Top Holdings
    in
    B
    1.0%

    No Top Holdings
    in
    CCC
    0.7%

    No Top Holdings
    in
    D
    0.9%

    No Top Holdings
    in
    Unrated
    35.8%

    65.8%

    34.2%

    0.1%

    No Top Holdings
    in
    Net Cash and Equivalents
    65.7%

    Large

    26.9%

    Mid

    No Top Holdings
    in
    Mid
    7.4%

    Small

    No Top Holdings
    in
    Small
    ×
    • 4.0 %
      Federal National Mortgage Assn., 4.00%, 2/1/47
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 2.4 %
      Federal National Mortgage Assn., 3.00%, 2/1/29
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.9 %
      Government National Mortgage Assn., 3.50%, 12/20/45
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.3 %
      Federal National Mortgage Assn., 4.50%, 2/1/47
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.3 %
      Alphabet, Inc., Cl. C
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.3 %
      Federal National Mortgage Assn., 5.00%, 2/1/47
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 1.2 %
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      PG&E Corp.
    • Provides electric energy services and transports natural gas
      Source: FactSet
    COUNTRY United States
    SECTOR Utilities
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      Johnson & Johnson
    • Operates as an investment holding company with interests in health care products
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 1.0 %
      Facebook, Inc.
    • Operates as a social networking service and website
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.9 %
      Government National Mortgage Assn., 4.00%, 2/1/46
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 0.9 %
      Suncor Energy, Inc.
    • Develops and upgrades oil sands
      Source: FactSet
    COUNTRY Canada
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.9 %
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    COUNTRY United States
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.8 %
      Comcast Corp.
    • Provides entertainment, information and communications products and services
      Source: FactSet
    COUNTRY United States
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 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
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Synchrony Financial
    • Operates as a holding company, with interests in providing consumer financial services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Verizon Communications, Inc.
    • Provides wired and wireless telecommunication services
      Source: FactSet
    COUNTRY United States
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.7 %
      Credit Suisse International, HY27 Index, Credit Default Swap
    COUNTRY United States
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Other

    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

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    1. 1. Prior to April 30, 2015, the Fund was named Oppenheimer Capital Income Fund/VA. 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 p.m. ET daily.
    10. E. Non-Service Shares rated 3 stars overall by Morningstar among  107  Allocation--30% to 50% Equity funds for the 3-, 5-, and 10 year period ended 1/31/17 based on risk-adjusted performance.
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