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Emerging Markets Equity

Fund Focus: The Strategy typically invests in emerging and developing market stocks.
Special Notice:

As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus supplement for further information.

×
SUMMARY
DETAILED
Cumulative Total Returns

as of 12/31/15

Since Inception 11/18/96
719%
Performance & Distributions
×

Emerging Markets Equity

Gross Expense Ratio:
      1.31%
    Net Expense Ratio:   1.30%

    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

    Developing Markets Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 2/5/16
      1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD
    • B
    Developing Markets Fund 14.09 -19.36 82.30 -5.26 -5.73 -1.60 65.23 33.00 41.23 25.18 33.86 -48.03 81.73 26.99 -18.10 20.85 8.36 -4.81 -14.06 -8.26
    MSCI Emerging Markets Index 32.17 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92
    Capital Gains Distributions ($ per share)
    Data as of 2/6/16
      2011 2012 2013 2014 2015
    Short Term
    Long Term 0.1792 0.5977
    Total Amount of Distribution 0.1792 0.5977
    Record Date 12/5/13 12/4/14
    Ex Div Date 12/6/13 12/5/14
    Pay Date 12/9/13 12/5/14

    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 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 1/29/16

    as of 12/31/15

    • A
    YTD (as of 2/5/16)
    • B
    -8.26%
    1 Year -18.03%
    3 Year -6.68%
    5 Year -2.69%
    10 Year 4.29%
    Since Inception 11.22%
    YTD (as of 2/5/16)
    • B
    -8.26%
    1 Year -22.74%
    3 Year -8.50%
    5 Year -3.83%
    10 Year 3.67%
    Since Inception 10.88%
    YTD (as of 2/5/16)
    • B
    -8.26%
    1 Year -14.06%
    3 Year -3.94%
    5 Year -2.58%
    10 Year 5.84%
    Since Inception 11.62%
    YTD (as of 2/5/16)
    • B
    -8.26%
    1 Year -19.00%
    3 Year -5.82%
    5 Year -3.73%
    10 Year 5.21%
    Since Inception 11.28%
    Gross Expense Ratio
    1.31%
    Net Expense Ratio
    1.30%

    Share Price
    • C
    as of 2/5/16
    $27.89

    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 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 Stock Holdings By Issuers

    (47.6% of assets) as of 12/31/15

    Housing Development Finance C...
    4.6%
    Tencent Holdings Ltd.
    4.1%
    Alibaba Group Holding Ltd.
    3.7%
    Magnit PJSC
    3.1%
    Baidu, Inc.
    3.1%
    Infosys Ltd.
    2.9%
    JD.Com, Inc.
    2.9%
    Ctrip.com Intl ADR
    2.6%
    Taiwan Semiconductor Man
    2.3%
    Novatek OAO
    2.1%
    AIA Group Ltd.
    2.0%
    Grupo Financiero Banorte SAB
    1.9%
    Zee Entertainment Enterprises...
    1.8%
    Lojas Americanas SA PFD
    1.7%
    Sinopharm Group Co.
    1.6%
    New Oriental Education ADR
    1.6%
    DP World Ltd.
    1.5%
    Tata Consultancy Services Ltd...
    1.4%
    Prada S.p.A.
    1.4%
    Empresa Bras De Aeronautica
    1.3%
    ×
    • 4.6 %

      Housing Development Finance Corp.

    • Provides home loan services
      Source: FactSet
    COUNTRY India
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Thrifts & Mortgage Finance
    ×
    • 4.1 %

      Tencent Holdings Ltd.

    • Operates as an investment holding company which provides internet, mobile, and telecommunications value-added services
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 3.7 %

      Alibaba Group Holding Ltd.

    • Operates as an online and mobile commerce company
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 3.1 %

      Magnit PJSC

    • Owns and operates retail and convenience stores and hypermarkets
      Source: FactSet
    COUNTRY Russia
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Food & Staples Retailing
    ×
    • 3.1 %

      Baidu, Inc.

    • Operates an Internet search engine
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 2.9 %

      Infosys Ltd.

    • Offers technology consulting, application, system integration & engineering services
      Source: FactSet
    COUNTRY India
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY IT Services
    ×
    • 2.9 %

      JD.Com, Inc.

