U.S. Flag United States
Individual Investor
×

Global Equity

The Strategy invests in a mix of undervalued U.S. and foreign stocks.
Cumulative Total Returns

as of 4/30/17

Since Inception 10/1/07
63%
Performance & Distributions
×

Global Equity

Gross Expense Ratio:
      1.31%
    Net Expense Ratio:   1.31%

    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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Global Value Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 5/26/17
      2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • B
    Global Value Fund -47.04 73.81 25.57 -7.94 19.55 42.58 -4.80 -0.65 -0.82 14.82
    MSCI AC World -42.19 34.63 12.67 -7.35 16.13 22.80 4.16 -2.36 7.86
    Capital Gains Distributions ($ per share)
    Data as of 5/28/17
      2012 2013 2014 2015 2016
    Short Term 0.2156
    Long Term 0.53
    Total Amount of Distribution 0.7455
    Record Date 12/3/14
    Ex Div Date 12/4/14
    Pay Date 12/4/14

    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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 4/30/17

    as of 3/31/17

    • A
    YTD (as of 5/26/17)
    • B
    14.82%
    1 Year 16.51%
    3 Year 3.47%
    5 Year 9.80%
    Since Inception 5.30%
    YTD (as of 5/26/17)
    • B
    14.82%
    1 Year 9.81%
    3 Year 1.45%
    5 Year 8.51%
    Since Inception 4.65%
    YTD (as of 5/26/17)
    • B
    14.82%
    1 Year 12.55%
    3 Year 1.20%
    5 Year 8.50%
    Since Inception 4.99%
    YTD (as of 5/26/17)
    • B
    14.82%
    1 Year 6.08%
    3 Year -0.78%
    5 Year 7.22%
    Since Inception 4.34%
    Gross Expense Ratio
    1.31%
    NAV
    • C
    as of 5/26/17
    $47.09

    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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    04/30/17

    Citigroup, Inc.
    4.8%
    Abbott Laboratories
    4.8%
    Alphabet, Inc.
    4.4%
    Investment AB Kinnevik
    4.3%
    IHS Markit Ltd.
    3.9%
    Alibaba Group Holding Ltd.
    3.8%
    Bristol-Myers Squibb Co.
    3.8%
    Baidu, Inc.
    3.8%
    Royal Bank Of Scotland Group ...
    3.5%
    MasterCard, Inc.
    3.4%
    S&P Global, Inc.
    3.3%
    Oracle Corp.
    3.2%
    American International Group
    3.2%
    MBIA, Inc.
    3.1%
    LKQ Corp.
    2.7%
    Genmab A/S
    2.7%
    Endo Pharmaceuticals Hldg
    2.7%
    Interactive Brokers Group, In...
    2.7%
    Monsanto Co.
    2.6%
    Iliad SA
    2.5%
    ×
    • 4.8%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 4.8%
      Abbott Laboratories
    • Engages in the discovery, development, manufacture and sale of health care products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Large
    ×
    • 4.4%
      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
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 4.3%
      Investment AB Kinnevik
    • Invests in consumer centric businesses that provide innovative and value-added technology-enabled services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Sweden
    EQUITY SECTOR Financials
    INDUSTRY Diversified Financial Services
    MARKET CAP Mid
    ×
    • 3.9%
      IHS Markit Ltd.
    • Provides investment advisory services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    MARKET CAP Mid
    ×
    • 3.8%
      Alibaba Group Holding Ltd.
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 3.8%
      Bristol-Myers Squibb Co.
    • Manufactures pharmaceuticals products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 3.8%
      Baidu, Inc.
    • Operates an Internet search engine
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 3.5%
      Royal Bank Of Scotland Group plc
    • Operates as an international banking and financial services company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 3.4%
      MasterCard, Inc.
    • Provides credit card services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Large
    ×
    • 3.3%
      S&P Global, Inc.
    • Provides credity reporting, investment research and analytics services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 3.2%
      Oracle Corp.
    • Designs, develops, markets, and supports a diversified line of business software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 3.2%
      American International Group
    • Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 3.1%
      MBIA, Inc.
    • Provides financial guarantees as well as investment management products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Small
    ×
    • 2.7%
      LKQ Corp.
    • Provides recycled and remanufactured mechanical parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Distributors
    MARKET CAP Mid
    ×
    • 2.7%
      Genmab A/S
    • Develops human antibody therapeutics for the treatment of cancer
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Denmark
    EQUITY SECTOR Health Care
    INDUSTRY Biotechnology
    MARKET CAP Large
    ×
    • 2.7%
      Endo Pharmaceuticals Hldg
    • Develops, manufactures, markets and distributes pharmaceutical and generic products and medical devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Small
    ×
    • 2.7%
      Interactive Brokers Group, Inc.
    • Operates as a holding company through its subsidiaries provides brokerage and investment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 2.6%
      Monsanto Co.
    • Engages in the distribution of agricultural products to farmers
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Large
    ×
    • 2.5%
      Iliad SA
    • Provides internet access and telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    MARKET CAP Large
    Holdings Breakdown

