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Multi Asset

The Strategy typically invests in a globally diversified set of income generating assets, including traditional fixed income, income generating equities and real assets, and alternative income sources.
Cumulative Total Returns

as of 8/31/16

Since Inception 12/1/14
5%
Performance & Distributions
×

Multi Asset

Gross Expense Ratio:
      1.81%
    Net Expense Ratio:   1.31%

    Cumulative Returns

    Compare to Indices

    Global Multi-Asset Income Fund
    VALUE of $10,000.00

    Income Dividend History
    • A

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 9/23/16
      2015 YTD
    • B
    Global Multi-Asset Income Fund -3.50 9.41
    40% S&P 500/30% Barclays US Aggregate Bond/30% JP Morgan Developed HY -0.37
    Capital Gains Distributions ($ per share)
    Data as of 9/23/16
      2011 2012 2013 2014 2015
    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.

    Average Annual Total Returns

    as of 8/31/16

    as of 6/30/16

    YTD (as of 9/23/16)
    • B
    9.41%
    1 Year 7.35%
    Since Inception 2.74%
    YTD (as of 9/23/16)
    • B
    9.41%
    1 Year 2.26%
    Since Inception -0.08%
    YTD (as of 9/23/16)
    • B
    9.41%
    1 Year 2.81%
    Since Inception 1.49%
    YTD (as of 9/23/16)
    • B
    9.41%
    1 Year -2.08%
    Since Inception -1.59%
    Gross Expense Ratio
    1.81%
    Net Expense Ratio
    1.31%
    NAV
    • C
    as of 9/23/16
    $9.73
    Distributions

    monthly as of 8/31/16

    Standardized YLD 3.44%

    "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

    (28.5% of assets) as of 8/31/16

    S&P500 Emini Futures, 9/16/16...
    9.5%
    Toronto-Dominion Bank/The,VAR...
    5.0%
    Schwab US Dividend Equity ETF...
    4.9%
    VEREIT, Inc.
    0.9%
    JPMorgan Chase & Co., 7.90% J...
    0.8%
    Fortune Real Estate Investmen...
    0.6%
    Vicinity Centres
    0.6%
    First Republic Bank (San Fran...
    0.6%
    GMAC Capital Trust I
    0.5%
    Mapletree Industrial Trust
    0.5%
    Ramco-Gershenson Properties T...
    0.5%
    Physicians Realty Trust
    0.5%
    Warehouses De Pauw SCA
    0.5%
    Blackstone Mortgage Trust, In...
    0.5%
    STAG Industrial, Inc.
    0.5%
    Federal National Mortgage Ass...
    0.5%
    Regions Financial Corp.
    0.4%
    Discover Financial Services
    0.4%
    Wells Fargo & Co., 7.98% Jr. ...
    0.4%
    BANK OF AMERICA CORP REGD V/R...
    0.4%
    ×
    • 9.5 %
      S&P500 Emini Futures, 9/16/16
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    CREDIT RATING ALLOCATION Other
    ×
    • 5.0 %
      Toronto-Dominion Bank/The,VAR%Sr. Unsec. Unsub. Nts., 3/9/17
    COUNTRY Canada
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Other
    ×
    • 4.9 %
      Schwab US Dividend Equity ETF
    • Exists as exchange Traded Fund
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION Other
    ×
    • 0.9 %
      VEREIT, Inc.
    • Provides real estate investment services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION Unrated
    ×
    • 0.8 %
      JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 1
    • 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
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION BBB
    ×
    • 0.6 %
      Fortune Real Estate Investment
    • Operates as a real estate investment trust/REIT
      Source: FactSet
    COUNTRY Singapore
    REGION Asia Pacific
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.6 %
      Vicinity Centres
    • Operates as real estate investment trust
      Source: FactSet
    COUNTRY Australia
    REGION Asia Pacific
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.6 %
      First Republic Bank (San Fransisco)
    • Provides commercial banking services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION BBB
    ×
    • 0.5 %
      GMAC Capital Trust I
    • Acts as Open-End Investment Fund/Unit Trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION B
    ×
    • 0.5 %
      Mapletree Industrial Trust
    • Operates as a real estate investment trust
      Source: FactSet
    COUNTRY Singapore
    REGION Asia Pacific
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Ramco-Gershenson Properties Trust
    • Operates as a real estate investment trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Physicians Realty Trust
    • Operates as real estate investment trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Warehouses De Pauw SCA
    • Is real estate investment trust, which develops and invests in semi-industrial and logistics properties
      Source: FactSet
    COUNTRY Belgium
    REGION Europe
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Blackstone Mortgage Trust, Inc.
    • REIT/real estate investment trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      STAG Industrial, Inc.
    • Provides self-administered and self-managed full-service real estate services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Federal National Mortgage Assn., 3.50%, 9/1/43
    COUNTRY United States
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 0.4 %
      Regions Financial Corp.
    • Operates as a bank holding company through its subsidiaries provide banking and financial services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION BB
    ×
    • 0.4 %
      Discover Financial Services
    • Operates as a bank holding company
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION BB
    ×
    • 0.4 %
      Wells Fargo & Co., 7.98% Jr. Sub. Prptl Bonds, Series K
    • Provides commercial and retail banking services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION BBB
    ×
    • 0.4 %
      BANK OF AMERICA CORP REGD V/R /PERP/ SER K
    • Bank holding company
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION BB
    Holdings Breakdown