    • Provides online shopping services
      Source: FactSet
    COUNTRY China
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet & Catalog Retail
    ×
    • 2.6 %

      Ctrip.com Intl ADR

    • Operates a travel planning, hotel and air ticket reservations website
      Source: FactSet
    COUNTRY China
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet & Catalog Retail
    ×
    • 2.3 %

      Taiwan Semiconductor Man

    • Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components
      Source: FactSet
    COUNTRY Taiwan
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Semiconductors & Semiconductor Equipment
    ×
    • 2.1 %

      Novatek OAO

    • Explores, produces, and processes natural gas and liquid hydrocarbons
      Source: FactSet
    COUNTRY Russia
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.0 %

      AIA Group Ltd.

    • Provides general insurance services
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 1.9 %

      Grupo Financiero Banorte SAB

    • Provides commercial banking and security brokerage services
      Source: FactSet
    COUNTRY Mexico
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 1.8 %

      Zee Entertainment Enterprises Ltd.

    • Provides television, media and entertainment services
      Source: FactSet
    COUNTRY India
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Media
    ×
    • 1.7 %

      Lojas Americanas SA PFD

    • Operates traditional retail chain stores
      Source: FactSet
    COUNTRY Brazil
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Multiline Retail
    ×
    • 1.6 %

      Sinopharm Group Co.

    • Manufactures, distributes and retails pharmaceutical and healthcare products
      Source: FactSet
    COUNTRY China
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Health Care Providers & Services
    ×
    • 1.6 %

      New Oriental Education ADR

    • Provides private educational services
      Source: FactSet
    COUNTRY China
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Diversified Consumer Services
    ×
    • 1.5 %

      DP World Ltd.

    • Provides marine cargo handling services
      Source: FactSet
    COUNTRY United Arab Emirates
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Transportation Infrastructure
    ×
    • 1.4 %

      Tata Consultancy Services Ltd.

    • Operates as an information technology services, consulting and business solutions company
      Source: FactSet
    COUNTRY India
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY IT Services
    ×
    • 1.4 %

      Prada S.p.A.

    • Designs, manufactures, and markets clothing and accessories
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Textiles Apparel & Luxury Goods
    ×
    • 1.3 %

      Empresa Bras De Aeronautica

    • Manufactures and distributes passenger aircrafts
      Source: FactSet
    COUNTRY Brazil
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Aerospace & Defense

    Holdings Breakdown

    as of 12/31/15

    26.6%

    China

    16.6%

    India

    8.4%

    Hong Kong

    6.9%

    Russia

    6.9%

    Mexico

    6.6%

    Brazil

    3.1%

    Philippines

    No Top Stock Holdings By Issuers
    in
    Philippines
    2.7%

    United Kingdom

    No Top Stock Holdings By Issuers
    in
    United Kingdom
    2.3%

    Taiwan

    2.2%

    France

    No Top Stock Holdings By Issuers
    in
    France
    2.2%

    Colombia

    No Top Stock Holdings By Issuers
    in
    Colombia
    1.9%

    Indonesia

    No Top Stock Holdings By Issuers
    in
    Indonesia
    1.9%

    Malaysia

    No Top Stock Holdings By Issuers
    in
    Malaysia
    1.6%

    United States

    No Top Stock Holdings By Issuers
    in
    United States
    1.5%

    United Arab Emirates

    1.3%

    South Korea

    No Top Stock Holdings By Issuers
    in
    South Korea
    1.1%

    Turkey

    No Top Stock Holdings By Issuers
    in
    Turkey
    0.9%

    Nigeria

    No Top Stock Holdings By Issuers
    in
    Nigeria
    0.9%

    Thailand

    No Top Stock Holdings By Issuers
    in
    Thailand
    0.6%

    Egypt

    No Top Stock Holdings By Issuers
    in
    Egypt
    Developed Markets 5
    Emerging Markets 5
    9.0%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    4.9%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    1.6%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    54.4%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    15.7%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    7.0%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    2.6%

