U.S. Flag United States
Individual Investor
×

Domestic Equity

The Strategy typically invests primarily in large company value stocks.
Cumulative Total Returns

as of 4/30/17

Since Inception 9/16/85
1753%
Performance & Distributions
×

Domestic Equity

Gross Expense Ratio:
      0.97%
    Net Expense Ratio:   0.97%

    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

    Value Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 5/26/17
      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
    • B
    Value Fund 12.25 -0.29 14.32 34.86 -7.98 36.91 11.99 20.91 -0.65 36.40 18.38 24.00 8.54 -4.71 -1.54 2.98 -13.03 32.22 15.25 6.45 15.79 6.32 -41.69 33.65 14.70 -4.76 13.51 30.26 10.59 -3.81 12.40 5.39
    Russell 1000 Value 19.98 0.50 23.16 25.19 -8.08 24.55 13.58 18.07 -1.98 38.36 21.64 35.18 15.63 7.35 7.01 -5.59 -15.52 30.03 16.49 7.05 22.25 -0.17 -36.85 19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. 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
    5.39%
    1 Year 16.82%
    3 Year 6.78%
    5 Year 11.23%
    10 Year 4.30%
    Since Inception 9.67%
    YTD (as of 5/26/17)
    • B
    5.39%
    1 Year 10.10%
    3 Year 4.69%
    5 Year 9.92%
    10 Year 3.68%
    Since Inception 9.47%
    YTD (as of 5/26/17)
    • B
    5.39%
    1 Year 17.88%
    3 Year 6.83%
    5 Year 10.79%
    10 Year 4.79%
    Since Inception 9.69%
    YTD (as of 5/26/17)
    • B
    5.39%
    1 Year 11.10%
    3 Year 4.75%
    5 Year 9.49%
    10 Year 4.17%
    Since Inception 9.48%
    Gross Expense Ratio
    0.97%
    NAV
    • C
    as of 5/26/17
    $35.78

    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

    JPMorgan Chase & Co.
    5.0%
    Bank of America Corp.
    5.0%
    Edison International
    3.1%
    Chevron Corp.
    2.9%
    Suncor Energy, Inc.
    2.4%
    UnitedHealth Group, Inc.
    2.3%
    Comcast Corp.
    2.2%
    Eaton Corp. plc
    2.2%
    Tyco International plc
    2.0%
    Broadcom Ltd.
    1.8%
    MetroPCS Communications
    1.8%
    American International Group
    1.8%
    Lockheed Martin Corp.
    1.7%
    Apple, Inc.
    1.7%
    Pfizer, Inc.
    1.7%
    Microsoft Corp.
    1.6%
    Nasdaq, Inc.
    1.6%
    Procter & Gamble Co.
    1.6%
    Synopsys, Inc.
    1.5%
    Walgreens Boots Alliance, Inc...
    1.5%
    ×
    • 5.0%
      JPMorgan Chase & Co.
    • Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 5.0%
      Bank of America Corp.
    • Bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 3.1%
      Edison International
    • Supplies electricity and operates power facilities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    MARKET CAP Large
    ×
    • 2.9%
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.4%
      Suncor Energy, Inc.
    • Develops and upgrades oil sands
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.3%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    MARKET CAP Large
    ×
    • 2.2%
      Comcast Corp.
    • Provides entertainment, information and communications products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Media
    MARKET CAP Large
    ×
    • 2.2%
      Eaton Corp. plc
    • Designs, manufactures, markets and services electrical systems and components for power quality, distribution and control
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Electrical Equipment
    MARKET CAP Large
    ×
    • 2.0%
      Tyco International plc
    • Operates as a global diversified technology and industrial business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Building Products
    MARKET CAP Large
    ×
    • 1.8%
      Broadcom Ltd.
    • Designs, develops and supplies semiconductors for wired and wireless communications
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Large
    ×
    • 1.8%
      MetroPCS Communications
    • Provides wireless voice, messaging and data services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    MARKET CAP Large
    ×
    • 1.8%
      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
    ×
    • 1.7%
      Lockheed Martin Corp.
    • Manufactures components and systems for aerospace and defense use
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 1.7%
      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
    EQUITY SECTOR Information Technology
    INDUSTRY Technology Hardware Storage & Peripherals
    MARKET CAP Large
    ×
    • 1.7%
      Pfizer, Inc.
    • Manufactures vaccines and injectable biologic medicines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.6%
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 1.6%
      Nasdaq, Inc.
    • Operates stock exchanges
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Mid
    ×
    • 1.6%
      Procter & Gamble Co.
    • Provides branded consumer packaged goods
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    MARKET CAP Large
    ×
    • 1.5%
      Synopsys, Inc.
    • Develops and provides software based designing solutions for the semiconductor industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 1.5%
      Walgreens Boots Alliance, Inc.
    • Provides drug store services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    MARKET CAP Large
    Holdings Breakdown

    as of 04/30/17

    90.9%

    United States

    4.6%

    Canada

    0.9%

    Israel

    No Issuer Equity
    in
    Israel
    0.8%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    0.6%