    as of 8/31/16

    54.3%

    United States

    6.6%

    Canada

    1.9%

    Singapore

    1.6%

    Supranational (non-iso)

    No Top Holdings
    in
    Supranational (non-iso)
    1.6%

    Brazil

    No Top Holdings
    in
    Brazil
    1.3%

    Netherlands

    No Top Holdings
    in
    Netherlands
    1.3%

    Russia

    No Top Holdings
    in
    Russia
    1.2%

    United Kingdom

    No Top Holdings
    in
    United Kingdom
    1.2%

    Japan

    No Top Holdings
    in
    Japan
    1.0%

    Australia

    1.0%

    Mexico

    No Top Holdings
    in
    Mexico
    0.9%

    France

    No Top Holdings
    in
    France
    0.8%

    Bermuda

    No Top Holdings
    in
    Bermuda
    0.7%

    Ireland

    No Top Holdings
    in
    Ireland
    0.6%

    Belgium

    0.5%

    Indonesia

    No Top Holdings
    in
    Indonesia
    0.5%

    South Africa

    No Top Holdings
    in
    South Africa
    0.4%

    Luxembourg

    No Top Holdings
    in
    Luxembourg
    0.4%

    Colombia

    No Top Holdings
    in
    Colombia
    0.4%

    Cayman Islands

    No Top Holdings
    in
    Cayman Islands
    Developed Markets 6
    Emerging Markets 6
    62.2%

    Americas

    6.2%

    Europe

    4.2%

    Asia Pacific

    1.6%

    Supranational

    No Top Holdings
    in
    Supranational
    0.1%

    Middle East

    No Top Holdings
    in
    Middle East
    4.2%

    Americas

    No Top Holdings
    in
    Americas
    2.1%

    Europe

    No Top Holdings
    in
    Europe
    1.3%

    Asia Pacific

    No Top Holdings
    in
    Asia Pacific
    0.5%

    Africa

    No Top Holdings
    in
    Africa
    35.4%

    22.4%

    No Top Holdings
    in
    Alternative Income
    18.7%

    14.8%

    -9.0%

    0.3%

    No Top Holdings
    in
    Treasury
    1.5%

    0.2%

    No Top Holdings
    in
    AAA
    0.3%

    No Top Holdings
    in
    AA
    2.3%

    No Top Holdings
    in
    A
    15.2%

    24.7%

    17.6%

    2.5%

    No Top Holdings
    in
    CCC
    0.0%

    No Top Holdings
    in
    C
    0.3%

    No Top Holdings
    in
    D
    8.3%

    9.1%

    47.6%

    34.7%

    8.2%

    Large

    11.1%

    Mid

    5.8%

    Small

    Morningstar
    Category Allocation--30% to 50% Equity
    Equity Style
    Total Assets (all classes)
    as of 8/31/16
    $54.6 MM
    Portfolio Statistics

    as of

    Avg Market Cap (weighted) 33.7 BN
    Median Market Cap (weighted) 1.9 BN
    P/E (next 12 months) 18.31
    P/E Operating (LTM) 16.87
    Price/Book Value (LTM) 1.48
    Duration (yrs)
    1.96
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • A
    Est Frequency Monthly
    Last Pay Date 8/30/16
    Per Share ($) 0.0279
    12-Month Distribution ($) 0.4264
    Distribution Sources
    Net Income 97.10%
    Net Profit from Sale 0.00%
    Other Capital Sources 2.90%
    Top 20 Holdings