    Middle East

    No Top Stock Holdings By Issuers
    in
    Middle East
    1.5%

    Africa

    No Top Stock Holdings By Issuers
    in
    Africa
    25.0%

    Financials

    23.3%

    Consumer Discretionary

    19.4%

    Information Technology

    11.9%

    Consumer Staples

    5.9%

    Industrials

    5.7%

    Health Care

    2.7%

    Materials

    No Top Stock Holdings By Issuers
    in
    Materials
    2.1%

    Energy

    0.8%

    Telecommunication Services

    No Top Stock Holdings By Issuers
    in
    Telecommunication Services
    12.8%

    Internet Software & Services

    6.6%

    Insurance

    6.6%

    Banks

    5.8%

    Hotels Restaurants & Leisure

    No Top Stock Holdings By Issuers
    in
    Hotels Restaurants & Leisure
    5.6%

    Food & Staples Retailing

    5.4%

    Internet & Catalog Retail

    4.6%

    Thrifts & Mortgage Finance

    4.5%

    Beverages

    No Top Stock Holdings By Issuers
    in
    Beverages
    4.3%

    IT Services

    3.7%

    Diversified Financial Services

    No Top Stock Holdings By Issuers
    in
    Diversified Financial Services
    3.6%

    Textiles Apparel & Luxury Goods

    3.5%

    Real Estate Management & Development

    No Top Stock Holdings By Issuers
    in
    Real Estate Management & Development
    3.1%

    Diversified Consumer Services

    2.9%

    Pharmaceuticals

    No Top Stock Holdings By Issuers
    in
    Pharmaceuticals
    2.9%

    Media

    2.7%

    Health Care Providers & Services

    2.3%

    Industrial Conglomerates

    No Top Stock Holdings By Issuers
    in
    Industrial Conglomerates
    2.3%

    Semiconductors & Semiconductor Equipment

    2.3%

    Transportation Infrastructure

    2.1%

    Oil Gas & Consumable Fuels

    96.8%

    3.2%

    No Top Stock Holdings By Issuers
    in
    Net Cash and Equivalents
    91.7%

    Large

    8.0%

    Mid

    No Top Stock Holdings By Issuers
    in
    Mid
    0.3%

    Small

    No Top Stock Holdings By Issuers
    in
    Small

    Morningstar
    • D

    as of 12/31/15

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 578
    Category Diversified Emerging Mkts

    Risk Measurements

    as of 12/31/15

    Alpha 2.78%
    Beta 0.96
    R-Squared
    86.59
    Sharpe Ratio
    -0.20
    Standard Deviation
    14.7%

    Equity Style
    • E

    Total Assets (all classes)
    as of 12/31/15
    $28.5 BN

    Morningstar Analyst Rating

    as of 10/6/15

    Silver

    Portfolio Statistics

    as of 12/31/15

    Avg Market Cap (weighted) 38.9 BN
    Median Market Cap (weighted) 16.9 BN
    P/E (next 12 months) 17.43
    Price/Book Value (LTM) 2.79
    Turnover Ratio
    36.0%

    Investment Minimums

    Initial
    $1,000

    Dividends ($ per share)
    • F

    Est Frequency Annual
    Last Pay Date 12/2/15
    Per Share ($) 0.1294
    12-Month Distribution ($) 0.1294

    Distribution Sources

    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%

    Top 20 Stock Holdings By Issuers

    (47.6% of assets) as of 12/31/15

    Housing Develop...
    4.6%
    Tencent Holding...
    4.1%
    Alibaba Group H...
    3.7%
    Magnit PJSC
    3.1%
    Baidu, Inc.
    3.1%
    Infosys Ltd.
    2.9%
    JD.Com, Inc.
    2.9%
    Ctrip.com Intl ...
    2.6%
    Taiwan Semicond...
    2.3%
    Novatek OAO
    2.1%
    AIA Group Ltd.
    2.0%
    Grupo Financier...
    1.9%
    Zee Entertainme...
    1.8%
    Lojas Americana...
    1.7%
    Sinopharm Group...
    1.6%
    New Oriental Ed...
    1.6%
    DP World Ltd.
    1.5%
    Tata Consultanc...
    1.4%
    Prada S.p.A.
    1.4%
    Empresa Bras De...
    1.3%

