International Equity

The Strategy typically invests in international stocks that the portfolio manager believes are undervalued.
Cumulative Total Returns

as of 3/31/17

Since Inception 7/2/90
419%
Performance & Distributions
×

International Equity

Gross Expense Ratio:
      1.34%
    Net Expense Ratio:   1.33%

    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

    International Equity Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 4/25/17
      1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • B
    International Equity Fund 15.84 1.79 25.42 3.41 20.74 16.29 14.61 12.31 24.99 2.21 -14.06 -17.71 35.21 14.1 13.52 25.38 -0.08 -47.81 48.81 13.51 -22.94 22.95 30.29 -10.26 -0.96 1.9 13.14
    MSCI AC World ex USA -19.73 -14.95 40.83 20.91 16.62 26.65 16.65 -45.53 41.45 11.15 -13.71 16.83 15.29 -3.87 -5.66 4.50

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 3/31/17

    as of 3/31/17

    • A
    YTD (as of 4/25/17)
    • B
    13.14%
    1 Year 10.05%
    3 Year 1.23%
    5 Year 7.38%
    10 Year 0.39%
    Since Inception 6.35%
    YTD (as of 4/25/17)
    • B
    13.14%
    1 Year 3.72%
    3 Year -0.75%
    5 Year 6.11%
    10 Year -0.20%
    Since Inception 6.11%
    YTD (as of 4/25/17)
    • B
    13.14%
    1 Year 10.05%
    3 Year 1.23%
    5 Year 7.38%
    10 Year 0.39%
    Since Inception 6.35%
    YTD (as of 4/25/17)
    • B
    13.14%
    1 Year 3.72%
    3 Year -0.75%
    5 Year 6.11%
    10 Year -0.20%
    Since Inception 6.11%
    Gross Expense Ratio
    1.34%
    Net Expense Ratio
    1.33%
    NAV
    • C
    as of 4/25/17
    $19.29

    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.

    Top Issuers

    03/31/17

    SAP SE
    3.3%
    Sony Corp.
    3.1%
    Recruit Holdings Co. Ltd.
    3.0%
    Bridgestone Corp.
    2.8%
    Vinci SA
    2.6%
    Pernod Ricard SA
    2.6%
    Airbus Group SE
    2.5%
    ING Group N.V.
    2.3%
    Linde AG
    2.2%
    Nestle SA
    2.2%
    UBS Group AG
    2.2%
    Nippon Telegraph & Telephone
    1.9%
    Prudential plc
    1.9%
    Alibaba Group Holding Ltd.
    1.9%
    Akzo Nobel NV
    1.9%
    Schneider Electric S.A.
    1.9%
    Total SA
    1.8%
    Christian Dior SE
    1.8%
    Kering
    1.8%
    Dufry Group-Reg
    1.7%
    ×
    • 3.3%
      SAP SE
    • Provides e-business software solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 3.1%
      Sony Corp.
    • Engages in the development, design, manufacture and sale of electronic equipment, consumer & industrial electronics, game consoles & related software and others
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Household Durables
    MARKET CAP Large
    ×
    • 3.0%
      Recruit Holdings Co. Ltd.
    • Engages in the business of recruitment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    MARKET CAP Large
    ×
    • 2.8%
      Bridgestone Corp.
    • Manufactures and sells automobile tires and sporting goods
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Auto Components
    MARKET CAP Large
    ×
    • 2.6%
      Vinci SA
    • Engages in integrated construction and concession operations
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    INDUSTRY Construction & Engineering
    MARKET CAP Large
    ×
    • 2.6%
      Pernod Ricard SA
    • Produces wines, spirits, and non-alcoholic beverages
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Staples
    INDUSTRY Beverages
    MARKET CAP Large
    ×
    • 2.5%
      Airbus Group SE
    • Manufactures aerospace and defense equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Large
    ×
    • 2.3%
      ING Group N.V.
    • Provides banking, insurance and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Netherlands
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.2%
      Linde AG
    • Provides medical gas processing and distribution and general engineering services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Large
    ×
    • 2.2%
      Nestle SA
    • Offers chocolates, frozen food, ice creams, dairy products and pet food
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Large
    ×
    • 2.2%
      UBS Group AG
    • Operates as a holding company, which engages in the provision of wealth management, investment banking, retail and commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.9%
      Nippon Telegraph & Telephone
    • Operates as a holding company which interests in wired and wireless telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    MARKET CAP Large
    ×
    • 1.9%
      Prudential plc
    • Operates as a holding company with interest in providing insurance and financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 1.9%
      Alibaba Group Holding Ltd.
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 1.9%
      Akzo Nobel NV
    • Manufactures and sells decorative paints, performance coatings, and specialty chemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Netherlands
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Large
    ×
    • 1.9%
      Schneider Electric S.A.
    • Manufactures electrical distribution and industrial engineering equipment including semiconductor products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    INDUSTRY Electrical Equipment
    MARKET CAP Large
    ×
    • 1.8%
      Total SA
    • Explores, develops, produces and markets oil and gas products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 1.8%
      Christian Dior SE
    • Engages in production and distribution of apparels and accessories
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Large
    ×
    • 1.8%
      Kering
    • Operates luxury goods retail stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Large
    ×
    • 1.7%
      Dufry Group-Reg
    • Operates retail stores in airports
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Large
    Holdings Breakdown

