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Emerging Markets Equity

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 for further information.

×
Summary
Detailed
Cumulative Total Returns

as of 7/31/16

Since Inception 11/18/96
777%
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 8/29/16
      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 10.43
    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 8/30/16
      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 7/29/16

    as of 6/30/16

    • A
    YTD (as of 8/29/16)
    • B
    10.43%
    1 Year -2.81%
    3 Year -1.51%
    5 Year -0.67%
    10 Year 6.47%
    Since Inception 11.65%
    YTD (as of 8/29/16)
    • B
    10.43%
    1 Year -8.40%
    3 Year -3.43%
    5 Year -1.84%
    10 Year 5.84%
    Since Inception 11.32%
    YTD (as of 8/29/16)
    • B
    10.43%
    1 Year -10.36%
    3 Year -1.47%
    5 Year -1.59%
    10 Year 6.20%
    Since Inception 11.52%
    YTD (as of 8/29/16)
    • B
    10.43%
    1 Year -15.52%
    3 Year -3.40%
    5 Year -2.75%
    10 Year 5.57%
    Since Inception 11.18%
    Gross Expense Ratio
    1.31%
    Net Expense Ratio
    1.30%
    Share Price
    • C
    as of 8/29/16
    $33.57

    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

    (49.8% of assets) as of 7/31/16

    Tencent Holdings Ltd.
    5.3%
    Housing Development Finance C...
    4.8%
    Alibaba Group Holding Ltd.
    4.0%
    Taiwan Semiconductor Manufact...
    3.7%
    Baidu, Inc.
    3.4%
    Magnit PJSC
    3.1%
    Infosys Ltd.
    2.4%
    AIA Group Ltd.
    2.4%
    Lojas Americanas SA PFD
    2.3%
    Novatek OAO
    2.2%
    Ctrip.com Intl ADR
    2.2%
    Sinopharm Group Co.
    1.7%
    New Oriental Education ADR
    1.7%
    BM&FBovespa SA
    1.7%
    Zee Entertainment Enterprises...
    1.7%
    Sberbank
    1.6%
    LVMH Moet Hennessy Louis Vuit...
    1.5%
    Genting BHD
    1.5%
    Old Mutual plc
    1.3%
    Prada S.p.A.
    1.3%
    ×
    • 5.3 %
      Tencent Holdings Ltd.
    • Operates investment holding company with interest in internet, mobile, and telecommunications value-added services
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 4.8 %
      Housing Development Finance Corp.
    • Provides mortgage services
      Source: FactSet
    COUNTRY India
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Thrifts & Mortgage Finance
    ×
    • 4.0 %
      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
    ×
    • 3.7 %
      Taiwan Semiconductor Manufacturing
    • 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
    ×
    • 3.4 %
      Baidu, Inc.
    • Operates an Internet search engine
      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
    ×
    • 2.4 %
      Infosys Ltd.
    • Provides technology consulting, application, system integration and engineering services
      Source: FactSet
    COUNTRY India
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY IT Services
    ×
    • 2.4 %
      AIA Group Ltd.
    • Provides general insurance services
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 2.3 %
      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
    ×
    • 2.2 %
      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
    ×
    • 2.2 %
      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
    ×
    • 1.7 %
      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
    ×
    • 1.7 %
      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
    ×
    • 1.7 %
      BM&FBovespa SA
    • Provides security analysis and portfolio management
      Source: FactSet
    COUNTRY Brazil
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Diversified Financial Services
    ×
    • 1.7 %
      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
    ×
    • 1.6 %
      Sberbank
    • Provides commercial banking and financial services
      Source: FactSet
    COUNTRY Russia
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
    ×
    • 1.5 %
      LVMH Moet Hennessy Louis Vuitton
    • Operates as a holding company with interests in manufacturing beverages and other luxury goods
      Source: FactSet
    COUNTRY France
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Textiles Apparel & Luxury Goods
    ×
    • 1.5 %
      Genting BHD
    • Operates as an investment and management holding company with its subsidiaries operating in the leisure, hospitality, gambling, plantation, and property sectors
      Source: FactSet
    COUNTRY Malaysia
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Hotels Restaurants & Leisure
    ×
    • 1.3 %
      Old Mutual plc
    • Provides life assurance, asset management and banking services
      Source: FactSet
    COUNTRY United Kingdom
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 1.3 %
      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
    Holdings Breakdown