    (28.5% of assets) as of 8/31/16

    S&P500 Emini Fu...
    9.5%
    Toronto-Dominio...
    5.0%
    Schwab US Divid...
    4.9%
    VEREIT, Inc.
    0.9%
    JPMorgan Chase ...
    0.8%
    Fortune Real Es...
    0.6%
    Vicinity Centre...
    0.6%
    First Republic ...
    0.6%
    GMAC Capital Tr...
    0.5%
    Mapletree Indus...
    0.5%
    Ramco-Gershenso...
    0.5%
    Physicians Real...
    0.5%
    Warehouses De P...
    0.5%
    Blackstone Mort...
    0.5%
    STAG Industrial...
    0.5%
    Federal Nationa...
    0.5%
    Regions Financi...
    0.4%
    Discover Financ...
    0.4%
    Wells Fargo & C...
    0.4%
    BANK OF AMERICA...
    0.4%
    Holdings Breakdown

    as of 8/31/16

    Reset
    54.3%

    United States

    6.6%

    Canada

    1.9%

    Singapore

    1.6%

    Supranational (non-iso)

    No Top Holdings
    in
    Supranational (non-iso)
    1.6%

    Brazil

    No Top Holdings
    in
    Brazil
    1.3%

    Netherlands

    No Top Holdings
    in
    Netherlands
    1.3%

    Russia

    No Top Holdings
    in
    Russia
    1.2%

    United Kingdom

    No Top Holdings
    in
    United Kingdom
    1.2%

    Japan

    No Top Holdings
    in
    Japan
    1.0%

    Australia

    1.0%

    Mexico

    No Top Holdings
    in
    Mexico
    0.9%

    France

    No Top Holdings
    in
    France
    0.8%

    Bermuda

    No Top Holdings
    in
    Bermuda
    0.7%

    Ireland

    No Top Holdings
    in
    Ireland
    0.6%

    Belgium

    0.5%

    Indonesia

    No Top Holdings
    in
    Indonesia
    0.5%

    South Africa

    No Top Holdings
    in
    South Africa
    0.4%

    Luxembourg

    No Top Holdings
    in
    Luxembourg
    0.4%

    Colombia

    No Top Holdings
    in
    Colombia
    0.4%

    Cayman Islands

    No Top Holdings
    in
    Cayman Islands
    62.2%

    Americas

    6.2%

    Europe

    4.2%

    Asia Pacific

    1.6%

    Supranational

    No Top Holdings
    in
    Supranational
    0.1%

    Middle East

    No Top Holdings
    in
    Middle East
    4.2%

    Americas

    No Top Holdings
    in
    Americas
    2.1%

    Europe

    No Top Holdings
    in
    Europe
    1.3%

    Asia Pacific

    No Top Holdings
    in
    Asia Pacific
    0.5%

    Africa

    No Top Holdings
    in
    Africa
    35.4%

    22.4%

    No Top Holdings
    in
    Alternative Income
    18.7%

    14.8%

    -9.0%

    0.3%

    No Top Holdings
    in
    Treasury
    1.5%

    0.2%

    No Top Holdings
    in
    AAA
    0.3%

    No Top Holdings
    in
    AA
    2.3%

    No Top Holdings
    in
    A
    15.2%

    24.7%

    17.6%

    2.5%

    No Top Holdings
    in
    CCC
    0.0%

    No Top Holdings
    in
    C
    0.3%

    No Top Holdings
    in
    D
    8.3%

    9.1%

    47.6%

    34.7%

    8.2%

    Large

    11.1%

    Mid

    5.8%

    Small

    ×
    • 9.5 %
      S&P500 Emini Futures, 9/16/16
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    CREDIT RATING ALLOCATION Other
    ×
    • 5.0 %
      Toronto-Dominion Bank/The,VAR%Sr. Unsec. Unsub. Nts., 3/9/17
    COUNTRY Canada
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Other
    ×
    • 4.9 %
      Schwab US Dividend Equity ETF
    • Exists as exchange Traded Fund
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION Other
    ×
    • 0.9 %
      VEREIT, Inc.
    • Provides real estate investment services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION Unrated
    ×
    • 0.8 %
      JPMorgan Chase & Co., 7.90% Jr. Sub. Perpetual Bonds, Series 1
    • 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
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION BBB
    ×
    • 0.6 %
      Fortune Real Estate Investment
    • Operates as a real estate investment trust/REIT
      Source: FactSet
    COUNTRY Singapore
    REGION Asia Pacific
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.6 %
      Vicinity Centres
    • Operates as real estate investment trust
      Source: FactSet
    COUNTRY Australia
    REGION Asia Pacific
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.6 %
      First Republic Bank (San Fransisco)
    • Provides commercial banking services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION BBB
    ×
    • 0.5 %
      GMAC Capital Trust I
    • Acts as Open-End Investment Fund/Unit Trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION B
    ×
    • 0.5 %
      Mapletree Industrial Trust
    • Operates as a real estate investment trust
      Source: FactSet
    COUNTRY Singapore
    REGION Asia Pacific
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Ramco-Gershenson Properties Trust
    • Operates as a real estate investment trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Physicians Realty Trust
    • Operates as real estate investment trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Warehouses De Pauw SCA
    • Is real estate investment trust, which develops and invests in semi-industrial and logistics properties
      Source: FactSet
    COUNTRY Belgium
    REGION Europe
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Blackstone Mortgage Trust, Inc.
    • REIT/real estate investment trust
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      STAG Industrial, Inc.
    • Provides self-administered and self-managed full-service real estate services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Small
    CREDIT RATING ALLOCATION Other
    ×
    • 0.5 %
      Federal National Mortgage Assn., 3.50%, 9/1/43
    COUNTRY United States
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION Agency
    ×
    • 0.4 %
      Regions Financial Corp.