    as of 03/31/17

    22.9%

    Japan

    20.0%

    France

    9.5%

    Germany

    7.0%

    Switzerland

    6.5%

    China

    5.8%

    Netherlands

    5.2%

    United Kingdom

    4.3%

    South Korea

    No Issuer Equity
    in
    South Korea
    3.9%

    Hong Kong

    No Issuer Equity
    in
    Hong Kong
    3.3%

    Australia

    No Issuer Equity
    in
    Australia
    2.2%

    United States

    No Issuer Equity
    in
    United States
    2.2%

    Sweden

    No Issuer Equity
    in
    Sweden
    1.8%

    India

    No Issuer Equity
    in
    India
    1.7%

    Canada

    No Issuer Equity
    in
    Canada
    1.6%

    New Zealand

    No Issuer Equity
    in
    New Zealand
    Developed Markets 6
    Emerging Markets 6
    49.6%

    Europe

    No Issuer Equity
    in
    Europe
    31.8%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    3.9%

    Americas

    No Issuer Equity
    in
    Americas
    12.5%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    21.6%

    Consumer Discretionary

    20.0%

    Industrials

    16.2%

    Financials

    10.9%

    Information Technology

    10.0%

    Telecommunication Services

    9.4%

    Consumer Staples

    6.4%

    Materials

    1.8%

    Energy

    1.1%

    Health Care

    No Issuer Equity
    in
    Health Care
    0.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    7.8%

    Banks

    6.0%

    Chemicals

    5.7%

    Hotels Restaurants & Leisure

    No Issuer Equity
    in
    Hotels Restaurants & Leisure
    5.2%

    Electrical Equipment

    5.1%

    Diversified Telecommunication Services

    4.9%

    Wireless Telecommunication Services

    No Issuer Equity
    in
    Wireless Telecommunication Services
    4.8%

    Textiles Apparel & Luxury Goods

    4.8%

    Software

    4.5%

    Beverages

    4.1%

    Auto Components

    3.7%

    Food Products

    3.2%

    Capital Markets

    3.1%

    Household Durables

    3.1%

    Internet Software & Services

    3.0%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    3.0%

    Professional Services

    2.9%

    Insurance

    2.6%

    Construction & Engineering

    2.6%

    Machinery

    No Issuer Equity
    in
    Machinery
    2.5%

    Aerospace & Defense

    97.8%

    92.2%

    Large

    5.7%

    Mid

    No Issuer Equity
    in
    Mid
    Morningstar

    as of 3/31/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 586
    Category Foreign Large Blend
    Risk Measurements