    United Kingdom

    No Issuer Equity
    in
    United Kingdom
    95.5%

    Americas

    No Issuer Equity
    in
    Americas
    1.3%

    Europe

    No Issuer Equity
    in
    Europe
    0.9%

    Middle East

    No Issuer Equity
    in
    Middle East
    21.7%

    Financials

    14.2%

    Information Technology

    13.3%

    Industrials

    10.9%

    Energy

    10.5%

    Health Care

    7.6%

    Consumer Discretionary

    5.5%

    Consumer Staples

    4.4%

    Materials

    No Issuer Equity
    in
    Materials
    3.9%

    Utilities

    3.3%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    2.4%

    Telecommunication Services

    11.1%

    Banks

    8.1%

    Oil Gas & Consumable Fuels

    5.4%

    Insurance

    4.2%

    Capital Markets

    4.1%

    Semiconductors & Semiconductor Equipment

    4.1%

    Media

    3.9%

    Electric Utilities

    3.5%

    Software

    3.5%

    Technology Hardware Storage & Peripherals

    3.3%

    Equity Real Estate Investment Trusts (REITs)

    No Issuer Equity
    in
    Equity Real Estate Investment Trusts (REITs)
    3.1%

    Health Care Equipment & Supplies

    No Issuer Equity
    in
    Health Care Equipment & Supplies
    2.8%

    Pharmaceuticals

    2.7%

    Energy Equipment & Services

    No Issuer Equity
    in
    Energy Equipment & Services
    2.7%

    Health Care Providers & Services

    2.4%

    Machinery

    No Issuer Equity
    in
    Machinery
    2.3%

    Metals & Mining

    No Issuer Equity
    in
    Metals & Mining
    2.3%

    Food & Staples Retailing

    2.2%

    Electrical Equipment

    2.0%

    Building Products

    2.0%

    Hotels Restaurants & Leisure

    No Issuer Equity
    in
    Hotels Restaurants & Leisure
    97.7%

    77.4%

    Large

    20.2%

    Mid

    Risk Measurements

    as of 04/30/17

    Alpha -1.82%
    Beta 1.07
    R-Squared
    95.27
    Sharpe Ratio
    0.61
    Standard Deviation
    11.54%
    Sortino Ratio
    0.28
    Information Ratio
    -0.57
    Equity Style
    • D
    Total Assets (all classes)
    as of 4/30/17
    $2.1 BN
    Portfolio Statistics

    as of 4/30/17

    Avg Market Cap (weighted) 108.5 BN
    Median Market Cap (weighted) 48.9 BN
    P/E (next 12 months) 16.14
    P/E Operating (LTM) 20.82
    Price/Book Value (LTM) 2.18
    Turnover Ratio
    64.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • E
    Est Frequency Quarterly
    Last Pay Date 3/21/17
    Per Share ($) 0.0200
    12-Month Distribution ($) 0.4404
    Distribution Sources
    Net Income 88.50%
    Net Profit from Sale 0.00%
    Other Capital Sources 11.50%
    Top Issuers

    04/30/17

    JPMorgan Chase ...
    5.0%
    Bank of America...
    5.0%
    Edison Internat...
    3.1%
    Chevron Corp.
    2.9%
    Suncor Energy, ...
    2.4%
    UnitedHealth Gr...
    2.3%
    Comcast Corp.
    2.2%
    Eaton Corp. plc...
    2.2%
    Tyco Internatio...
    2.0%
    Broadcom Ltd.
    1.8%
    MetroPCS Commun...
    1.8%
    American Intern...
    1.8%
    Lockheed Martin...
    1.7%
    Apple, Inc.
    1.7%
    Pfizer, Inc.
    1.7%
    Microsoft Corp....
    1.6%
    Nasdaq, Inc.
    1.6%
    Procter & Gambl...
    1.6%
    Synopsys, Inc.
    1.5%
    Walgreens Boots...
    1.5%
    Holdings Breakdown

    as of 4/30/17

    Reset
    90.9%

    United States

    4.6%

    Canada

    0.9%

    Israel

    No Issuer Equity
    in
    Israel
    0.8%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    0.6%

