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Domestic Equity

The Strategy typically invests primarily in dividend-paying large company U.S. stocks.
Cumulative Total Returns

as of 8/31/16

Since Inception 2/28/11
50%
Performance & Distributions
×

Domestic Equity

Gross Expense Ratio:
      0.76%

    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

    Equity Income 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 9/28/16
      2012 2013 2014 2015 YTD
    • C
    Equity Income Fund 19.53 31.98 10.35 -9.61 6.83
    Russell 1000® Value Index 17.51 32.53 13.45 -3.83
    Capital Gains Distributions ($ per share)
    Data as of 9/28/16
      2011 2012 2013 2014 2015
    Short Term 0.0709 0.508 0.7101 0.4129
    Long Term 0.204 0.5971 1.041 1.0579
    Total Amount of Distribution 0.275 1.1051 1.751 1.4708
    Record Date 12/4/12 12/9/13 12/8/14 12/7/15
    Ex Div Date 12/5/12 12/10/13 12/9/14 12/8/15
    Pay Date 12/6/12 12/11/13 12/9/14 12/8/15

    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 8/31/16

    as of 6/30/16

    • A
    YTD (as of 9/28/16)
    • C
    6.83%
    1 Year 2.30%
    3 Year 5.94%
    5 Year 11.04%
    Since Inception 7.69%
    YTD (as of 9/28/16)
    • C
    6.83%
    1 Year 2.30%
    3 Year 5.94%
    5 Year 11.04%
    Since Inception 7.69%
    YTD (as of 9/28/16)
    • C
    6.83%
    1 Year -9.50%
    3 Year 4.43%
    5 Year 7.00%
    Since Inception 6.60%
    YTD (as of 9/28/16)
    • C
    6.83%
    1 Year -9.50%
    3 Year 4.43%
    5 Year 7.00%
    Since Inception 6.60%
    Gross Expense Ratio
    0.76%
    NAV
    • D
    as of 9/28/16
    $27.75
    Yields

    monthly as of 8/31/16

    Standardized YLD 2.84%

    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.

    "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.

    Top 20 Holdings

    (46.3% of assets) as of 8/31/16

    Citigroup, Inc.
    5.1%
    Assured Guaranty Ltd.
    3.7%
    JPMorgan Chase & Co.
    3.4%
    Pfizer, Inc.
    2.4%
    Chevron Corp.
    2.4%
    Wells Fargo & Co.
    2.4%
    Apple, Inc.
    2.4%
    Merck & Co. Inc.
    2.2%
    Royal Dutch Shell
    2.1%
    Allergan plc, 5.50%Cv. A
    2.1%
    Exxon Mobil Corp.
    2.0%
    Goldman Sachs Group, Inc.
    2.0%
    Frontier Communications Corp....
    2.0%
    Morgan Stanley
    2.0%
    MetLife, Inc.
    2.0%
    Microsoft Corp.
    1.7%
    AT&T Inc.
    1.7%
    Teva Pharmaceutical Industrie...
    1.7%
    General Electric Co.
    1.5%
    United Continental Holdings I...
    1.5%
    ×
    • 5.1 %
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 3.7 %
      Assured Guaranty Ltd.
    • Operates as a insurance holding company, which provides financial guaranty insurance services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Small
    INDUSTRY Insurance
    ×
    • 3.4 %
      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
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 2.4 %
      Pfizer, Inc.
    • Manufactures vaccines and injectable biologic medicines
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 2.4 %
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    COUNTRY United States
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.4 %
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 2.4 %
      Apple, Inc.
    • Designs, manufactures, markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Technology Hardware Storage & Peripherals
    ×
    • 2.2 %
      Merck & Co. Inc.
    • Discovers, develops and markets human and animal health products
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 2.1 %
      Royal Dutch Shell
    • Provides oil refining and distribution services
      Source: FactSet
    COUNTRY United Kingdom
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.1 %
      Allergan plc, 5.50%Cv. A
    • Manufactures pharmaceutical products
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 2.0 %
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    COUNTRY United States
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.0 %
      Goldman Sachs Group, Inc.
    • Provides investment banking, securities and asset management services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Capital Markets
    ×
    • 2.0 %
      Frontier Communications Corp., 11.13%Cv. A, Non-Vtg.
    • Provides long distance, wireless, teleconferencing, cable television and basic telephone services
      Source: FactSet
    COUNTRY United States
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Mid
    INDUSTRY Diversified Telecommunication Services
    ×
    • 2.0 %
      Morgan Stanley
    • Provides diversified financial services including brokerage, investment management and venture capital services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Capital Markets
    ×
    • 2.0 %
      MetLife, Inc.
    • Provides insurance and financial services and also function as bank holding company
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 1.7 %
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Software
    ×
    • 1.7 %
      AT&T Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    COUNTRY United States
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.7 %
      Teva Pharmaceutical Industries Ltd., 7.00%CV. , Non-Vtg.
    • Manufactures and markets generic and proprietary branded pharmaceuticals and active pharmaceutical ingredients
      Source: FactSet
    COUNTRY Israel
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 1.5 %
      General Electric Co.
    • Develops and manufactures products for the generation, transmission, distribution, control and utilization of electricity; manufactures aircraft engines and medical equipment
      Source: FactSet
    COUNTRY United States
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Industrial Conglomerates
    ×
    • 1.5 %
      United Continental Holdings Inc.
    • Operates as holding company with interest in transporting people and cargo through mainline operations, which utilize full-sized jet aircraft
      Source: FactSet
    COUNTRY United States
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Mid
    INDUSTRY Airlines
    Holdings Breakdown