    as of 7/31/16

    24.7%

    China

    14.6%

    India

    7.9%

    Russia

    7.4%

    Brazil

    7.1%

    Hong Kong

    4.1%

    Mexico

    No Top Stock Holdings By Issuers
    in
    Mexico
    3.7%

    Taiwan

    3.4%

    Philippines

    No Top Stock Holdings By Issuers
    in
    Philippines
    2.9%

    United Kingdom

    2.6%

    France

    2.1%

    Malaysia

    1.9%

    United States

    No Top Stock Holdings By Issuers
    in
    United States
    1.8%

    Japan

    No Top Stock Holdings By Issuers
    in
    Japan
    1.8%

    Colombia

    No Top Stock Holdings By Issuers
    in
    Colombia
    1.7%

    Indonesia

    No Top Stock Holdings By Issuers
    in
    Indonesia
    1.2%

    United Arab Emirates

    No Top Stock Holdings By Issuers
    in
    United Arab Emirates
    1.1%

    Turkey

    No Top Stock Holdings By Issuers
    in
    Turkey
    1.1%

    South Korea

    No Top Stock Holdings By Issuers
    in
    South Korea
    0.7%

    Poland

    No Top Stock Holdings By Issuers
    in
    Poland
    0.7%

    Thailand

    No Top Stock Holdings By Issuers
    in
    Thailand
    Developed Markets 5
    Emerging Markets 5
    9.5%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    6.0%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    1.9%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    51.9%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    13.3%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    9.8%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    1.2%

    Middle East

    No Top Stock Holdings By Issuers
    in
    Middle East
    1.2%

    Africa

    No Top Stock Holdings By Issuers
    in
    Africa
    23.0%

    Financials

    22.8%

    Information Technology

    21.3%

    Consumer Discretionary

    12.2%

    Consumer Staples

    5.1%

    Industrials

    No Top Stock Holdings By Issuers
    in
    Industrials
    4.9%

    Health Care

    3.1%

    Materials

    No Top Stock Holdings By Issuers
    in
    Materials
    2.2%

    Energy

    14.1%

    Internet Software & Services

    6.0%

    Banks

    5.5%

    Beverages

    No Top Stock Holdings By Issuers
    in
    Beverages
    5.4%

    Hotels Restaurants & Leisure

    5.1%

    Insurance

    4.8%

    Thrifts & Mortgage Finance

    4.6%

    Food & Staples Retailing

    4.4%

    Diversified Financial Services

    4.4%

    Textiles Apparel & Luxury Goods

    4.0%

    IT Services

    3.7%

    Semiconductors & Semiconductor Equipment

    3.1%

    Diversified Consumer Services

    2.6%

    Real Estate Management & Development

    No Top Stock Holdings By Issuers
    in
    Real Estate Management & Development
    2.6%

    Health Care Providers & Services

    2.5%

    Industrial Conglomerates

    No Top Stock Holdings By Issuers
    in
    Industrial Conglomerates
    2.3%

    Multiline Retail

    2.3%

    Pharmaceuticals

    No Top Stock Holdings By Issuers
    in
    Pharmaceuticals
    2.2%

    Oil Gas & Consumable Fuels

    2.2%

    Internet & Catalog Retail

    2.0%

    Media

    94.7%

    5.3%

    No Top Stock Holdings By Issuers
    in
    Net Cash and Equivalents
    93.1%

    Large

    6.6%

    Mid

    No Top Stock Holdings By Issuers
    in
    Mid
    Morningstar
    • D

    as of 7/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 596
    Category Diversified Emerging Mkts
    Risk Measurements

