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CHALLENGE THE STATUS QUO.
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Alternative

Fundamental Alternatives Fund

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

Investment Style
Multi Alternative
Fund Inception
January 3, 1989
Total Assets (all classes) (as of 8/31/2017)
$1.28 billion
Fund Index
HFRX Global Hedge Fund Index
NAV (as of 9/22/17)
  • A
$27.41

Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 8/31/2017
  • B
as of 6/30/2017
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 9/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
1.90% 1.93% 1.86% 4.10% 2.05% 8.17%
Cumulative
Annualized
ytd as of 9/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (with sales charge)
1.90% -3.93% -0.13% 2.88% 1.45% 7.95%
Cumulative
Annualized
ytd as of 9/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
1.90% 2.81% 1.45% 3.84% 1.97% 8.11%
Cumulative
Annualized
ytd as of 9/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (with sales charge)
1.90% -3.10% -0.54% 2.62% 1.37% 7.89%
Gross Expense Ratio: 2.06% | Net Expense Ratio: 2.02%

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.


Year Fundamental Alternatives Fund HFRX Global Hedge Fund Index
1989 0.00% -
1990 -10.32% -
1991 51.07% -
1992 17.95% -
1993 8.20% -
1994 4.92% -
1995 41.98% -
1996 22.82% -
1997 20.14% -
1998 7.66% -
1999 9.27% -
2000 9.75% -
2001 -4.57% -
2002 -17.57% -
2003 21.91% -
2004 9.50% 2.69%
2005 1.84% 2.72%
2006 11.24% 9.26%
2007 12.25% 4.23%
2008 -20.28% -23.25%
2009 16.22% 13.40%
2010 7.87% 5.19%
2011 -6.34% -8.87%
2012 3.90% 3.57%
2013 9.00% 6.72%
2014 4.55% -0.58%
2015 1.95% -3.64%
2016 1.28% 2.50%

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.