    United Kingdom

    No Issuer Equity
    in
    United Kingdom
    95.5%

    Americas

    No Issuer Equity
    in
    Americas
    1.3%

    Europe

    No Issuer Equity
    in
    Europe
    0.9%

    Middle East

    No Issuer Equity
    in
    Middle East
    21.7%

    Financials

    14.2%

    Information Technology

    13.3%

    Industrials

    10.9%

    Energy

    10.5%

    Health Care

    7.6%

    Consumer Discretionary

    5.5%

    Consumer Staples

    4.4%

    Materials

    No Issuer Equity
    in
    Materials
    3.9%

    Utilities

    3.3%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    2.4%

    Telecommunication Services

    11.1%

    Banks

    8.1%

    Oil Gas & Consumable Fuels

    5.4%

    Insurance

    4.2%

    Capital Markets

    4.1%

    Semiconductors & Semiconductor Equipment

    4.1%

    Media

    3.9%

    Electric Utilities

    3.5%

    Software

    3.5%

    Technology Hardware Storage & Peripherals

    3.3%

    Equity Real Estate Investment Trusts (REITs)

    No Issuer Equity
    in
    Equity Real Estate Investment Trusts (REITs)
    3.1%

    Health Care Equipment & Supplies

    No Issuer Equity
    in
    Health Care Equipment & Supplies
    2.8%

    Pharmaceuticals

    2.7%

    Energy Equipment & Services

    No Issuer Equity
    in
    Energy Equipment & Services
    2.7%

    Health Care Providers & Services

    2.4%

    Machinery

    No Issuer Equity
    in
    Machinery
    2.3%

    Metals & Mining

    No Issuer Equity
    in
    Metals & Mining
    2.3%

    Food & Staples Retailing

    2.2%

    Electrical Equipment

    2.0%

    Building Products

    2.0%

    Hotels Restaurants & Leisure

    No Issuer Equity
    in
    Hotels Restaurants & Leisure
    97.7%

    77.4%

    Large

    20.2%

    Mid

    ×
    • 5.0%
      JPMorgan Chase & Co.
    • Provides investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 5.0%
      Bank of America Corp.
    • Bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 3.1%
      Edison International
    • Supplies electricity and operates power facilities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    INDUSTRY Electric Utilities
    MARKET CAP Large
    ×
    • 2.9%
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.4%
      Suncor Energy, Inc.
    • Develops and upgrades oil sands
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.3%
      UnitedHealth Group, Inc.
    • Provides hospital and medical service plans
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    MARKET CAP Large
    ×
    • 2.2%
      Comcast Corp.
    • Provides entertainment, information and communications products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Media
    MARKET CAP Large
    ×
    • 2.2%
      Eaton Corp. plc
    • Designs, manufactures, markets and services electrical systems and components for power quality, distribution and control
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Electrical Equipment
    MARKET CAP Large
    ×
    • 2.0%
      Tyco International plc
    • Operates as a global diversified technology and industrial business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Building Products
    MARKET CAP Large
    ×
    • 1.8%
      Broadcom Ltd.
    • Designs, develops and supplies semiconductors for wired and wireless communications
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Large
    ×
    • 1.8%
      MetroPCS Communications
    • Provides wireless voice, messaging and data services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Telecommunication Services
    MARKET CAP Large
    ×
    • 1.8%
      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
    ×
    • 1.7%
      Lockheed Martin Corp.
    • Manufactures components and systems for aerospace and defense use
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 1.7%
      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
    EQUITY SECTOR Information Technology
    INDUSTRY Technology Hardware Storage & Peripherals
    MARKET CAP Large
    ×
    • 1.7%
      Pfizer, Inc.
    • Manufactures vaccines and injectable biologic medicines
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.6%
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 1.6%
      Nasdaq, Inc.
    • Operates stock exchanges
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Mid
    ×
    • 1.6%
      Procter & Gamble Co.
    • Provides branded consumer packaged goods
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    MARKET CAP Large
    ×
    • 1.5%
      Synopsys, Inc.
    • Develops and provides software based designing solutions for the semiconductor industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 1.5%
      Walgreens Boots Alliance, Inc.
    • Provides drug store services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    MARKET CAP Large

    Management

    Laton Spahr, CFA

    Managed Fund since 3/13

    Investment Approach

    The portfolio manager combines bottom-up and top-down fundamental research, as well as behavioral insight gained from management teams, to identify undervalued and overlooked companies focusing on return on invested capital.

    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. 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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. 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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