    as of 8/31/16

    91.7%

    United States

    3.4%

    United Kingdom

    1.7%

    Israel

    0.4%

    Switzerland

    No Top Holdings
    in
    Switzerland
    91.7%

    Americas

    No Top Holdings
    in
    Americas
    3.8%

    Europe

    No Top Holdings
    in
    Europe
    1.7%

    Middle East

    No Top Holdings
    in
    Middle East
    35.1%

    Financials

    12.4%

    Health Care

    10.0%

    Information Technology

    8.3%

    Energy

    8.0%

    Consumer Discretionary

    No Top Holdings
    in
    Consumer Discretionary
    7.2%

    Industrials

    6.7%

    Consumer Staples

    No Top Holdings
    in
    Consumer Staples
    4.4%

    Telecommunication Services

    3.8%

    Utilities

    No Top Holdings
    in
    Utilities
    1.5%

    Materials

    No Top Holdings
    in
    Materials
    -0.2%

    Broad Market

    No Top Holdings
    in
    Broad Market
    11.9%

    Banks

    9.1%

    Pharmaceuticals

    8.3%

    Oil Gas & Consumable Fuels

    7.4%

    Insurance

    6.9%

    Real Estate Investment Trusts (REITs)

    No Top Holdings
    in
    Real Estate Investment Trusts (REITs)
    5.7%

    Capital Markets

    4.4%

    Diversified Telecommunication Services

    3.1%

    Electric Utilities

    No Top Holdings
    in
    Electric Utilities
    2.8%

    Thrifts & Mortgage Finance

    No Top Holdings
    in
    Thrifts & Mortgage Finance
    2.7%

    Automobiles

    No Top Holdings
    in
    Automobiles
    2.6%

    Technology Hardware Storage & Peripherals

    2.4%

    Software

    2.2%

    Semiconductors & Semiconductor Equipment

    No Top Holdings
    in
    Semiconductors & Semiconductor Equipment
    2.1%

    Household Durables

    No Top Holdings
    in
    Household Durables
    2.0%

    Food & Staples Retailing

    No Top Holdings
    in
    Food & Staples Retailing
    1.9%

    Food Products

    No Top Holdings
    in
    Food Products
    1.8%

    Health Care Equipment & Supplies

    No Top Holdings
    in
    Health Care Equipment & Supplies
    1.5%

    Airlines

    1.4%

    Industrial Conglomerates

    1.4%

    Biotechnology

    No Top Holdings
    in
    Biotechnology
    95.1%

    2.0%

    No Top Holdings
    in
    Fixed Income
    2.8%

    No Top Holdings
    in
    Net Cash and Equivalents
    70.3%

    Large

    14.0%

    Mid

    15.6%

    Small

    Morningstar
    • E

    as of 8/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 1179
    Category Large Value
    Risk Measurements

    as of 8/31/16

    Alpha -5.58%
    Beta 1.13
    R-Squared
    91.82
    Sharpe Ratio
    0.51
    Standard Deviation
    12.7%
    Equity Style
    • F
    Total Assets (all classes)
    as of 8/31/16
    $4.3 BN
    Morningstar Analyst Rating

    as of 1/29/16

    Bronze
    Portfolio Statistics

    as of 8/31/16

    Avg Market Cap (weighted) 119.3 BN
    Median Market Cap (weighted) 72.3 BN
    P/E (next 12 months) 12.53
    Price/Book Value (LTM) 1.44
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • B
    Est Frequency Quarterly
    Last Pay Date 9/22/16
    Per Share ($) 0.1955
    12-Month Distribution ($) 1.0745
    Distribution Sources
    Net Income 98.10%
    Net Profit from Sale 0.00%
    Other Capital Sources 1.90%
    Top 20 Holdings