Date Fundamental Alternatives Fund HFRX Global Hedge Fund Index BBG Barclays Agg S&P 500
8/31/2007 0.00 0.00 0.00 0.00
9/30/2007 2.42 1.28 0.76 3.74
10/31/2007 6.04 4.13 1.66 5.39
11/30/2007 4.90 1.62 3.49 0.98
12/31/2007 4.42 1.48 3.78 0.28
1/31/2008 2.18 -0.61 5.53 -5.73
2/29/2008 5.20 1.15 5.67 -8.79
3/31/2008 4.05 -1.35 6.03 -9.19
4/30/2008 5.31 -0.17 5.81 -4.77
5/31/2008 7.14 1.27 5.04 -3.53
6/30/2008 3.86 0.43 4.95 -11.66
7/31/2008 1.81 -2.41 4.87 -12.41
8/31/2008 3.45 -3.65 5.86 -11.14
9/30/2008 -3.71 -10.30 4.44 -19.06
10/31/2008 -13.70 -18.69 1.97 -32.65
11/30/2008 -16.76 -21.16 5.29 -37.48
12/31/2008 -16.76 -22.12 9.22 -36.82
1/31/2009 -15.83 -21.27 8.26 -42.14
2/28/2009 -18.82 -21.57 7.85 -48.30
3/31/2009 -15.09 -21.59 9.35 -43.78
4/30/2009 -11.37 -20.33 9.87 -38.40
5/31/2009 -9.27 -17.82 10.67 -34.95
6/30/2009 -8.50 -17.79 11.30 -34.82
7/31/2009 -6.56 -16.48 13.09 -29.89
8/31/2009 -5.20 -15.43 14.26 -27.36
9/30/2009 -3.61 -13.56 15.46 -24.65
10/31/2009 -5.12 -13.61 16.03 -26.05
11/30/2009 -3.61 -12.17 17.54 -21.61
12/31/2009 -3.26 -11.69 15.70 -20.10
1/31/2010 -5.01 -11.70 17.47 -22.97
2/28/2010 -2.91 -11.47 17.90 -20.59
3/31/2010 -0.28 -10.25 17.76 -15.79
4/30/2010 -0.08 -9.53 18.99 -14.47
5/31/2010 -3.53 -11.92 19.99 -21.30
6/30/2010 -7.61 -12.75 21.87 -25.42
7/31/2010 -3.30 -11.67 23.17 -20.19
8/31/2010 -6.06 -11.53 24.75 -23.79
9/30/2010 -1.91 -10.01 24.89 -16.99
10/31/2010 0.89 -9.00 25.33 -13.83
11/30/2010 0.27 -9.24 24.61 -13.82
12/31/2010 4.35 -7.10 23.27 -8.06
1/31/2011 5.38 -6.58 23.41 -5.88
2/28/2011 8.62 -5.90 23.72 -2.66
3/31/2011 7.68 -6.73 23.79 -2.62
4/30/2011 10.01 -6.29 25.36 0.26
5/31/2011 9.89 -7.60 26.99 -0.87
6/30/2011 7.83 -9.07 26.62 -2.52
7/31/2011 5.82 -9.16 28.63 -4.51
8/31/2011 1.43 -12.31 30.51 -9.69
9/30/2011 -1.18 -14.93 31.46 -16.04
10/31/2011 1.03 -14.24 31.60 -6.87
11/30/2011 -1.38 -14.98 31.49 -7.07
12/31/2011 -2.27 -15.34 32.93 -6.12
1/31/2012 -1.75 -13.88 34.10 -1.91
2/29/2012 -0.84 -12.66 34.07 2.33
3/31/2012 0.11 -12.68 33.33 5.69
4/30/2012 -0.32 -12.57 34.81 5.03
5/31/2012 -1.27 -14.05 36.03 -1.28
6/30/2012 -0.45 -14.30 36.09 2.79
7/31/2012 0.20 -13.84 37.96 4.21
8/31/2012 0.63 -13.40 38.05 6.56
9/30/2012 1.72 -13.06 38.24 9.31
10/31/2012 1.07 -13.47 38.52 7.30
11/30/2012 1.37 -13.11 38.73 7.92
12/31/2012 1.54 -12.32 38.54 8.90
1/31/2013 2.67 -10.60 37.57 14.54
2/28/2013 3.06 -10.21 38.26 16.10
3/31/2013 3.84 -9.57 38.37 20.45
4/30/2013 4.36 -9.01 39.77 22.77
5/31/2013 5.35 -8.33 37.27 25.64
6/30/2013 5.22 -9.55 35.15 23.96
7/31/2013 5.91 -8.63 35.34 30.26
8/31/2013 5.26 -9.42 34.64 26.49
9/30/2013 5.35 -8.56 35.92 30.46
10/31/2013 5.96 -7.46 37.02 36.46
11/30/2013 8.08 -6.95 36.50 40.61
12/31/2013 10.67 -6.43 35.73 44.17
1/31/2014 11.15 -6.66 37.74 39.19
2/28/2014 13.06 -5.17 38.47 45.56
3/31/2014 13.14 -5.39 38.23 46.78
4/30/2014 13.10 -6.08 39.40 47.86
5/31/2014 14.40 -5.65 40.99 51.34
6/30/2014 15.18 -4.77 41.06 54.46
7/31/2014 14.53 -5.61 40.71 52.33
8/31/2014 16.39 -4.59 42.26 58.43
9/30/2014 16.04 -5.32 41.29 56.20
10/31/2014 15.31 -6.57 42.68 60.02
11/30/2014 15.96 -6.27 43.70 64.32
12/31/2014 15.71 -6.97 43.83 63.91
1/31/2015 16.64 -7.24 46.85 58.99
2/28/2015 17.96 -5.37 45.47 68.13
3/31/2015 18.31 -5.05 46.14 65.47
4/30/2015 17.12 -4.85 45.62 67.05
5/31/2015 18.62 -4.60 45.27 69.20
6/30/2015 18.18 -5.79 43.68 65.93
7/31/2015 19.54 -5.81 44.68 69.40
8/31/2015 17.82 -7.90 44.47 59.18
9/30/2015 17.65 -9.81 45.45 55.24
10/31/2015 18.97 -8.49 45.47 68.34
11/30/2015 18.40 -9.15 45.09 68.84
12/31/2015 17.96 -10.35 44.62 66.18
1/31/2016 17.56 -12.83 46.61 57.93
2/29/2016 16.81 -13.11 47.65 57.72
3/31/2016 16.94 -12.03 49.01 68.42
4/30/2016 16.23 -11.68 49.58 69.07
5/31/2016 19.25 -11.27 49.62 72.11
6/30/2016 19.42 -11.10 52.30 72.55
7/31/2016 18.85 -9.80 53.27 78.91
8/31/2016 18.18 -9.66 53.09 79.17
9/30/2016 18.76 -9.16 53.00 79.20
10/31/2016 18.76 -9.68 51.83 75.93
11/30/2016 18.76 -8.89 48.24 82.45
12/31/2016 19.46 -8.11 48.45 86.05
1/31/2017 18.66 -7.65 48.74 89.58
2/28/2017 20.89 -6.61 49.74 97.11
3/31/2017 19.86 -6.59 49.66 97.34
4/30/2017 20.71 -6.19 50.82 99.36
5/31/2017 21.82 -5.96 51.98 102.17
6/30/2017 21.73 -5.76 51.83 103.43
7/31/2017 21.02 -4.89 52.48 107.62
8/31/2017 21.51 -4.61 53.85 108.25

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.

