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Alternative

Alternative multi-strategy investing long and short across multiple asset types, seeking to deliver high risk adjusted returns with low volatility.
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Fundamental Alternatives Fund

QOPYX

Alternative multi-strategy investing long and short across multiple asset types, seeking to deliver high risk adjusted returns with low volatility.

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Cumulative Total Returns

as of 7/31/17

Since Inception 12/16/96
159%
Performance & Distributions
×

Alternative

Gross Expense Ratio:
      1.87%
    Net Expense Ratio:   1.83%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Fundamental Alternatives Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 8/18/17
      1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • B
    Fundamental Alternatives Fund 20.67 8.19 9.73 10.25 -4.26 -17.33 22.15 9.62 2.04 11.41 12.46 -20.12 16.57 8.23 -6.03 4.17 9.22 4.77 2.20 1.51 1.38
    HFRX Global Hedge Fund Index 2.69 2.72 9.26 4.23 -23.25 13.40 5.19 -8.87 3.57 6.72 -0.58 -3.64 2.50

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 7/31/17

    as of 6/30/17

    • A
    YTD (as of 8/18/17)
    • B
    1.38%
    1 Year 2.05%
    3 Year 2.11%
    5 Year 4.09%
    10 Year 2.20%
    Since Inception 4.73%
    YTD (as of 8/18/17)
    • B
    1.38%
    1 Year 2.05%
    3 Year 2.11%
    5 Year 4.09%
    10 Year 2.20%
    Since Inception 4.73%
    YTD (as of 8/18/17)
    • B
    1.38%
    1 Year 2.19%
    3 Year 2.10%
    5 Year 4.35%
    10 Year 2.31%
    Since Inception 4.78%
    YTD (as of 8/18/17)
    • B
    1.38%
    1 Year 2.19%
    3 Year 2.10%
    5 Year 4.35%
    10 Year 2.31%
    Since Inception 4.78%
    Gross Expense Ratio
    1.87%
    Net Expense Ratio
    1.83%
    Adjusted Net Expense Ratio
    1.15%
    NAV
    • C
    as of 8/18/17
    $27.86

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Holdings

    07/31/17

    Citi PB Collateral Cash
    18.3%
    JP Morgan PB Collateral Cash
    9.1%
    Standard and Poor's 500 Index...
    7.3%
    Euro-Bund Future, 2017-09-
    4.7%
    Barclays Bank plc, IG28 Index...
    4.1%
    SPDR Gold Shares
    3.1%
    Alphabet, Inc.
    2.4%
    Chubb Ltd.
    2.3%
    Apple, Inc.
    2.3%
    Oppenheimer Institutional Gov...
    2.3%
    Lukoil Intl Finance BV
    2.2%
    Allstate Corp. (The)
    1.9%
    M&T Bank Corp.
    1.9%
    UnitedHealth Group, Inc.
    1.8%
    Lockheed Martin Corp.
    1.6%
    Xilinx, Inc.
    1.5%
    Altria Group, Inc.
    1.5%
    Citigroup, Inc.,VAR% Unsec. S...
    1.4%
    Currency Contract EUR/USD 9/1...
    1.4%
    Philip Morris International, ...
    1.4%
    ×
    • 18.3%
      Citi PB Collateral Cash
    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 9.1%
      JP Morgan PB Collateral Cash
    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 7.3%
      Standard and Poor's 500 Index Call, 10/20/17, $2,500
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Broad Market
    STRATEGY Long and Short Equity
    ×
    • 4.7%
      Euro-Bund Future, 2017-09-
    ASSET ALLOCATION Other
    COUNTRY Germany
    CREDIT RATING ALLOCATION Other
    STRATEGY Long and Short Macro
    ×
    • 4.1%
      Barclays Bank plc, IG28 Index, Credit Default Swap
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    FIXED INCOME SECTOR Corporates
    STRATEGY Long and Short Credit
    ×
    • 3.1%
      SPDR Gold Shares
    • Exists as exchange Traded Fund
      Source: FactSet
    ASSET ALLOCATION Commodity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    MARKET CAP Large
    STRATEGY Long and Short Macro
    ×
    • 2.4%
      Alphabet, Inc.
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Information Technology
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 2.3%
      Chubb Ltd.
    • Operates as a holding company for a family of property and casualty insurance companies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Financials
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 2.3%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Information Technology
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 2.3%
      Oppenheimer Institutional Government Money Market Fund Cl. E
    COUNTRY United States
    CREDIT RATING ALLOCATION AAA
    ×
    • 2.2%
      Lukoil Intl Finance BV
    ASSET ALLOCATION Fixed Income
    COUNTRY Russia
    CREDIT RATING ALLOCATION BBB
    FIXED INCOME SECTOR Corporates
    STRATEGY Long and Short Credit
    ×
    • 1.9%
      Allstate Corp. (The)
    • Engages in the provision of personal property and casualty insurance, life insurance, and retirement and investment products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Financials
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.9%
      M&T Bank Corp.
    • Operates as a bank holding company, which through its subsidiaries engages in the provision of banking and financial solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION BBB, Other
    EQUITY SECTOR Financials
    MARKET CAP Large
    STRATEGY Long and Short Credit, Long and Short Equity
    ×
    • 1.8%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Health Care
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.6%
      Lockheed Martin Corp.
    • Manufactures components and systems for aerospace and defense use
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Industrials
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.5%
      Xilinx, Inc.
    • Develops and markets programmable logic solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Information Technology
    MARKET CAP Mid
    STRATEGY Long and Short Equity
    ×
    • 1.5%
      Altria Group, Inc.
    • Operates as a holding company which produces and markets tobacco products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.4%
      Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    CREDIT RATING ALLOCATION BB
    FIXED INCOME SECTOR Corporates
    STRATEGY Long and Short Credit
    ×
    • 1.4%
      Currency Contract EUR/USD 9/12/17 L
    ASSET ALLOCATION Other
    CREDIT RATING ALLOCATION Other
    STRATEGY Long and Short Equity, Long and Short Macro
    ×
    • 1.4%
      Philip Morris International, Inc.
    • Manufactures cigarettes and other tobacco products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    MARKET CAP Large
    STRATEGY Long and Short Equity
    Holdings Breakdown