    (46.3% of assets) as of 8/31/16

    Citigroup, Inc....
    5.1%
    Assured Guarant...
    3.7%
    JPMorgan Chase ...
    3.4%
    Pfizer, Inc.
    2.4%
    Chevron Corp.
    2.4%
    Wells Fargo & C...
    2.4%
    Apple, Inc.
    2.4%
    Merck & Co. Inc...
    2.2%
    Royal Dutch She...
    2.1%
    Allergan plc, 5...
    2.1%
    Exxon Mobil Cor...
    2.0%
    Goldman Sachs G...
    2.0%
    Frontier Commun...
    2.0%
    Morgan Stanley
    2.0%
    MetLife, Inc.
    2.0%
    Microsoft Corp....
    1.7%
    AT&T Inc.
    1.7%
    Teva Pharmaceut...
    1.7%
    General Electri...
    1.5%
    United Continen...
    1.5%
    Holdings Breakdown

    as of 8/31/16

    Reset
    91.7%

    United States

    3.4%

    United Kingdom

    1.7%

    Israel

    0.4%

    Switzerland

    No Top Holdings
    in
    Switzerland
    91.7%

    Americas

    No Top Holdings
    in
    Americas
    3.8%

    Europe

    No Top Holdings
    in
    Europe
    1.7%

    Middle East

    No Top Holdings
    in
    Middle East
    35.1%

    Financials

    12.4%

    Health Care

    10.0%

    Information Technology

    8.3%

    Energy

    8.0%

    Consumer Discretionary

    No Top Holdings
    in
    Consumer Discretionary
    7.2%

    Industrials

    6.7%

    Consumer Staples

    No Top Holdings
    in
    Consumer Staples
    4.4%

    Telecommunication Services

    3.8%

    Utilities

    No Top Holdings
    in
    Utilities
    1.5%

    Materials

    No Top Holdings
    in
    Materials
    -0.2%

    Broad Market

    No Top Holdings
    in
    Broad Market
    11.9%

    Banks

    9.1%

    Pharmaceuticals

    8.3%

    Oil Gas & Consumable Fuels

    7.4%

    Insurance

    6.9%

    Real Estate Investment Trusts (REITs)