    • Operates as a bank holding company through its subsidiaries provide banking and financial services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Mid
    CREDIT RATING ALLOCATION BB
    ×
    • 0.4 %
      Discover Financial Services
    • Operates as a bank holding company
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Equity
    MARKET CAP Large
    CREDIT RATING ALLOCATION BB
    ×
    • 0.4 %
      Wells Fargo & Co., 7.98% Jr. Sub. Prptl Bonds, Series K
    • Provides commercial and retail banking services
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION BBB
    ×
    • 0.4 %
      BANK OF AMERICA CORP REGD V/R /PERP/ SER K
    • Bank holding company
      Source: FactSet
    COUNTRY United States
    REGION Americas
    ASSET CLASS Fixed Income
    CREDIT RATING ALLOCATION BB

    Management

    Mark Hamilton

    Managed Fund since 12/14

    Dokyoung Lee, CFA

    Managed Fund since 12/14

    Ben Rockmuller, CFA

    Managed Fund since 12/14

    Alessio de Longis, CFA

    Managed Fund since 4/15

    Investment Approach

    The Global Multi-Asset Income strategy invests in a globally diversified set of income generating assets, including traditional fixed income, income generating equities and real assets, and alternative income sources. The Fund seeks to produce a high level of current income without taking on an undue level of risk. For this strategy, the portfolio team targets a high level of yield efficiency, a measure of income relative to portfolio risk contribution. The Global Multi-Asset Group relies on its proprietary research to gauge the impact of changes in the macroeconomic backdrop, risk environment and valuations on prospective risks and returns across asset classes. Informed by these indicators, the GMAG team manages the portfolio’s allocation in order to maintain an attractive income to 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. Special Risks: Alternative asset classes may be volatile and are subject to liquidity risk. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Exchange traded notes (ETNs) whose returns are linked to the performance of an index and are subject to the risk of industry or sector concentrations. 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. Fixed income investing entails duration, credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future will cause the values of the Fund's investments to decline. Credit risk is the risk that the issuer of a security might not make interest and principal payments. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Below-investment-grade (“high yield” or "junk") bonds are subject to greater price fluctuations than investment grade securities, are more at risk of default and are subject to liquidity risk. Event-linked securities are fixed income securities, otherwise known as Cat Bonds, for which the return of principal and interest payment is contingent on the non-occurrence of a trigger event that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal and additional interest. Municipal bonds are subject to default on income and principal payments. Inflation-indexed debt securities are subject to the risks associated with investments in fixed income securities. Mortgage-related securities are subject to default risk, prepayment risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Small and 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 small-sized or mid-sized company, if any gain is realized at all. Investing in other investment companies is subject to risks of the underlying portfolio. Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk. Smaller real estate companies may also be subject to liquidity risk. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund’s investments in securities issued by MLPs are concentrated in the energy infrastructure industry which may be subject to increased volatility. Energy infrastructure companies are subject to risks specific to the industry or sector such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations. Additional management fees and other expenses are associated with investing in MLP funds.
    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. The dividend (or distribution) rate is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend rate 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 rate 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 distribution rates.
    5. 5. 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.
    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. If included in the credit rating breakdown table above, all securities except for those labeled "Treasury", "Agency" and "Unrated", and except for certain securities issued or guaranteed by a foreign sovereign, have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("S&P"). The credit rating table values may not total 100% due to rounding. For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. 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 issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned the Fund's S&P rating, which is currently AAA. Unrated securities do not necessarily indicate low credit quality. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.) Securities not rated by an NRSRO may or may not be equivalent of investment grade. Please consult the Fund's Prospectus for further information. Additional information can be found in the Fund's Statement of Additional Information.
    8. 8. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.
    9. A. There is no guarantee of the payment of any dividend or other distributions at any level.
    10. B. "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.
    11. 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.
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