    as of 07/31/17

    34.2%

    24.8%

    -8.8%

    98.7%

    United States

    3.6%

    Germany

    2.2%

    Russia

    1.8%

    Canada

    No Holding
    in
    Canada
    0.9%

    Switzerland

    No Holding
    in
    Switzerland
    0.8%

    United Kingdom

    No Holding
    in
    United Kingdom
    0.3%

    Sweden

    No Holding
    in
    Sweden
    0.2%

    Luxembourg

    No Holding
    in
    Luxembourg
    -0.1%

    Norway

    No Holding
    in
    Norway
    -0.1%

    Netherlands

    No Holding
    in
    Netherlands
    -0.1%

    China (Offshore)

    No Holding
    in
    China (Offshore)
    Developed Markets 8
    Emerging Markets 8
    100.5%

    Americas

    No Holding
    in
    Americas
    -3.9%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    -4.3%

    Europe

    No Holding
    in
    Europe
    2.2%

    Europe

    No Holding
    in
    Europe
    -0.7%

    Americas

    No Holding
    in
    Americas
    -5.9%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    Sector Equity 8 9
    Sector Fixed Income 8 9
    7.7%

    Financials

    7.3%

    Broad Market

    7.2%

    Health Care

    5.9%

    Industrials

    3.3%

    Information Technology

    3.3%

    Energy

    No Holding
    in
    Energy
    2.6%

    Telecommunication Services

    No Holding
    in
    Telecommunication Services
    2.0%

    Utilities

    No Holding
    in
    Utilities
    1.3%

    Materials

    No Holding
    in
    Materials
    0.6%

    Consumer Discretionary

    No Holding
    in
    Consumer Discretionary
    -6.2%

    Real Estate

    No Holding
    in
    Real Estate
    18.7%

    Corporates

    4.9%

    Non Agencies MBS

    No Holding
    in
    Non Agencies MBS
    4.9%

    ABS

    No Holding
    in
    ABS
    -1.6%

    Treasuries

    No Holding
    in
    Treasuries
    -3.0%

    Sovereign

    No Holding
    in
    Sovereign
    28.8%

    20.4%

    13.5%

    9.5%

    5.2%

    No Holding
    in
    B
    4.7%

    No Holding
    in
    A
    2.7%

    No Holding
    in
    AA
    2.3%

    0.9%

    No Holding
    in
    CCC
    35.0%

    24.0%

    3.1%

    -8.7%

    36.4%

    Large

    -0.1%

    Mid

    -4.1%

    Small

    No Holding
    in
    Small
    Risk Measurements

    as of 07/31/17

    Alpha 1.84%
    Beta 0.39
    R-Squared
    21.61
    Sharpe Ratio
    0.60
    Standard Deviation
    3.08%
    Sortino Ratio
    0.34
    Information Ratio
    0.52
    Equity Style
    • D
    Total Assets (all classes)
    as of 7/31/17
    $1.3 BN
    Portfolio Statistics