    as of 03/31/17

    Alpha 0.71%
    Beta 0.83
    R-Squared
    86.11
    Sharpe Ratio
    0.15
    Standard Deviation
    11.07%
    Sortino Ratio
    0.07
    Information Ratio
    0.14
    Equity Style
    • D
    Total Assets (all classes)
    as of 3/31/17
    $974.4 MM
    Portfolio Statistics

    as of 3/31/17

    Avg Market Cap (weighted) 48.7 BN
    Median Market Cap (weighted) 32.9 BN
    P/E (next 12 months) 15.25
    P/E Operating (LTM) 20.23
    Price/Book Value (LTM) 2.02
    Turnover Ratio
    79.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • E
    Est Frequency Annual
    Last Pay Date 12/14/16
    Per Share ($) 0.3466
    12-Month Distribution ($) 0.3466
    Distribution Sources
    Net Income 70.50%
    Net Profit from Sale 0.00%
    Other Capital Sources 29.50%
    Top Issuers

    03/31/17

    SAP SE
    3.3%
    Sony Corp.
    3.1%
    Recruit Holding...
    3.0%
    Bridgestone Cor...
    2.8%
    Vinci SA
    2.6%
    Pernod Ricard S...
    2.6%
    Airbus Group SE...
    2.5%
    ING Group N.V.
    2.3%
    Linde AG
    2.2%
    Nestle SA
    2.2%
    UBS Group AG
    2.2%
    Nippon Telegrap...
    1.9%
    Prudential plc
    1.9%
    Alibaba Group H...
    1.9%
    Akzo Nobel NV
    1.9%
    Schneider Elect...
    1.9%
    Total SA
    1.8%
    Christian Dior ...
    1.8%
    Kering
    1.8%
    Dufry Group-Reg...
    1.7%
    Holdings Breakdown

    as of 3/31/17

    Reset
    22.9%

    Japan

    20.0%

    France

    9.5%

    Germany

    7.0%

    Switzerland

    6.5%

    China

    5.8%

    Netherlands

    5.2%

    United Kingdom

    4.3%

    South Korea

    No Issuer Equity
    in
    South Korea
    3.9%

    Hong Kong

    No Issuer Equity
    in
    Hong Kong
    3.3%

    Australia

    No Issuer Equity
    in
    Australia
    2.2%

    United States

    No Issuer Equity
    in
    United States
    2.2%

    Sweden

    No Issuer Equity
    in
    Sweden
    1.8%

    India

    No Issuer Equity
    in
    India
    1.7%

    Canada

    No Issuer Equity
    in
    Canada
    1.6%

    New Zealand

    No Issuer Equity
    in
    New Zealand
    49.6%

    Europe

    No Issuer Equity
    in
    Europe
    31.8%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    3.9%

    Americas

    No Issuer Equity
    in
    Americas
    12.5%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    21.6%

    Consumer Discretionary

    20.0%

    Industrials

    16.2%

    Financials

    10.9%

    Information Technology

    10.0%

    Telecommunication Services

    9.4%

    Consumer Staples

    6.4%

    Materials

    1.8%

    Energy

    1.1%

    Health Care

    No Issuer Equity
    in
    Health Care
    0.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    7.8%