    as of 04/30/17

    66.7%

    United States

    7.6%

    China

    5.8%

    France

    4.6%

    United Kingdom

    4.3%

    Denmark

    4.3%

    Sweden

    2.8%

    Germany

    No Issuer Equity
    in
    Germany
    1.7%

    Japan

    No Issuer Equity
    in
    Japan
    1.5%

    Switzerland

    No Issuer Equity
    in
    Switzerland
    0.9%

    South Africa

    No Issuer Equity
    in
    South Africa
    Developed Markets 4
    Emerging Markets 4
    66.7%

    Americas

    No Issuer Equity
    in
    Americas
    23.3%

    Europe

    No Issuer Equity
    in
    Europe
    1.7%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    7.6%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.9%

    Africa

    No Issuer Equity
    in
    Africa
    26.6%

    Financials

    22.7%

    Health Care

    20.9%

    Information Technology

    17.4%

    Consumer Discretionary

    5.1%

    Industrials

    4.1%

    Materials

    3.4%

    Telecommunication Services

    14.3%

    Internet Software & Services

    10.6%

    Media

    No Issuer Equity
    in
    Media
    9.4%

    Banks

    7.0%

    Biotechnology

    6.6%

    Capital Markets

    6.5%

    Pharmaceuticals

    6.3%

    Health Care Equipment & Supplies

    6.3%

    Insurance

    4.3%

    Professional Services

    4.3%

    Diversified Financial Services

    4.1%

    Chemicals

    3.4%

    IT Services

    3.2%

    Software

    3.1%

    Internet & Direct Marketing Retail

    No Issuer Equity
    in
    Internet & Direct Marketing Retail
    2.7%

    Distributors

    2.5%

    Diversified Telecommunication Services

    2.0%

    Life Sciences Tools & Services

    No Issuer Equity
    in
    Life Sciences Tools & Services
    1.0%

    Textiles Apparel & Luxury Goods

    No Issuer Equity
    in
    Textiles Apparel & Luxury Goods
    0.9%

    Health Care Technology

    No Issuer Equity
    in
    Health Care Technology
    0.9%

    Wireless Telecommunication Services

    No Issuer Equity
    in
    Wireless Telecommunication Services
    100.1%

    64.1%

    Large

    23.2%

    Mid

    12.8%

    Small

    Risk Measurements

    as of 04/30/17

    Alpha -2.89%
    Beta 1.31
    R-Squared
    86.74
    Sharpe Ratio
    0.29
    Standard Deviation
    15.16%
    Sortino Ratio
    0.12
    Information Ratio
    -0.28
    Equity Style
    • D
    Total Assets (all classes)
    as of 4/30/17
    $531.4 MM
    Portfolio Statistics

    as of 4/30/17

    Avg Market Cap (weighted) 88.3 BN
    Median Market Cap (weighted) 34.6 BN
    P/E (next 12 months) 22.20
    P/E Operating (LTM) 38.85
    Price/Book Value (LTM) 2.23
    Turnover Ratio
    89.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • E
    Est Frequency Annual
    Last Pay Date 12/4/14
    Per Share ($) 0.0000
    Top Issuers

    04/30/17

    Citigroup, Inc....
    4.8%
    Abbott Laborato...
    4.8%
    Alphabet, Inc.
    4.4%
    Investment AB K...
    4.3%
    IHS Markit Ltd....
    3.9%
    Alibaba Group H...
    3.8%
    Bristol-Myers S...
    3.8%
    Baidu, Inc.
    3.8%
    Royal Bank Of S...
    3.5%
    MasterCard, Inc...
    3.4%
    S&P Global, Inc...
    3.3%
    Oracle Corp.
    3.2%
    American Intern...
    3.2%
    MBIA, Inc.
    3.1%
    LKQ Corp.
    2.7%
    Genmab A/S
    2.7%
    Endo Pharmaceut...
    2.7%
    Interactive Bro...
    2.7%
    Monsanto Co.
    2.6%
    Iliad SA
    2.5%
    Holdings Breakdown

    as of 4/30/17

    Reset
    66.7%

    United States

    7.6%

    China

    5.8%

    France

    4.6%

    United Kingdom

    4.3%

    Denmark

    4.3%

    Sweden

    2.8%

    Germany

    No Issuer Equity
    in
    Germany
    1.7%

    Japan

    No Issuer Equity
    in
    Japan
    1.5%

    Switzerland

    No Issuer Equity
    in
    Switzerland
    0.9%

    South Africa

    No Issuer Equity
    in
    South Africa
    66.7%

    Americas

    No Issuer Equity
    in
    Americas
    23.3%

    Europe

    No Issuer Equity
    in
    Europe
    1.7%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    7.6%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.9%