    Holdings Breakdown

    as of 12/31/15

    Reset
    26.6%

    China

    16.6%

    India

    8.4%

    Hong Kong

    6.9%

    Russia

    6.9%

    Mexico

    6.6%

    Brazil

    3.1%

    Philippines

    No Top Stock Holdings By Issuers
    in
    Philippines
    2.7%

    United Kingdom

    No Top Stock Holdings By Issuers
    in
    United Kingdom
    2.3%

    Taiwan

    2.2%

    France

    No Top Stock Holdings By Issuers
    in
    France
    2.2%

    Colombia

    No Top Stock Holdings By Issuers
    in
    Colombia
    1.9%

    Indonesia

    No Top Stock Holdings By Issuers
    in
    Indonesia
    1.9%

    Malaysia

    No Top Stock Holdings By Issuers
    in
    Malaysia
    1.6%

    United States

    No Top Stock Holdings By Issuers
    in
    United States
    1.5%

    United Arab Emirates

    1.3%

    South Korea

    No Top Stock Holdings By Issuers
    in
    South Korea
    1.1%

    Turkey

    No Top Stock Holdings By Issuers
    in
    Turkey
    0.9%

    Nigeria

    No Top Stock Holdings By Issuers
    in
    Nigeria
    0.9%

    Thailand

    No Top Stock Holdings By Issuers
    in
    Thailand
    0.6%

    Egypt

    No Top Stock Holdings By Issuers
    in
    Egypt
    9.0%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    4.9%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    1.6%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    54.4%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    15.7%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    7.0%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    2.6%

    Middle East

    No Top Stock Holdings By Issuers
    in
    Middle East
    1.5%

    Africa

    No Top Stock Holdings By Issuers
    in
    Africa
    25.0%

    Financials

    23.3%

    Consumer Discretionary

    19.4%

    Information Technology

    11.9%

    Consumer Staples

    5.9%

    Industrials

    5.7%

    Health Care

    2.7%

    Materials

    No Top Stock Holdings By Issuers
    in
    Materials
    2.1%

    Energy

    0.8%

    Telecommunication Services

    No Top Stock Holdings By Issuers
    in
    Telecommunication Services
    12.8%

    Internet Software & Services

    6.6%

    Insurance

    6.6%

    Banks

    5.8%

    Hotels Restaurants & Leisure

    No Top Stock Holdings By Issuers
    in
    Hotels Restaurants & Leisure
    5.6%

    Food & Staples Retailing

    5.4%

    Internet & Catalog Retail

    4.6%

    Thrifts & Mortgage Finance

    4.5%

    Beverages

    No Top Stock Holdings By Issuers
    in
    Beverages
    4.3%

    IT Services

    3.7%

    Diversified Financial Services

    No Top Stock Holdings By Issuers
    in
    Diversified Financial Services
    3.6%

    Textiles Apparel & Luxury Goods

    3.5%

    Real Estate Management & Development

    No Top Stock Holdings By Issuers
    in
    Real Estate Management & Development
    3.1%

    Diversified Consumer Services

    2.9%

    Pharmaceuticals

    No Top Stock Holdings By Issuers
    in
    Pharmaceuticals
    2.9%

    Media

    2.7%

    Health Care Providers & Services

    2.3%

    Industrial Conglomerates

    No Top Stock Holdings By Issuers
    in
    Industrial Conglomerates
    2.3%

    Semiconductors & Semiconductor Equipment

    2.3%

    Transportation Infrastructure

    2.1%

    Oil Gas & Consumable Fuels

    96.8%

    3.2%

    No Top Stock Holdings By Issuers
    in
    Net Cash and Equivalents
    91.7%

    Large

    8.0%

    Mid

    No Top Stock Holdings By Issuers
    in
    Mid
    0.3%

    Small

    No Top Stock Holdings By Issuers
    in
    Small
    ×
    • 4.6 %

      Housing Development Finance Corp.

    • Provides home loan services
      Source: FactSet
    COUNTRY India
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Thrifts & Mortgage Finance
    ×
    • 4.1 %

      Tencent Holdings Ltd.