    as of 7/31/16

    Alpha -1.24%
    Beta 0.90
    R-Squared
    88.23
    Sharpe Ratio
    -0.02
    Standard Deviation
    16.0%
    Equity Style
    • E
    Total Assets (all classes)
    as of 7/31/16
    $29.4 BN
    Morningstar Analyst Rating

    as of 10/6/15

    Silver
    Portfolio Statistics

    as of 7/31/16

    Avg Market Cap (weighted) 48.9 BN
    Median Market Cap (weighted) 23.2 BN
    P/E (next 12 months) 18.66
    Price/Book Value (LTM) 2.94
    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

    (49.8% of assets) as of 7/31/16

    Tencent Holding...
    5.3%
    Housing Develop...
    4.8%
    Alibaba Group H...
    4.0%
    Taiwan Semicond...
    3.7%
    Baidu, Inc.
    3.4%
    Magnit PJSC
    3.1%
    Infosys Ltd.
    2.4%
    AIA Group Ltd.
    2.4%
    Lojas Americana...
    2.3%
    Novatek OAO
    2.2%
    Ctrip.com Intl ...
    2.2%
    Sinopharm Group...
    1.7%
    New Oriental Ed...
    1.7%
    BM&FBovespa SA
    1.7%
    Zee Entertainme...
    1.7%
    Sberbank
    1.6%
    LVMH Moet Henne...
    1.5%
    Genting BHD
    1.5%
    Old Mutual plc
    1.3%
    Prada S.p.A.
    1.3%
    Holdings Breakdown

    as of 7/31/16

    Reset
    24.7%

    China

    14.6%

    India

    7.9%

    Russia

    7.4%

    Brazil

    7.1%

    Hong Kong

    4.1%

    Mexico

    No Top Stock Holdings By Issuers
    in
    Mexico
    3.7%

    Taiwan

    3.4%

    Philippines

    No Top Stock Holdings By Issuers
    in
    Philippines
    2.9%

    United Kingdom

    2.6%

    France

    2.1%

    Malaysia

    1.9%

    United States

    No Top Stock Holdings By Issuers
    in
    United States
    1.8%

    Japan

    No Top Stock Holdings By Issuers
    in
    Japan
    1.8%

    Colombia

    No Top Stock Holdings By Issuers
    in
    Colombia
    1.7%

    Indonesia

    No Top Stock Holdings By Issuers
    in
    Indonesia
    1.2%

    United Arab Emirates

    No Top Stock Holdings By Issuers
    in
    United Arab Emirates
    1.1%

    Turkey

    No Top Stock Holdings By Issuers
    in
    Turkey
    1.1%

    South Korea

    No Top Stock Holdings By Issuers
    in
    South Korea
    0.7%

    Poland

    No Top Stock Holdings By Issuers
    in
    Poland
    0.7%

    Thailand

    No Top Stock Holdings By Issuers
    in
    Thailand
    9.5%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    6.0%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    1.9%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    51.9%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    13.3%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    9.8%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    1.2%

    Middle East

    No Top Stock Holdings By Issuers
    in
    Middle East
    1.2%

    Africa

    No Top Stock Holdings By Issuers
    in
    Africa
    23.0%

    Financials

    22.8%

    Information Technology

    21.3%

    Consumer Discretionary

    12.2%

    Consumer Staples

    5.1%

    Industrials

    No Top Stock Holdings By Issuers
    in
    Industrials
    4.9%

    Health Care

    3.1%

    Materials

    No Top Stock Holdings By Issuers
    in
    Materials
    2.2%

    Energy

    14.1%

    Internet Software & Services

    6.0%

    Banks

    5.5%

    Beverages

    No Top Stock Holdings By Issuers
    in
    Beverages
    5.4%

    Hotels Restaurants & Leisure

    5.1%

    Insurance

    4.8%

    Thrifts & Mortgage Finance

    4.6%

    Food & Staples Retailing

    4.4%

    Diversified Financial Services

    4.4%

    Textiles Apparel & Luxury Goods

    4.0%

    IT Services

    3.7%

    Semiconductors & Semiconductor Equipment

    3.1%

    Diversified Consumer Services

    2.6%

    Real Estate Management & Development

    No Top Stock Holdings By Issuers
    in
    Real Estate Management & Development
    2.6%

