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Domestic Equity

The Strategy typically invests in mid-cap U.S. growth stocks.
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Discovery Mid Cap Growth Fund/VA

The Strategy typically invests in mid-cap U.S. growth stocks.

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Cumulative Total Returns

as of 7/31/17

Since Inception 8/15/86
1476%
Performance & Distributions
×

Domestic Equity

Gross Expense Ratio:
      0.84%
    Net Expense Ratio:   0.8%

    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

    Discovery Mid Cap Growth Fund/VA
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 8/17/17
      1986 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
    • A
    Discovery Mid Cap Growth Fund/VA 14.34 13.41 27.57 -16.82 54.72 15.42 27.32 -7.59 32.52 20.22 11.67 12.36 83.60 -11.24 -31.27 -27.79 25.59 19.78 12.33 2.96 6.33 -49.07 32.61 27.46 1.09 16.45 35.98 5.78 6.61 2.34 14.93
    Russell Midcap Growth 5.79 12.14 -1.28 33.54 15.07 14.76 3.10 55.48 -16.09 -10.83 -29.09 46.31 14.59 8.17 12.26 9.69 -41.50 41.66 28.86 -1.57 16.13 37.06 11.90 -0.20 7.33
    Capital Gains Distributions ($ per share)
    Data as of 8/18/17
      2013 2014 2015 2016 2017
    Short Term
    Long Term 7.4459 5.918 8.3865
    Total Amount of Distribution 7.4459 5.918 8.3865
    Record Date 6/15/15 6/20/16 6/19/17
    Ex Div Date 6/16/15 6/21/16 6/20/17
    Pay Date 6/16/15 6/21/16 6/20/17

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

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. 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
    • B

    as of 7/31/17

    as of 6/30/17

    • B
    YTD (as of 8/17/17)
    • A
    14.93%
    1 Year 12.48%
    3 Year 11.24%
    5 Year 13.67%
    10 Year 6.52%
    Since Inception 9.32%
    YTD (as of 8/17/17)
    • A
    14.93%
    1 Year 12.48%
    3 Year 11.24%
    5 Year 13.67%
    10 Year 6.52%
    Since Inception 9.32%
    YTD (as of 8/17/17)
    • A
    14.93%
    1 Year 15.38%
    3 Year 9.50%
    5 Year 12.98%
    10 Year 6.04%
    Since Inception 9.28%
    YTD (as of 8/17/17)
    • A
    14.93%
    1 Year 15.38%
    3 Year 9.50%
    5 Year 12.98%
    10 Year 6.04%
    Since Inception 9.28%
    Gross Expense Ratio
    0.84%
    Net Expense Ratio
    0.80%
    NAV
    • C
    as of 8/17/17
    $75.15

    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 Issuers

    07/31/17

    Progressive Waste Solutions L...
    1.9%
    First Republic Bank/San Fran
    1.9%
    SBA Communications Corp.
    1.7%
    Pool Corp.
    1.7%
    AutoDesk, Inc.
    1.7%
    Restaurant Brands Intl, Inc.
    1.6%
    Fiserv, Inc.
    1.6%
    Vail Resorts, Inc.
    1.6%
    Equinix, Inc.
    1.6%
    TransUnion
    1.6%
    Albemarle Corp.
    1.5%
    Mettler Toledo
    1.5%
    Cooper Companies, Inc.
    1.4%
    Red Hat, Inc.
    1.4%
    Hilton Worldwide Holdings Inc...
    1.4%
    IDEXX Laboratories Inc.
    1.4%
    XPO Logistics Inc.
    1.4%
    Nordson Corp.
    1.3%
    Agilent Tech
    1.3%
    Mohawk Industries Inc.
    1.3%
    ×
    • 1.9%
      Progressive Waste Solutions Ltd.
    • Provides waste collection, transfer, disposal and recycling services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Industrials
    INDUSTRY Commercial Services & Supplies
    MARKET CAP Large
    ×
    • 1.9%
      First Republic Bank/San Fran
    • Provides commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Mid
    ×
    • 1.7%
      SBA Communications Corp.
    • Functions as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    INDUSTRY Equity Real Estate Investment Trusts (REITs)
    MARKET CAP Mid
    ×
    • 1.7%
      Pool Corp.
    • Markets and distributes swimming pool supplies and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Distributors
    MARKET CAP Mid
    ×
    • 1.7%
      AutoDesk, Inc.
    • Designs and develops multimedia software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 1.6%
      Restaurant Brands Intl, Inc.
    • Operates and franchises restaurants
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Large
    ×
    • 1.6%
      Fiserv, Inc.
    • Provides data processing services and software system development for the financial services sector
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Large
    ×
    • 1.6%
      Vail Resorts, Inc.
    • Owns and operates resorts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Mid
    ×
    • 1.6%
      Equinix, Inc.
    • Provides global data center
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    INDUSTRY Equity Real Estate Investment Trusts (REITs)
    MARKET CAP Large
    ×
    • 1.6%
      TransUnion
    • Provides information and risk management solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    MARKET CAP Mid
    ×
    • 1.5%
      Albemarle Corp.
    • Manufactures and markets specialty polymers, chemicals and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Mid
    ×
    • 1.5%
      Mettler Toledo
    • Manufactures and supplies precision instruments
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Mid
    ×
    • 1.4%
      Cooper Companies, Inc.
    • Manufactures and markets medical devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.4%
      Red Hat, Inc.
    • Provides open software source solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 1.4%
      Hilton Worldwide Holdings Inc.
    • Operates as a holding company, which provides hospitality services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Mid
    ×
    • 1.4%
      IDEXX Laboratories Inc.
    • Manufactures animal health products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.4%
      XPO Logistics Inc.
    • Provides logistics and other transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 1.3%
      Nordson Corp.
    • Engineers, manufactures and markets products and systems used for dispensing and processing of adhesives
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Mid
    ×
    • 1.3%
      Agilent Tech
    • Designs, manufactures and markets measurement and monitoring instruments
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Mid
    ×
    • 1.3%
      Mohawk Industries Inc.
    • Engages in producing floor covering products for residential and commercial
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Household Durables
    MARKET CAP Mid
    Holdings Breakdown