    • Operates as an investment holding company which provides internet, mobile, and telecommunications value-added services
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 3.7 %

      Alibaba Group Holding Ltd.

    • Operates as an online and mobile commerce company
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 3.1 %

      Magnit PJSC

    • Owns and operates retail and convenience stores and hypermarkets
      Source: FactSet
    COUNTRY Russia
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Food & Staples Retailing
    ×
    • 3.1 %

      Baidu, Inc.

    • Operates an Internet search engine
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 2.9 %

      Infosys Ltd.

    • Offers technology consulting, application, system integration & engineering services
      Source: FactSet
    COUNTRY India
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY IT Services
    ×
    • 2.9 %

      JD.Com, Inc.

    • Provides online shopping services
      Source: FactSet
    COUNTRY China
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet & Catalog Retail
    ×
    • 2.6 %

      Ctrip.com Intl ADR

    • Operates a travel planning, hotel and air ticket reservations website
      Source: FactSet
    COUNTRY China
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet & Catalog Retail
    ×
    • 2.3 %

      Taiwan Semiconductor Man

    • Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components
      Source: FactSet
    COUNTRY Taiwan
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Semiconductors & Semiconductor Equipment
    ×
    • 2.1 %

      Novatek OAO

    • Explores, produces, and processes natural gas and liquid hydrocarbons
      Source: FactSet
    COUNTRY Russia
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 2.0 %

      AIA Group Ltd.

    • Provides general insurance services
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 1.9 %

      Grupo Financiero Banorte SAB

    • Provides commercial banking and security brokerage services
      Source: FactSet
    COUNTRY Mexico
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 1.8 %

      Zee Entertainment Enterprises Ltd.

    • Provides television, media and entertainment services
      Source: FactSet
    COUNTRY India
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Media
    ×
    • 1.7 %

      Lojas Americanas SA PFD

    • Operates traditional retail chain stores
      Source: FactSet
    COUNTRY Brazil
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Multiline Retail
    ×
    • 1.6 %

      Sinopharm Group Co.

    • Manufactures, distributes and retails pharmaceutical and healthcare products
      Source: FactSet
    COUNTRY China
    SECTOR Health Care
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Health Care Providers & Services
    ×
    • 1.6 %

      New Oriental Education ADR

    • Provides private educational services
      Source: FactSet
    COUNTRY China
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Diversified Consumer Services
    ×
    • 1.5 %

      DP World Ltd.

    • Provides marine cargo handling services
      Source: FactSet
    COUNTRY United Arab Emirates
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Transportation Infrastructure
    ×
    • 1.4 %

      Tata Consultancy Services Ltd.

    • Operates as an information technology services, consulting and business solutions company
      Source: FactSet
    COUNTRY India
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY IT Services
    ×
    • 1.4 %

      Prada S.p.A.

    • Designs, manufactures, and markets clothing and accessories
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Textiles Apparel & Luxury Goods
    ×
    • 1.3 %

      Empresa Bras De Aeronautica

    • Manufactures and distributes passenger aircrafts
      Source: FactSet
    COUNTRY Brazil
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Aerospace & Defense

    Management

    Justin Leverenz, CFA

    Managed Fund since 5/07

    John Paul Lech

    Managed Fund since 9/15

    Investment Approach

    The portfolio managers invest in emerging market businesses that appear likely to grow at a faster pace than world GDP and may benefit from distinctive structural global growth themes that we call “Big Ideas”. Within this framework, the portfolio managers rely on fundamental analysis to search for exceptional businesses with sustainable competitive advantages, strong management and high return on 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 Commodity team monitors and manages risk at the commodity, sector and strategy levels. 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

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    Tools

    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. Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be 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. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk.
    2. 2. As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus supplement for further information.
    3. 3. 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.
    4. 4. Access index definitions.
    5. 5. 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.
    6. 6. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.
    7. 7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. D. Class A shares rated 4 stars overall by Morningstar among  578  Diversified Emerging Mkts funds for the 3-, 5-, and 10 year period ended 12/31/15 based on risk-adjusted performance.
    12. E. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    13. F. There is no guarantee of the payment of any dividend or other distributions at any level.
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