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Global Debt

The Strategy typically invests in local currency government and corporate fixed income securities in emerging market countries.
Cumulative Total Returns

as of 8/31/16

Since Inception 9/28/12
-8%
Performance & Distributions
×

Global Debt

Gross Expense Ratio:
      1.09%
    Net Expense Ratio:   0.85%

    The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Emerging Markets Local Debt Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 9/26/16
      2013 2014 2015 YTD
    • C
    Emerging Markets Local Debt Fund -9.44 -5.09 -11.69 17.50
    JP Morgan GBI EM Global Diversified (Linked Index)
    -7.83 -5.72 -14.92
    Capital Gains Distributions ($ per share)
    Data as of 9/27/16
      2011 2012 2013 2014 2015
    Short Term
    Long Term 0.1511
    Total Amount of Distribution 0.1511
    Record Date 12/30/13
    Ex Div Date 12/30/13
    Pay Date 12/30/13

    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 investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 8/31/16

    as of 6/30/16

    • A
    YTD (as of 9/26/16)
    • C
    17.50%
    1 Year 11.24%
    3 Year -0.33%
    Since Inception -2.17%
    YTD (as of 9/26/16)
    • C
    17.50%
    1 Year 11.24%
    3 Year -0.33%
    Since Inception -2.17%
    YTD (as of 9/26/16)
    • C
    17.50%
    1 Year 5.76%
    3 Year -2.08%
    Since Inception -2.60%
    YTD (as of 9/26/16)
    • C
    17.50%
    1 Year 5.76%
    3 Year -2.08%
    Since Inception -2.60%
    Gross Expense Ratio
    1.09%
    Net Expense Ratio
    0.85%
    NAV
    • D
    as of 9/26/16
    $7.45
    Yields

    monthly as of 8/31/16

    Dividend Yield
    with sales charge
    N/A
    Dividend Yield
    w/o sales charge
    11.44%
    Standardized YLD 5.60%

    The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. 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 Strategies

    as of 8/31/16

    Emerging Markets Local Curren...
    82.4%
    Emerging Markets USD Corporat...
    13.8%
    Net Cash and Equivalents
    3.8%
    ×
    • 82.4 %
      Emerging Markets Local Currency
    COUNTRY Brazil
    CREDIT RATING ALLOCATION BBB
    ×
    • 13.8 %
      Emerging Markets USD Corporate
    COUNTRY Russia
    CREDIT RATING ALLOCATION BB
    ×
    • 3.8 %
      Net Cash and Equivalents
    Holdings Breakdown

    as of 8/31/16

    18.4%

    Brazil

    12.0%

    Mexico

    11.7%

    Indonesia

    10.5%

    Russia

    9.7%

    South Africa

    5.2%

    Poland

    5.1%

    Colombia

    4.9%

    Peru

    4.8%

    Hungary

    3.7%

    Malaysia

    2.6%

    Romania

    1.9%

    Argentina

    1.6%

    Turkey

    1.4%

    Chile

    0.6%

    Barbados

    0.6%

    China

    0.5%

    Kazakhstan

    0.4%

    Dominican Republic

    0.3%

    Jamaica

    0.1%

    Israel

    Developed Markets 6
    Emerging Markets 6
    0.1%

    Middle East

    No Top Strategies
    in
    Middle East
    45.0%

    Americas

    No Top Strategies
    in
    Americas
    24.7%

    Europe

    No Top Strategies
    in
    Europe
    16.7%

    Asia Pacific

    No Top Strategies
    in
    Asia Pacific
    9.7%

    Africa

    No Top Strategies
    in
    Africa
    0.0%

    0.0%

    0.7%

    22.9%

    45.0%

    23.4%

    2.3%

    0.0%

    4.0%

    -2.0%

    9.8%

    Indonesian Rupiah

    No Top Strategies
    in
    Indonesian Rupiah
    9.7%

    Brazilian Real

    No Top Strategies
    in
    Brazilian Real
    9.7%

    Mexican Peso

    No Top Strategies
    in
    Mexican Peso
    9.6%

    Polish Zloty

    No Top Strategies
    in
    Polish Zloty
    9.1%

    South African Rand

    No Top Strategies
    in
    South African Rand
    8.8%

    Malaysian Ringgit

    No Top Strategies
    in
    Malaysian Ringgit
    6.9%

    Colombian Peso

    No Top Strategies
    in
    Colombian Peso
    5.5%

    Thai Baht

    No Top Strategies
    in
    Thai Baht
    5.3%

    Russian Ruble

    No Top Strategies
    in
    Russian Ruble
    5.0%

    Indian Rupee

    No Top Strategies
    in
    Indian Rupee
    4.2%

    Hungarian Forint

    No Top Strategies
    in
    Hungarian Forint
    2.7%

    Turkish New Lira

    No Top Strategies
    in
    Turkish New Lira
    2.5%

    Peruvian New Sol

    No Top Strategies
    in
    Peruvian New Sol
    2.1%

    New Leu

    No Top Strategies
    in
    New Leu
    1.1%

    Argentine Peso

    No Top Strategies
    in
    Argentine Peso
    0.7%

    Chilean Peso

    No Top Strategies
    in
    Chilean Peso
    0.4%

    Philippine Peso

    No Top Strategies
    in
    Philippine Peso
    Morningstar
    • E

    as of 8/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 83
    Category Emerging-Markets Local-Currency Bond
    Risk Measurements

