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Individual Investor
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Domestic Debt

The Strategy typically invests in short-term investment-grade debt securities.
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Cumulative Total Returns

as of 9/30/17

Since Inception 4/25/11
5%
Performance & Distributions
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Domestic Debt

Gross Expense Ratio:
      0.39%
    Net Expense Ratio:   0.25%

    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

    Ultra-Short Duration Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 10/23/17
      2011 2012 2013 2014 2015 2016 YTD
    • C
    Ultra-Short Duration Fund 0.96 0.40 0.23 0.49 1.26 1.08
    Merrill Lynch T-Bill 0.11 0.07 0.03 0.05 0.33
    Capital Gains Distributions ($ per share)
    Data as of 10/23/17
      2012 2013 2014 2015 2016
    Short Term 0.0100 0.0048
    Long Term 0.0002
    Total Amount of Distribution 0.01 0.005
    Record Date 9/28/12 12/31/14
    Ex Div Date 9/28/12 12/31/14
    Pay Date 9/28/12 12/31/14

    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 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 9/30/17

    as of 9/30/17

    • A
    YTD (as of 10/23/17)
    • C
    1.08%
    1 Year 1.27%
    3 Year 0.91%
    5 Year 0.70%
    Since Inception 0.72%
    YTD (as of 10/23/17)
    • C
    1.08%
    1 Year 1.27%
    3 Year 0.91%
    5 Year 0.70%
    Since Inception 0.72%
    YTD (as of 10/23/17)
    • C
    1.08%
    1 Year 1.27%
    3 Year 0.91%
    5 Year 0.70%
    Since Inception 0.72%
    YTD (as of 10/23/17)
    • C
    1.08%
    1 Year 1.27%
    3 Year 0.91%
    5 Year 0.70%
    Since Inception 0.72%
    Gross Expense Ratio
    0.39%
    Net Expense Ratio
    0.25%
    NAV
    • D
    as of 10/23/17
    $5.01
    Yields

    monthly as of 9/30/17

    Standardized SEC Yield 1.37%
    Dividend Yield
    with sales charge
    N/A
    Dividend Yield
    w/o sales charge
    1.41%

    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 Asset Allocations

    09/30/17

    Corporate Bonds
    48.6%
    Commercial Paper
    48.2%
    Net Cash and Equivalents
    46.0%
    ABS
    3.0%
    US Govt Agency
    0.2%
    ×
    • 48.6%
      Corporate Bonds
    COUNTRY Australia, Canada, Denmark, France, Germany, Japan, Netherlands, Norway, Sweden, Switzerland, United Kingdom, United States
    CREDIT RATING ALLOCATION AA, A, BBB
    ×
    • 48.2%
      Commercial Paper
    COUNTRY Canada, France, Germany, Italy, Japan, Netherlands, Sweden, United Kingdom, United States
    CREDIT RATING ALLOCATION AA, A, BBB, Unrated
    ×
    • 46.0%
      Net Cash and Equivalents
    ×
    • 3.0%
      ABS
    COUNTRY United States
    CREDIT RATING ALLOCATION AAA
    ×
    • 0.2%
      US Govt Agency
    COUNTRY United States
    CREDIT RATING ALLOCATION Agency
    Holdings Breakdown

    as of 09/30/17

    61.1%

    United States

    10.5%

    Canada

    6.8%

    Japan

    4.8%

    United Kingdom

    3.4%

    Sweden

    3.0%

    Netherlands

    2.5%

    France

    2.0%

    Germany

    1.8%

    Italy

    1.6%

    Switzerland

    1.2%

    Australia

    0.7%

    Norway

    0.5%

    Denmark

    71.6%

    Americas

    No Asset Allocation
    in
    Americas
    20.4%

    Europe

    No Asset Allocation
    in
    Europe
    8.0%

    Asia Pacific

    No Asset Allocation
    in
    Asia Pacific
    36.2%

    33.9%

    13.8%

    12.9%

    3.0%

    0.2%

    Risk Measurements

    as of 09/30/17

    Alpha 0.57%
    Beta 0.04
    Information Ratio
    2.44
    R-Squared
    0.01
    Sharpe Ratio
    2.39
    Standard Deviation
    0.25%
    Sortino Ratio
    1.82
    Equity Style
    Total Assets (all classes)
    as of 9/30/17
    $951.8 MM
    Portfolio Statistics

    as of 9/30/17

    Duration (yrs)
    0.4
    Investment Minimums
    Initial $250,000
    Dividends ($ per share)
    • B
    Est Frequency Monthly
    Last Pay Date 9/29/17
    Per Share ($) 0.0058
    12-Month Distribution ($) 0.0630
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Asset Allocations

    09/30/17

    Corporate Bonds...
    48.6%
    Commercial Pape...
    48.2%
    Net Cash and Eq...
    46.0%
    ABS
    3.0%
    US Govt Agency
    0.2%
    Holdings Breakdown

    as of 09/30/17

    Reset
    61.1%

    United States

    10.5%

    Canada

    6.8%

    Japan

    4.8%

    United Kingdom

    3.4%

    Sweden

    3.0%

    Netherlands

    2.5%

    France

    2.0%

    Germany

    1.8%

    Italy

    1.6%

    Switzerland

    1.2%

    Australia

    0.7%

    Norway

    0.5%

    Denmark

    71.6%

    Americas

    No Asset Allocation
    in
    Americas
    20.4%

    Europe

    No Asset Allocation
    in
    Europe
    8.0%

    Asia Pacific

    No Asset Allocation
    in
    Asia Pacific
    36.2%

    33.9%

    13.8%

    12.9%

    3.0%

    0.2%

    ×
    • 48.6%
      Corporate Bonds
    COUNTRY Australia, Canada, Denmark, France, Germany, Japan, Netherlands, Norway, Sweden, Switzerland, United Kingdom, United States
    CREDIT RATING ALLOCATION AA, A, BBB
    ×
    • 48.2%
      Commercial Paper
    COUNTRY Canada, France, Germany, Italy, Japan, Netherlands, Sweden, United Kingdom, United States
    CREDIT RATING ALLOCATION AA, A, BBB, Unrated
    ×
    • 46.0%
      Net Cash and Equivalents
    ×
    • 3.0%
      ABS
    COUNTRY United States
    CREDIT RATING ALLOCATION AAA
    ×
    • 0.2%
      US Govt Agency
    COUNTRY United States
    CREDIT RATING ALLOCATION Agency

    Management

    Christopher Proctor, CFA

    Managed Fund since 4/11

    Adam S. Wilde, CFA

    Managed Fund since 7/13

    Investment Approach

    The portfolio managers invest in a variety of investment-grade short term debt and money market instruments with a duration of typically one year or less. The team also employs extensive credit research based on credit time seniority and liquidity when constructing the portfolio.

    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 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. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Asset-backed securities are subject to prepayment risk. The Fund may invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. 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. 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.
    4. 4. Access index definitions.
    5. 5. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    6. 6. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    7. 7. On August 7, 2015, the Fund underwent a two for one share split, which resulted in twice as many shares of the Fund outstanding and a lower share price. The Standardized yield figure reflects the average number of shares for the period adjusted for the share split, which is a more accurate reflection of the standardized yield for the Fund. Without such adjustments, the standardized yields for Class Y and I would have been 072% and 0.71%, respectively.
    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. Currently, Class Y shares of the Fund are being offered to institutional investors with a minimum initial investment of $250,000.
    10. 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.
    11. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    12. C. "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.
    13. D. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
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