    as of 07/31/17

    93.2%

    United States

    3.6%

    Canada

    96.8%

    Americas

    No Issuer Equity
    in
    Americas
    22.6%

    Information Technology

    19.0%

    Industrials

    16.7%

    Health Care

    15.4%

    Consumer Discretionary

    9.0%

    Financials

    6.3%

    Materials

    3.3%

    Real Estate

    2.9%

    Consumer Staples

    No Issuer Equity
    in
    Consumer Staples
    1.6%

    Energy

    No Issuer Equity
    in
    Energy
    8.2%

    Hotels Restaurants & Leisure

    7.9%

    Software

    7.2%

    Health Care Equipment & Supplies

    5.0%

    IT Services

    4.9%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    4.1%

    Capital Markets

    No Issuer Equity
    in
    Capital Markets
    3.5%

    Machinery

    3.5%

    Life Sciences Tools & Services

    3.3%

    Equity Real Estate Investment Trusts (REITs)

    3.3%

    Electronic Equipment Instruments & Components

    No Issuer Equity
    in
    Electronic Equipment Instruments & Components
    3.1%

    Building Products

    No Issuer Equity
    in
    Building Products
    3.1%

    Commercial Services & Supplies

    2.9%

    Chemicals

    2.8%

    Professional Services

    2.8%

    Banks

    2.3%

    Containers & Packaging

    No Issuer Equity
    in
    Containers & Packaging
    2.1%

    Biotechnology

    No Issuer Equity
    in
    Biotechnology
    1.8%

    Household Durables

    1.7%

    Distributors

    1.6%

    Food Products

    No Issuer Equity
    in
    Food Products
    96.8%

    74.4%

    Mid

    22.4%

    Large

    Risk Measurements

    as of 07/31/17

    Alpha 2.32%
    Beta 0.92
    R-Squared
    88.30
    Sharpe Ratio
    0.98
    Standard Deviation
    11.25%
    Sortino Ratio
    0.48
    Information Ratio
    0.43
    Equity Style
    • D
    Total Assets (all classes)
    as of 7/31/17
    $698.2 MM
    Portfolio Statistics

    as of 7/31/17

    Avg Market Cap (weighted) 14.8 BN
    Median Market Cap (weighted) 13.2 BN
    P/E (next 12 months) 24.40
    P/E Operating (LTM) 31.94
    Price/Book Value (LTM) 5.32
    Turnover Ratio
    141.00%
    Dividends ($ per share)
    • E
    Est Frequency Annual
    Last Pay Date 6/20/17
    Per Share ($) 0.0255
    12-Month Distribution ($) 0.0255
    Distribution Sources
    Net Income 0.00%
    Net Profit from Sale 50.50%
    Other Capital Sources 49.50%
    Top Issuers

    07/31/17

    Progressive Was...
    1.9%
    First Republic ...
    1.9%
    SBA Communicati...
    1.7%
    Pool Corp.
    1.7%
    AutoDesk, Inc.
    1.7%
    Restaurant Bran...
    1.6%
    Fiserv, Inc.
    1.6%
    Vail Resorts, I...
    1.6%
    Equinix, Inc.
    1.6%
    TransUnion
    1.6%
    Albemarle Corp....
    1.5%
    Mettler Toledo
    1.5%
    Cooper Companie...
    1.4%
    Red Hat, Inc.
    1.4%
    Hilton Worldwid...
    1.4%
    IDEXX Laborator...
    1.4%
    XPO Logistics I...
    1.4%
    Nordson Corp.
    1.3%
    Agilent Tech
    1.3%
    Mohawk Industri...
    1.3%
    Holdings Breakdown