    as of 7/31/17

    P/E (next 12 months) 16.13
    P/E Operating (LTM) 21.03
    Price/Book Value (LTM) 3.16
    Turnover Ratio
    131.00%
    Dividends ($ per share)
    • E
    Est Frequency Annual
    Last Pay Date 12/28/16
    Per Share ($) 0.0642
    12-Month Distribution ($) 0.1504
    Distribution Sources
    Net Income 39.40%
    Net Profit from Sale 0.00%
    Other Capital Sources 60.60%
    Top Holdings

    07/31/17

    Citi PB Collate...
    18.3%
    JP Morgan PB Co...
    9.1%
    Standard and Po...
    7.3%
    Euro-Bund Futur...
    4.7%
    Barclays Bank p...
    4.1%
    SPDR Gold Share...
    3.1%
    Alphabet, Inc.
    2.4%
    Chubb Ltd.
    2.3%
    Apple, Inc.
    2.3%
    Oppenheimer Ins...
    2.3%
    Lukoil Intl Fin...
    2.2%
    Allstate Corp. ...
    1.9%
    M&T Bank Corp.
    1.9%
    UnitedHealth Gr...
    1.8%
    Lockheed Martin...
    1.6%
    Xilinx, Inc.
    1.5%
    Altria Group, I...
    1.5%
    Citigroup, Inc....
    1.4%
    Currency Contra...
    1.4%
    Philip Morris I...
    1.4%
    Holdings Breakdown

    as of 07/31/17

    Reset
    34.2%

    24.8%

    -8.8%

    98.7%

    United States

    3.6%

    Germany

    2.2%

    Russia

    1.8%

    Canada

    No Holding
    in
    Canada
    0.9%

    Switzerland

    No Holding
    in
    Switzerland
    0.8%

    United Kingdom

    No Holding
    in
    United Kingdom
    0.3%

    Sweden

    No Holding
    in
    Sweden
    0.2%

    Luxembourg

    No Holding
    in
    Luxembourg
    -0.1%

    Norway

    No Holding
    in
    Norway
    -0.1%

    Netherlands

    No Holding
    in
    Netherlands
    -0.1%

    China (Offshore)

    No Holding
    in
    China (Offshore)
    100.5%

    Americas

    No Holding
    in
    Americas
    -3.9%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    -4.3%

    Europe

    No Holding
    in
    Europe
    2.2%

    Europe

    No Holding
    in
    Europe
    -0.7%

    Americas

    No Holding
    in
    Americas
    -5.9%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    7.7%

