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PERFORMANCE





Oppenheimer Investment Management LLC (“OIM”) is a federally registered investment adviser. OIM is a wholly owned subsidiary of Oppenheimer Asset Management Inc., a federally registered investment adviser and an affiliate of Oppenheimer & Co. Inc., a federally registered investment adviser and broker-dealer. Oppenheimer Investment Management LLC claims compliance with the Global Investment Performance Standards (GIPS®). Contact Cyndi Collins at (317) 843-3607, Email cyndi.collins@opco.com for a full disclosure presentation that complies with the requirements of the Global Investment Performance Standards (GIPS®) adopted by the CFA Institute (formerly known as The Association for Investment Management and Research or AIMR) and for a list and description of all composites maintained by OIM.

The OIM Core Fixed Income Composite was created July 1, 2005. All performance shown prior to the third quarter, 2005 is that of the Core Fixed Income composite that was managed by OIM's Fixed Income portfolio team at its prior firm during the period shown using the same investment strategy that the team currently uses in managing Core fixed income accounts at OIM. The performance shown prior to the third quarter 2005 was calculated on the basis of records obtained from such prior firm, which are deemed reliable by OIM. The information sets forth both the total return of the composite managed at OIM and the composite at the prior firm. Performance is expressed in U.S. dollars. Performance information shown for the composite is presented gross and net of actual investment management fees. Returns have been reduced by transaction costs and include the reinvestment of all income. For performance information prior to the third quarter 2005, the net returns reflect the deduction of actual fees charged at the prior firm. Past performance of the composite managed at the prior firm does not necessarily indicate how the OIM Core Fixed Income Composite will perform in the future. The performance information gives some indication of the risks of an investment in the OIM Core Fixed Income Composite, which are similar to the risks of an investment in the composite managed at the prior firm. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding the policies for calculating and reporting returns is available upon request. Please see OIM's Form ADV-Part 2A for a description of advisory fees and other detailed information.

The Core Fixed Income Composite consists of fully discretionary fixed income portfolios investing primarily in investment-grade corporate bonds, mortgage backed and other structured securities, U.S. government securities, taxable municipal bonds and non-investment grade bonds. The composite is measured against the Barclays Capital U.S. Aggregate Index.


The Barclays Capital U.S. Aggregate Index covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBS sectors. The U.S. Aggregate Index is a component of the U.S. Universal Index in its entirety. The index was created in 1986 with index history backfilled to January 1, 1976. All issues in the Aggregate Index are rated Baa3/BBB-/BBB- or higher (using the middle rating of Moody's, S&P, and Fitch, respectively) and have at least one year to maturity and have an outstanding par value of at least $250 million. An index is unmanaged and is not available for direct investment.

 




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