    as of 8/31/16

    Alpha 1.18%
    Beta 0.91
    R-Squared
    93.82
    Sharpe Ratio
    0.02
    Standard Deviation
    11.1%
    Equity Style
    Total Assets (all classes)
    as of 8/31/16
    $76.2 MM
    Portfolio Statistics

    as of

    Duration (yrs)
    4.82
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • B
    Est Frequency Monthly
    Last Pay Date 8/31/16
    Per Share ($) 0.0718
    12-Month Distribution ($) 0.6522
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Strategies

    as of 8/31/16

    Emerging Market...
    82.4%
    Emerging Market...
    13.8%
    Net Cash and Eq...
    3.8%
    Holdings Breakdown

    as of 8/31/16

    Reset
    18.4%

    Brazil

    12.0%

    Mexico

    11.7%

    Indonesia

    10.5%

    Russia

    9.7%

    South Africa

    5.2%

    Poland

    5.1%

    Colombia

    4.9%

    Peru

    4.8%

    Hungary

    3.7%

    Malaysia

    2.6%

    Romania

    1.9%

    Argentina

    1.6%

    Turkey

    1.4%

    Chile

    0.6%

    Barbados

    0.6%

    China

    0.5%

    Kazakhstan

    0.4%

    Dominican Republic

    0.3%

    Jamaica

    0.1%

    Israel

    0.1%

    Middle East

    No Top Strategies
    in
    Middle East
    45.0%

    Americas

    No Top Strategies
    in
    Americas
    24.7%

    Europe

    No Top Strategies
    in
    Europe
    16.7%

    Asia Pacific

    No Top Strategies
    in
    Asia Pacific
    9.7%

    Africa

    No Top Strategies
    in
    Africa
    0.0%

    0.0%

    0.7%

    22.9%

    45.0%

    23.4%

    2.3%

    0.0%

    4.0%

    -2.0%

    9.8%

    Indonesian Rupiah

    No Top Strategies
    in
    Indonesian Rupiah
    9.7%

    Brazilian Real

    No Top Strategies
    in
    Brazilian Real
    9.7%

    Mexican Peso

    No Top Strategies
    in
    Mexican Peso
    9.6%

    Polish Zloty

    No Top Strategies
    in
    Polish Zloty
    9.1%

    South African Rand

    No Top Strategies
    in
    South African Rand
    8.8%

    Malaysian Ringgit

    No Top Strategies
    in
    Malaysian Ringgit
    6.9%

    Colombian Peso

    No Top Strategies
    in
    Colombian Peso
    5.5%

    Thai Baht

    No Top Strategies
    in
    Thai Baht
    5.3%

    Russian Ruble

    No Top Strategies
    in
    Russian Ruble
    5.0%

    Indian Rupee

    No Top Strategies
    in
    Indian Rupee
    4.2%

    Hungarian Forint

    No Top Strategies
    in
    Hungarian Forint
    2.7%

    Turkish New Lira

    No Top Strategies
    in
    Turkish New Lira
    2.5%

    Peruvian New Sol

    No Top Strategies
    in
    Peruvian New Sol
    2.1%

    New Leu

    No Top Strategies
    in
    New Leu
    1.1%

    Argentine Peso

    No Top Strategies
    in
    Argentine Peso
    0.7%

    Chilean Peso

    No Top Strategies
    in
    Chilean Peso
    0.4%

    Philippine Peso

    No Top Strategies
    in
    Philippine Peso
    ×
    • 82.4 %
      Emerging Markets Local Currency
    COUNTRY Brazil
    CREDIT RATING ALLOCATION BBB
    ×
    • 13.8 %
      Emerging Markets USD Corporate
    COUNTRY Russia
    CREDIT RATING ALLOCATION BB
    ×
    • 3.8 %
      Net Cash and Equivalents

    Management

    Hemant Baijal

    Managed Fund since 3/15

    Investment Approach

    The portfolio manager dynamically manages local currency denominated emerging markets debt. The manager employs an investment process that combines top-down macro analysis with bottom-up country, and credit analysis while separating views with respect to currency, interest rates, and credit exposures.

    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

    ×

    Tools

    1. 1. Special Risks Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. 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. May invest at least 80% of its net assets in debt securities that are economically tied to emerging market countries and denominated in local (non-U.S.) currencies. Eurozone investments may be subject to volatility and liquidity issues. The Fund may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments.
    2. 2. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional 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. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    5. 5. Standardized yield for each share class is based on the Fund's net investment income for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    6. 6. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    7. 7. The table for the top currency positioning is based on the net foreign exchange exposure of each currency after converting all currencies to a common currency, in this case the U.S. dollar.
    8. A. The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    9. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    10. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    11. D. 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.
    12. E. Class I shares rated 4 stars overall by Morningstar among  83  Emerging-Markets Local-Currency Bond funds for the 3-, 5-, and 10 year period ended 8/31/16 based on risk-adjusted performance.
    ×
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