    No Top Holdings
    in
    Real Estate Investment Trusts (REITs)
    5.7%

    Capital Markets

    4.4%

    Diversified Telecommunication Services

    3.1%

    Electric Utilities

    No Top Holdings
    in
    Electric Utilities
    2.8%

    Thrifts & Mortgage Finance

    No Top Holdings
    in
    Thrifts & Mortgage Finance
    2.7%

    Automobiles

    No Top Holdings
    in
    Automobiles
    2.6%

    Technology Hardware Storage & Peripherals

    2.4%

    Software

    2.2%

    Semiconductors & Semiconductor Equipment

    No Top Holdings
    in
    Semiconductors & Semiconductor Equipment
    2.1%

    Household Durables

    No Top Holdings
    in
    Household Durables
    2.0%

    Food & Staples Retailing

    No Top Holdings
    in
    Food & Staples Retailing
    1.9%

    Food Products

    No Top Holdings
    in
    Food Products
    1.8%

    Health Care Equipment & Supplies

    No Top Holdings
    in
    Health Care Equipment & Supplies
    1.5%

    Airlines

    1.4%

    Industrial Conglomerates

    1.4%

    Biotechnology

    No Top Holdings
    in
    Biotechnology
    95.1%

    2.0%

    No Top Holdings
    in
    Fixed Income
    2.8%

    No Top Holdings
    in
    Net Cash and Equivalents
    70.3%

    Large

    14.0%

    Mid

    15.6%

    Small

    ×
    • 5.1 %
      Citigroup, Inc.
    • Provides banking services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 3.7 %
      Assured Guaranty Ltd.
    • Operates as a insurance holding company, which provides financial guaranty insurance services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Small
    INDUSTRY Insurance
    ×
    • 3.4 %
      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
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 2.4 %
      Pfizer, Inc.
    • Manufactures vaccines and injectable biologic medicines
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 2.4 %
      Chevron Corp.
    • Explores and refines oil and natural gas
      Source: FactSet
    COUNTRY United States
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.4 %
      Wells Fargo & Co.
    • Operates as a diversified, community-based financial services and bank holding company
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 2.4 %
      Apple, Inc.
    • Designs, manufactures, markets mobile communication, media devices, personal computers, and portable digital music players
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Technology Hardware Storage & Peripherals
    ×
    • 2.2 %
      Merck & Co. Inc.
    • Discovers, develops and markets human and animal health products
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 2.1 %
      Royal Dutch Shell
    • Provides oil refining and distribution services
      Source: FactSet
    COUNTRY United Kingdom
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.1 %
      Allergan plc, 5.50%Cv. A
    • Manufactures pharmaceutical products
      Source: FactSet
    COUNTRY United States
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 2.0 %
      Exxon Mobil Corp.
    • Explores, develops and distributes crude oil, natural gas and petroleum products
      Source: FactSet
    COUNTRY United States
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.0 %
      Goldman Sachs Group, Inc.
    • Provides investment banking, securities and asset management services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Capital Markets
    ×
    • 2.0 %
      Frontier Communications Corp., 11.13%Cv. A, Non-Vtg.
    • Provides long distance, wireless, teleconferencing, cable television and basic telephone services
      Source: FactSet
    COUNTRY United States
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Mid
    INDUSTRY Diversified Telecommunication Services
    ×
    • 2.0 %
      Morgan Stanley
    • Provides diversified financial services including brokerage, investment management and venture capital services
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Capital Markets
    ×
    • 2.0 %
      MetLife, Inc.
    • Provides insurance and financial services and also function as bank holding company
      Source: FactSet
    COUNTRY United States
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 1.7 %
      Microsoft Corp.
    • Develops, manufactures and distributes software products
      Source: FactSet
    COUNTRY United States
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Software
    ×
    • 1.7 %
      AT&T Inc.
    • Provides DSL internet, local and long-distance voice and data services
      Source: FactSet
    COUNTRY United States
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.7 %
      Teva Pharmaceutical Industries Ltd., 7.00%CV. , Non-Vtg.
    • Manufactures and markets generic and proprietary branded pharmaceuticals and active pharmaceutical ingredients
      Source: FactSet
    COUNTRY Israel
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Pharmaceuticals
    ×
    • 1.5 %
      General Electric Co.
    • Develops and manufactures products for the generation, transmission, distribution, control and utilization of electricity; manufactures aircraft engines and medical equipment
      Source: FactSet
    COUNTRY United States
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Industrial Conglomerates
    ×
    • 1.5 %
      United Continental Holdings Inc.
    • Operates as holding company with interest in transporting people and cargo through mainline operations, which utilize full-sized jet aircraft
      Source: FactSet
    COUNTRY United States
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Mid
    INDUSTRY Airlines

    Management

    Michael Levine, CFA

    Managed Fund since 7/07

    Investment Approach

    The portfolio manager focuses on identifying companies with an above average yield that are mispriced based on valuation and the long-term fundamental outlook. In addition to common equities, the manager may also invest in convertible securities should they present an attractive yield and risk profile.

    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. The Fund's investment objective changed from "seeks capital appreciation" to "seeks total return" on 8/1/07. Performance prior to 8/1/07 is not indicative of performance for any subsequent periods.
    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. 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. There is no guarantee that the issuers of stocks will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Diversification does not guarantee profit or protect against loss.
    3. 3. Access index definitions.
    4. 4. Standardized yield for each share class is based on the Fund's net investment income 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.
    5. 5. Top Holdings represent stock holdings only and do not include cash and cash equivalents or fixed income holdings.
    6. 6. 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.
    7. 7. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.
    8. 8. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar's current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar's expectations not to occur or to differ significantly.
    9. 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.
    10. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    11. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.
    12. 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 p.m. ET daily.
    13. E. Class Y shares rated 2 stars overall by Morningstar among  1179  Large Value funds for the 3-, 5-, and 10 year period ended 8/31/16 based on risk-adjusted performance.
    14. F. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
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