    Banks

    6.0%

    Chemicals

    5.7%

    Hotels Restaurants & Leisure

    No Issuer Equity
    in
    Hotels Restaurants & Leisure
    5.2%

    Electrical Equipment

    5.1%

    Diversified Telecommunication Services

    4.9%

    Wireless Telecommunication Services

    No Issuer Equity
    in
    Wireless Telecommunication Services
    4.8%

    Textiles Apparel & Luxury Goods

    4.8%

    Software

    4.5%

    Beverages

    4.1%

    Auto Components

    3.7%

    Food Products

    3.2%

    Capital Markets

    3.1%

    Household Durables

    3.1%

    Internet Software & Services

    3.0%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    3.0%

    Professional Services

    2.9%

    Insurance

    2.6%

    Construction & Engineering

    2.6%

    Machinery

    No Issuer Equity
    in
    Machinery
    2.5%

    Aerospace & Defense

    97.8%

    92.2%

    Large

    5.7%

    Mid

    No Issuer Equity
    in
    Mid
    ×
    • 3.3%
      SAP SE
    • Provides e-business software solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 3.1%
      Sony Corp.
    • Engages in the development, design, manufacture and sale of electronic equipment, consumer & industrial electronics, game consoles & related software and others
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Household Durables
    MARKET CAP Large
    ×
    • 3.0%
      Recruit Holdings Co. Ltd.
    • Engages in the business of recruitment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Industrials
    INDUSTRY Professional Services
    MARKET CAP Large
    ×
    • 2.8%
      Bridgestone Corp.
    • Manufactures and sells automobile tires and sporting goods
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Auto Components
    MARKET CAP Large
    ×
    • 2.6%
      Vinci SA
    • Engages in integrated construction and concession operations
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    INDUSTRY Construction & Engineering
    MARKET CAP Large
    ×
    • 2.6%
      Pernod Ricard SA
    • Produces wines, spirits, and non-alcoholic beverages
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Staples
    INDUSTRY Beverages
    MARKET CAP Large
    ×
    • 2.5%
      Airbus Group SE
    • Manufactures aerospace and defense equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Large
    ×
    • 2.3%
      ING Group N.V.
    • Provides banking, insurance and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Netherlands
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 2.2%
      Linde AG
    • Provides medical gas processing and distribution and general engineering services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Large
    ×
    • 2.2%
      Nestle SA
    • Offers chocolates, frozen food, ice creams, dairy products and pet food
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Large
    ×
    • 2.2%
      UBS Group AG
    • Operates as a holding company, which engages in the provision of wealth management, investment banking, retail and commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.9%
      Nippon Telegraph & Telephone
    • Operates as a holding company which interests in wired and wireless telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Telecommunication Services
    INDUSTRY Diversified Telecommunication Services
    MARKET CAP Large
    ×
    • 1.9%
      Prudential plc
    • Operates as a holding company with interest in providing insurance and financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 1.9%
      Alibaba Group Holding Ltd.
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 1.9%
      Akzo Nobel NV
    • Manufactures and sells decorative paints, performance coatings, and specialty chemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Netherlands
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Large
    ×
    • 1.9%
      Schneider Electric S.A.
    • Manufactures electrical distribution and industrial engineering equipment including semiconductor products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    INDUSTRY Electrical Equipment
    MARKET CAP Large
    ×
    • 1.8%
      Total SA
    • Explores, develops, produces and markets oil and gas products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 1.8%
      Christian Dior SE
    • Engages in production and distribution of apparels and accessories
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Large
    ×
    • 1.8%
      Kering
    • Operates luxury goods retail stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Large
    ×
    • 1.7%
      Dufry Group-Reg
    • Operates retail stores in airports
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Large

    Management

    James Ayer, CFA

    Managed Fund since 2/13

    Investment Approach

    The portfolio manager uses themes built around industries with favorable tailwinds to develop a focused investment universe. Companies with favorable characteristics are identified using a quality assessment and detailed valuation analysis. Active management is used to build and manage a diversified portfolio with a macro overlay.

    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. Prior to 12/28/16, the Fund’s name was Oppenheimer International Value Fund.
    2. 2. Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Value investing involves the risk that undervalued securities may not appreciate as anticipated. 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.
    3. 3. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
    4. 4. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
    5. 5. Access index definitions.
    6. 6. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    7. 7. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
    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 (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    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. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    12. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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