    Health Care Providers & Services

    2.5%

    Industrial Conglomerates

    No Top Stock Holdings By Issuers
    in
    Industrial Conglomerates
    2.3%

    Multiline Retail

    2.3%

    Pharmaceuticals

    No Top Stock Holdings By Issuers
    in
    Pharmaceuticals
    2.2%

    Oil Gas & Consumable Fuels

    2.2%

    Internet & Catalog Retail

    2.0%

    Media

    94.7%

    5.3%

    No Top Stock Holdings By Issuers
    in
    Net Cash and Equivalents
    93.1%

    Large

    6.6%

    Mid

    No Top Stock Holdings By Issuers
    in
    Mid
    ×
    • 5.3 %
      Tencent Holdings Ltd.
    • Operates investment holding company with interest in internet, mobile, and telecommunications value-added services
      Source: FactSet
    COUNTRY China
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Internet Software & Services
    ×
    • 4.8 %
      Housing Development Finance Corp.
    • Provides mortgage services
      Source: FactSet
    COUNTRY India
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Thrifts & Mortgage Finance
    ×
    • 4.0 %
      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
    ×
    • 3.7 %
      Taiwan Semiconductor Manufacturing
    • 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
    ×
    • 3.4 %
      Baidu, Inc.
    • Operates an Internet search engine
      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
    ×
    • 2.4 %
      Infosys Ltd.
    • Provides technology consulting, application, system integration and engineering services
      Source: FactSet
    COUNTRY India
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY IT Services
    ×
    • 2.4 %
      AIA Group Ltd.
    • Provides general insurance services
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 2.3 %
      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
    ×
    • 2.2 %
      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
    ×
    • 2.2 %
      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
    ×
    • 1.7 %
      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
    ×
    • 1.7 %
      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
    ×
    • 1.7 %
      BM&FBovespa SA
    • Provides security analysis and portfolio management
      Source: FactSet
    COUNTRY Brazil
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Diversified Financial Services
    ×
    • 1.7 %
      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
    ×
    • 1.6 %
      Sberbank
    • Provides commercial banking and financial services
      Source: FactSet
    COUNTRY Russia
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Banks
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    • 1.5 %
      LVMH Moet Hennessy Louis Vuitton
    • Operates as a holding company with interests in manufacturing beverages and other luxury goods
      Source: FactSet
    COUNTRY France
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Textiles Apparel & Luxury Goods
    ×
    • 1.5 %
      Genting BHD
    • Operates as an investment and management holding company with its subsidiaries operating in the leisure, hospitality, gambling, plantation, and property sectors
      Source: FactSet
    COUNTRY Malaysia
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Hotels Restaurants & Leisure
    ×
    • 1.3 %
      Old Mutual plc
    • Provides life assurance, asset management and banking services
      Source: FactSet
    COUNTRY United Kingdom
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Insurance
    ×
    • 1.3 %
      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

    Management

    Justin Leverenz, CFA

    Managed Fund since 5/07

    John Paul Lech

    Managed Fund since 9/15

    Investment Approach

    The investment team uses a bottom-up fundamental investment approach to identify exceptional businesses with durable earnings growth, sustainable competitive advantages, strong management and high return on capital. The team employs a contrarian approach to investing that exploits the sustainability of growth that the market fails to recognize. The portfolio construction process incorporates quantitative and qualitative assessments, but maintains a focus on companies not countries. The result is a high-conviction, diversified, low turnover portfolio where sector and country exposures are a byproduct of stock selection.

    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

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    Tools

    1. 1. As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.
    2. 2. 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.
    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  596  Diversified Emerging Mkts funds for the 3-, 5-, and 10 year period ended 7/31/16 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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