    Financials

    7.3%

    Broad Market

    7.2%

    Health Care

    5.9%

    Industrials

    3.3%

    Information Technology

    3.3%

    Energy

    No Holding
    in
    Energy
    2.6%

    Telecommunication Services

    No Holding
    in
    Telecommunication Services
    2.0%

    Utilities

    No Holding
    in
    Utilities
    1.3%

    Materials

    No Holding
    in
    Materials
    0.6%

    Consumer Discretionary

    No Holding
    in
    Consumer Discretionary
    -6.2%

    Real Estate

    No Holding
    in
    Real Estate
    18.7%

    Corporates

    4.9%

    Non Agencies MBS

    No Holding
    in
    Non Agencies MBS
    4.9%

    ABS

    No Holding
    in
    ABS
    -1.6%

    Treasuries

    No Holding
    in
    Treasuries
    -3.0%

    Sovereign

    No Holding
    in
    Sovereign
    28.8%

    20.4%

    13.5%

    9.5%

    5.2%

    No Holding
    in
    B
    4.7%

    No Holding
    in
    A
    2.7%

    No Holding
    in
    AA
    2.3%

    0.9%

    No Holding
    in
    CCC
    35.0%

    24.0%

    3.1%

    -8.7%

    36.4%

    Large

    -0.1%

    Mid

    -4.1%

    Small

    No Holding
    in
    Small
    ×
    • 18.3%
      Citi PB Collateral Cash
    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 9.1%
      JP Morgan PB Collateral Cash
    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 7.3%
      Standard and Poor's 500 Index Call, 10/20/17, $2,500
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Broad Market
    STRATEGY Long and Short Equity
    ×
    • 4.7%
      Euro-Bund Future, 2017-09-
    ASSET ALLOCATION Other
    COUNTRY Germany
    CREDIT RATING ALLOCATION Other
    STRATEGY Long and Short Macro
    ×
    • 4.1%
      Barclays Bank plc, IG28 Index, Credit Default Swap
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    FIXED INCOME SECTOR Corporates
    STRATEGY Long and Short Credit
    ×
    • 3.1%
      SPDR Gold Shares
    • Exists as exchange Traded Fund
      Source: FactSet
    ASSET ALLOCATION Commodity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    MARKET CAP Large
    STRATEGY Long and Short Macro
    ×
    • 2.4%
      Alphabet, Inc.
    • Operates as a holding company with interests in software, health care, transportation and other technologies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Information Technology
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 2.3%
      Chubb Ltd.
    • Operates as a holding company for a family of property and casualty insurance companies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Financials
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 2.3%
      Apple, Inc.
    • Designs, manufactures, and markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Information Technology
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 2.3%
      Oppenheimer Institutional Government Money Market Fund Cl. E
    COUNTRY United States
    CREDIT RATING ALLOCATION AAA
    ×
    • 2.2%
      Lukoil Intl Finance BV
    ASSET ALLOCATION Fixed Income
    COUNTRY Russia
    CREDIT RATING ALLOCATION BBB
    FIXED INCOME SECTOR Corporates
    STRATEGY Long and Short Credit
    ×
    • 1.9%
      Allstate Corp. (The)
    • Engages in the provision of personal property and casualty insurance, life insurance, and retirement and investment products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Financials
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.9%
      M&T Bank Corp.
    • Operates as a bank holding company, which through its subsidiaries engages in the provision of banking and financial solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION BBB, Other
    EQUITY SECTOR Financials
    MARKET CAP Large
    STRATEGY Long and Short Credit, Long and Short Equity
    ×
    • 1.8%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Health Care
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.6%
      Lockheed Martin Corp.
    • Manufactures components and systems for aerospace and defense use
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Industrials
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.5%
      Xilinx, Inc.
    • Develops and markets programmable logic solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    EQUITY SECTOR Information Technology
    MARKET CAP Mid
    STRATEGY Long and Short Equity
    ×
    • 1.5%
      Altria Group, Inc.
    • Operates as a holding company which produces and markets tobacco products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    MARKET CAP Large
    STRATEGY Long and Short Equity
    ×
    • 1.4%
      Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Fixed Income
    COUNTRY United States
    CREDIT RATING ALLOCATION BB
    FIXED INCOME SECTOR Corporates
    STRATEGY Long and Short Credit
    ×
    • 1.4%
      Currency Contract EUR/USD 9/12/17 L
    ASSET ALLOCATION Other
    CREDIT RATING ALLOCATION Other
    STRATEGY Long and Short Equity, Long and Short Macro
    ×
    • 1.4%
      Philip Morris International, Inc.
    • Manufactures cigarettes and other tobacco products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    MARKET CAP Large
    STRATEGY Long and Short Equity

    Management

    Michelle Borré, CFA

    Managed Fund since 11/11

    Investment Approach

    The portfolio manager utilizes a long-term, fundamental investment approach to identify changing macro and micro economic drivers across multiple asset classes. The portfolio seeks strong risk-adjusted returns that are less driven by traditional stock and bond market factors by investing in multiple long and short strategies across a broad array of assets. The portfolio offers exposure to alternative strategies while providing the cost, liquidity and transparency benefits of a mutual fund.

    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. Effective 12/2/13, The Fund will limit the market value of its total short positions to not more than 40% of its net assets at the time a short sale is entered into.
    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. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Short selling may increase volatility and risk of loss and is considered a speculative investment practice. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
    3. 3. The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
    4. 4. 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.
    5. 5. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
    6. 6. Access index definitions.
    7. 7. The Adjusted Net Expense Ratio excludes dividend expenses and borrowing costs on securities sold short. They are reported in expense ratios as an estimated annualized calculation based on the prior year’s expenses at fiscal year-end, which totaled 0.68%. However, these expenses will vary throughout the year based on the securities held short at any given time. See the prospectus for details.
    8. 8. 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.
    9. 9. The Equity allocation in the Sector Allocation table is net of short positions.
    10. 10. If included in the credit rating breakdown table above, all securities except for those labeled "Treasury", "Agency," and "Unrated," have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories, which include AAA, AA, A and BBB. Please consult the Fund's Prospectus and Statement of Additional Information for further information.
    11. 11. 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.
    12. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    13. 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.
    14. 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.
    15. D. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    16. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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