    as of 07/31/17

    Reset
    93.2%

    United States

    3.6%

    Canada

    96.8%

    Americas

    No Issuer Equity
    in
    Americas
    22.6%

    Information Technology

    19.0%

    Industrials

    16.7%

    Health Care

    15.4%

    Consumer Discretionary

    9.0%

    Financials

    6.3%

    Materials

    3.3%

    Real Estate

    2.9%

    Consumer Staples

    No Issuer Equity
    in
    Consumer Staples
    1.6%

    Energy

    No Issuer Equity
    in
    Energy
    8.2%

    Hotels Restaurants & Leisure

    7.9%

    Software

    7.2%

    Health Care Equipment & Supplies

    5.0%

    IT Services

    4.9%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    4.1%

    Capital Markets

    No Issuer Equity
    in
    Capital Markets
    3.5%

    Machinery

    3.5%

    Life Sciences Tools & Services

    3.3%

    Equity Real Estate Investment Trusts (REITs)

    3.3%

    Electronic Equipment Instruments & Components

    No Issuer Equity
    in
    Electronic Equipment Instruments & Components
    3.1%

    Building Products

    No Issuer Equity
    in
    Building Products
    3.1%

    Commercial Services & Supplies

    2.9%

    Chemicals

    2.8%

    Professional Services

    2.8%

    Banks

    2.3%

    Containers & Packaging

    No Issuer Equity
    in
    Containers & Packaging
    2.1%

    Biotechnology

    No Issuer Equity
    in
    Biotechnology
    1.8%

    Household Durables

    1.7%

    Distributors

    1.6%

    Food Products

    No Issuer Equity
    in
    Food Products
    96.8%

    74.4%

    Mid

    22.4%

    Large

    ×
    • 1.9%
      Progressive Waste Solutions Ltd.
    • Provides waste collection, transfer, disposal and recycling services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Industrials
    INDUSTRY Commercial Services & Supplies
    MARKET CAP Large
    ×
    • 1.9%
      First Republic Bank/San Fran
    • Provides commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Mid
    ×
    • 1.7%
      SBA Communications Corp.
    • Functions as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    INDUSTRY Equity Real Estate Investment Trusts (REITs)
    MARKET CAP Mid
    ×
    • 1.7%
      Pool Corp.
    • Markets and distributes swimming pool supplies and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Distributors
    MARKET CAP Mid
    ×
    • 1.7%
      AutoDesk, Inc.
    • Designs and develops multimedia software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 1.6%
      Restaurant Brands Intl, Inc.
    • Operates and franchises restaurants
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Large
    ×
    • 1.6%
      Fiserv, Inc.
    • Provides data processing services and software system development for the financial services sector
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Large
    ×
    • 1.6%
      Vail Resorts, Inc.
    • Owns and operates resorts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Mid
    ×
    • 1.6%
      Equinix, Inc.
    • Provides global data center
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    INDUSTRY Equity Real Estate Investment Trusts (REITs)
    MARKET CAP Large
    ×
    • 1.6%
      TransUnion
    • Provides information and risk management solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    MARKET CAP Mid
    ×
    • 1.5%
      Albemarle Corp.
    • Manufactures and markets specialty polymers, chemicals and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Mid
    ×
    • 1.5%
      Mettler Toledo
    • Manufactures and supplies precision instruments
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Mid
    ×
    • 1.4%
      Cooper Companies, Inc.
    • Manufactures and markets medical devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.4%
      Red Hat, Inc.
    • Provides open software source solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 1.4%
      Hilton Worldwide Holdings Inc.
    • Operates as a holding company, which provides hospitality services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Mid
    ×
    • 1.4%
      IDEXX Laboratories Inc.
    • Manufactures animal health products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.4%
      XPO Logistics Inc.
    • Provides logistics and other transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 1.3%
      Nordson Corp.
    • Engineers, manufactures and markets products and systems used for dispensing and processing of adhesives
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Mid
    ×
    • 1.3%
      Agilent Tech
    • Designs, manufactures and markets measurement and monitoring instruments
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Mid
    ×
    • 1.3%
      Mohawk Industries Inc.
    • Engages in producing floor covering products for residential and commercial
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Household Durables
    MARKET CAP Mid

    Management

    Ronald Zibelli Jr., CFA

    Managed Fund since 11/08

    Justin Livengood, CFA

    Managed Fund since 4/14

    Investment Approach

    The portfolio managers invest in high quality, high growth companies that they believe can outperform over time. Stock selection is balanced with an emphasis on risk management through diversification, continuous monitoring and consistent sell discipline.

    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: 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. Investments in securities of growth companies may be 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. Diversification does not guarantee profit or protect against loss.
    2. 2. 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.
    3. 3. Access index definitions.
    4. 4. 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.
    5. 5. 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.
    6. A. "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.
    7. B. 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.
    8. 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.
    9. D. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    10. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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