$ per share as of 9/22/2017

Date 2012 2013 2014 2015 2016
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Analytics

(As of 8/31/2017)

Morningstar 8/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
247
Category
Multialternative
Performance Statistics
3Y
5Y
Alpha
1.26
2.78
Information Ratio
0.41
0.61
Sharpe Ratio
0.40
1.21
R-Squared
19.51
28.20
Standard Deviation
2.95
2.98
Sortino Ratio
0.21
0.79
Beta
0.36
0.47
Tracking Error
3.53
3.11
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/28/2016
Per Share ($)
$0.06
Net Income
39.40%
Net Profit from Sale
0.00%
Other Capital Sources
60.60%
12-Month Distribution ($)
$0.07
Portfolio Characteristics
Fund
Fund Index
Trailing P/E
22.96
-
Forward P/E
16.81
-
Price/Book
3.20
-
Return on Equity
17.33%
-
Debt to Capital Ratio
43.76
-
Turnover Ratio
131.00%
-

Top Holdings by Strategy

(50.3% of assets as of 08/31/17)


Long and Short Equity
Standard and Poor's 500 Index Call, 10/20/17, $2,500
6.8%
Apple, Inc.
2.5%
Alphabet, Inc.
2.4%
Chubb Ltd.
2.2%
UnitedHealth Group, Inc.
1.8%
Long and Short Credit
Barclays Bank plc, IG28 Index, Credit Default Swap
4.1%
Lukoil Intl Finance BV
2.2%
Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual
1.4%
M&T Bank Corp.
0.6%
Long and Short Macro
Euro-Bund Future, 2017-09-
4.8%
SPDR Gold Shares
3.2%
Currency Contract EUR/USD 9/12/17 L
0.5%

Portfolio Holdings Breakdown

Holding 6
Country 6
Developed Markets 6
Emerging Markets 6
Equity Sector 6 7
Fixed Income Sector
Credit Rating Allocation 8
Asset Allocation 6
Market Cap 9
Holding Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Citi PB Collateral Cash 18.2% - -
JP Morgan PB Collateral Cash 9.0% - -
Standard and Poor's 500 Index Call, 10/20/17, $2,500 6.8% - -
Euro-Bund Future, 2017-09- 4.8% - -
Barclays Bank plc, IG28 Index, Credit Default Swap 4.1% - -
SPDR Gold Shares 3.2% - -
Apple, Inc. 2.5% - -
Alphabet, Inc. 2.4% - -
Chubb Ltd. 2.2% - -
Lukoil Intl Finance BV 2.2% - -
Oppenheimer Institutional Government Money Market Fund Cl. E 1.9% - -
UnitedHealth Group, Inc. 1.8% - -
M&T Bank Corp. 1.7% - -
Lockheed Martin Corp. 1.7% - -
Xilinx, Inc. 1.6% - -
Altria Group, Inc. 1.5% - -
Currency Contract EUR/USD 9/12/17 L 1.4% - -
Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual 1.4% - -
Philip Morris International, Inc. 1.4% - -
Allstate Corp. (The) 1.3% - -
Country Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
United States 98.9% - -
Germany 3.7% - -
Russia 2.2% - -
Canada 2.0% - -
Switzerland 0.9% - -
United Kingdom 0.5% - -
Sweden 0.3% - -
Luxembourg 0.2% - -
Norway -0.1% - -
Developed Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Americas 101.0% - -
Asia Pacific -3.8% - -
Europe -4.4% - -
Emerging Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Europe 2.2% - -
Americas -0.7% - -
Asia Pacific -5.9% - -
Equity Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Health Care 7.1% - -
Broad Market 6.8% - -
Financials 6.8% - -
Industrials 6.0% - -
Information Technology 3.7% - -
Energy 3.2% - -
Telecommunication Services 2.6% - -
Utilities 2.4% - -
Materials 1.3% - -
Consumer Discretionary 0.5% - -
Consumer Staples -0.1% - -
Real Estate -6.0% - -
Fixed Income Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Corporates 18.5% - -
ABS 5.0% - -
Non Agencies MBS 4.9% - -
Treasuries -1.5% - -
Sovereign -3.0% - -
Credit Rating Allocation Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Unrated 29.6% - -
Other 20.8% - -
BBB 12.7% - -
BB 9.3% - -
B 5.2% - -
A 4.9% - -
AA 3.1% - -
AAA 1.9% - -
CCC 0.9% - -
Asset Allocation Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Equity 34.3% - -
Fixed Income 23.9% - -
Commodity 3.2% - -
Other -8.0% - -
Market Cap Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Large 35.6% - -
Mid 0.1% - -
Small -3.3% - -
  1. 1. Effective 12/2/13, The Fund will limit the market value of its total short positions to not more than 40% of its net assets at the time a short sale is entered into.
  2. 2. Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Short selling may increase volatility and risk of loss and is considered a speculative investment practice. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
  3. 3. The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
  4. 4. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  5. 5. Access index definitions.
  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. The Equity allocation in the Sector Allocation table is net of short positions.
  8. 8. If included in the credit rating breakdown table above, all securities except for those labeled "Treasury", "Agency," and "Unrated," have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories, which include AAA, AA, A and BBB. Please consult the Fund's Prospectus and Statement of Additional Information for further information.
  9. 9. 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.
  10. A. 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. ↩
  11. B. 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. ↩
  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. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
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