    Africa

    No Issuer Equity
    in
    Africa
    26.6%

    Financials

    22.7%

    Health Care

    20.9%

    Information Technology

    17.4%

    Consumer Discretionary

    5.1%

    Industrials

    4.1%

    Materials

    3.4%

    Telecommunication Services

    14.3%

    Internet Software & Services

    10.6%

    Media

    No Issuer Equity
    in
    Media
    9.4%

    Banks

    7.0%

    Biotechnology

    6.6%

    Capital Markets

    6.5%

    Pharmaceuticals

    6.3%

    Health Care Equipment & Supplies

    6.3%

    Insurance

    4.3%

    Professional Services

    4.3%

    Diversified Financial Services

    4.1%

    Chemicals

    3.4%

    IT Services

    3.2%

    Software

    3.1%

    Internet & Direct Marketing Retail

    No Issuer Equity
    in
    Internet & Direct Marketing Retail
    2.7%

    Distributors

    2.5%

    Diversified Telecommunication Services

    2.0%

    Life Sciences Tools & Services

    No Issuer Equity
    in
    Life Sciences Tools & Services
    1.0%

    Textiles Apparel & Luxury Goods

    No Issuer Equity
    in
    Textiles Apparel & Luxury Goods
    0.9%

    Health Care Technology

    No Issuer Equity
    in
    Health Care Technology
    0.9%

    Wireless Telecommunication Services

    No Issuer Equity
    in
    Wireless Telecommunication Services
    100.1%

    64.1%

    Large

    23.2%

    Mid

    12.8%

    Small

    ×
    • 4.8%
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 4.8%
      Abbott Laboratories
    • Engages in the discovery, development, manufacture and sale of health care products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Large
    ×
    • 4.4%
      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
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 4.3%
      Investment AB Kinnevik
    • Invests in consumer centric businesses that provide innovative and value-added technology-enabled services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Sweden
    EQUITY SECTOR Financials
    INDUSTRY Diversified Financial Services
    MARKET CAP Mid
    ×
    • 3.9%
      IHS Markit Ltd.
    • Provides investment advisory services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    MARKET CAP Mid
    ×
    • 3.8%
      Alibaba Group Holding Ltd.
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 3.8%
      Bristol-Myers Squibb Co.
    • Manufactures pharmaceuticals products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 3.8%
      Baidu, Inc.
    • Operates an Internet search engine
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 3.5%
      Royal Bank Of Scotland Group plc
    • Operates as an international banking and financial services company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 3.4%
      MasterCard, Inc.
    • Provides credit card services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Large
    ×
    • 3.3%
      S&P Global, Inc.
    • Provides credity reporting, investment research and analytics services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 3.2%
      Oracle Corp.
    • Designs, develops, markets, and supports a diversified line of business software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 3.2%
      American International Group
    • Operates as a global insurance company, which provides property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 3.1%
      MBIA, Inc.
    • Provides financial guarantees as well as investment management products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Small
    ×
    • 2.7%
      LKQ Corp.
    • Provides recycled and remanufactured mechanical parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Distributors
    MARKET CAP Mid
    ×
    • 2.7%
      Genmab A/S
    • Develops human antibody therapeutics for the treatment of cancer
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Denmark
    EQUITY SECTOR Health Care
    INDUSTRY Biotechnology
    MARKET CAP Large
    ×
    • 2.7%
      Endo Pharmaceuticals Hldg
    • Develops, manufactures, markets and distributes pharmaceutical and generic products and medical devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Small
    ×
    • 2.7%
      Interactive Brokers Group, Inc.
    • Operates as a holding company through its subsidiaries provides brokerage and investment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 2.6%
      Monsanto Co.
    • Engages in the distribution of agricultural products to farmers
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Large
    ×
    • 2.5%
      Iliad SA
    • Provides internet access and telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    MARKET CAP Large

    Management

    Randall Dishmon

    Managed Fund since 10/07

    Investment Approach

    We use tailwinds, investable ideas and periodic screens to source investment candidates that may have enduring and defensible characteristics. We seek absolute value by looking for a substantial gap between the value of the business and the market price. The result is a high-conviction portfolio of attractively priced stocks with asymmetric return profiles.

    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. Eurozone investments may be subject to volatility and liquidity issues. Value investing involves the risk that undervalued securities may not appreciate as anticipated. 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. 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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    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. 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.
    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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