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International Equity

The Strategy typically invests in international value stocks.
Cumulative Total Returns

as of 8/31/16

Since Inception 7/2/90
393%
Performance & Distributions
×

International Equity

Gross Expense Ratio:
      1.32%
    Net Expense Ratio:   1.31%

    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 Value Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 9/29/16
      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 YTD
    • B
    International Value 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 14.10 13.52 25.38 -0.08 -47.81 48.81 13.51 -22.94 22.95 30.29 -10.26 -0.96 7.50
    MSCI ACWI ex-US 26.65 16.65 -45.53 41.45 11.15 -13.71 16.83 15.29 -3.87 -5.66
    Capital Gains Distributions ($ per share)
    Data as of 9/30/16
      2011 2012 2013 2014 2015
    Short Term
    Long Term
    Total Amount of Distribution
    Record Date
    Ex Div Date
    Pay Date

    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 8/31/16

    as of 8/31/16

    • A
    YTD (as of 9/29/16)
    • B
    7.50%
    1 Year 5.64%
    3 Year 2.69%
    5 Year 5.49%
    10 Year 1.23%
    Since Inception 6.28%
    YTD (as of 9/29/16)
    • B
    7.50%
    1 Year -0.43%
    3 Year 0.69%
    5 Year 4.25%
    10 Year 0.63%
    Since Inception 6.04%
    YTD (as of 9/29/16)
    • B
    7.50%
    1 Year -6.60%
    3 Year 2.25%
    5 Year 1.40%
    10 Year 1.02%
    Since Inception 6.11%
    YTD (as of 9/29/16)
    • B
    7.50%
    1 Year -11.97%
    3 Year 0.25%
    5 Year 0.20%
    10 Year 0.42%
    Since Inception 5.87%
    Gross Expense Ratio
    1.32%
    Net Expense Ratio
    1.31%
    NAV
    • C
    as of 9/29/16
    $18.35

    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

    (45.8% of assets) as of 8/31/16

    Nestle SA
    3.4%
    SAP SE
    3.3%
    Sony Corp.
    3.2%
    Vonovia SE
    3.0%
    Groupe Danone
    2.9%
    Adidas AG
    2.7%
    Tata Motors Ltd.
    2.4%
    Vinci SA
    2.3%
    Japan Tobacco, Inc.
    2.2%
    Pernod Ricard SA
    2.1%
    Recruit Holdings Co. Ltd.
    2.1%
    KT&G Corp.
    2.1%
    Linde AG
    2.1%
    Sands China Ltd.
    1.9%
    China Mobile Ltd.
    1.9%
    Airbus Group SE
    1.7%
    Total SA
    1.7%
    Rogers Communications
    1.6%
    Telecom of New Zealand
    1.6%
    Schneider Electric S.A.
    1.6%
    ×
    • 3.4 %
      Nestle SA
    • Offers chocolates, frozen food, ice creams, dairy products and pet food
      Source: FactSet
    COUNTRY Switzerland
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Food Products
    ×
    • 3.3 %
      SAP SE
    • Provides e-business software solutions
      Source: FactSet
    COUNTRY Germany
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Software
    ×
    • 3.2 %
      Sony Corp.
    • Engages in the development, design, manufacture and sale of electronic equipment, consumer & industrial electronics, game consoles & related software and others
      Source: FactSet
    COUNTRY Japan
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Household Durables
    ×
    • 3.0 %
      Vonovia SE
    • Operates as a holding company, which though its subsidiaries, engages in the residential real estate business
      Source: FactSet
    COUNTRY Germany
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Real Estate Management & Development
    ×
    • 2.9 %
      Groupe Danone
    • Produces and markets packaged dairy products, confectionery products and beverages
      Source: FactSet
    COUNTRY France
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Food Products
    ×
    • 2.7 %
      Adidas AG
    • Manufactures sports shoes and related products
      Source: FactSet
    COUNTRY Germany
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Textiles Apparel & Luxury Goods
    ×
    • 2.4 %
      Tata Motors Ltd.
    • Manufactures and distributes passenger and commercial automobiles
      Source: FactSet
    COUNTRY India
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Automobiles
    ×
    • 2.3 %
      Vinci SA
    • Engages in integrated construction and concession operations
      Source: FactSet
    COUNTRY France
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Construction & Engineering
    ×
    • 2.2 %
      Japan Tobacco, Inc.
    • Manufactures and sells tobacco products as well as soft drinks and processed and frozen foods
      Source: FactSet
    COUNTRY Japan
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Tobacco
    ×
    • 2.1 %
      Pernod Ricard SA
    • Produces wines, spirits, and non-alcoholic beverages
      Source: FactSet
    COUNTRY France
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Beverages
    ×
    • 2.1 %
      Recruit Holdings Co. Ltd.
    • Engages in the business of recruitment services
      Source: FactSet
    COUNTRY Japan
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Professional Services
    ×
    • 2.1 %
      KT&G Corp.
    • Manufactures and distributes cigarettes & tobacco products
      Source: FactSet
    COUNTRY South Korea
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Tobacco
    ×
    • 2.1 %
      Linde AG
    • Provides medical gas processing and distribution and general engineering services
      Source: FactSet
    COUNTRY Germany
    SECTOR Materials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Chemicals
    ×
    • 1.9 %
      Sands China Ltd.
    • Develops, owns and operates integrated resorts and casinos in Macao
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Hotels Restaurants & Leisure
    ×
    • 1.9 %
      China Mobile Ltd.
    • Operates as an investment holding company with interest in providing mobile telecommunications and related services
      Source: FactSet
    COUNTRY China
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Wireless Telecommunication Services
    ×
    • 1.7 %
      Airbus Group SE
    • Manufactures aerospace and defense equipment
      Source: FactSet
    COUNTRY France
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Aerospace & Defense
    ×
    • 1.7 %
      Total SA
    • Explores, develops, produces and markets oil and gas products
      Source: FactSet
    COUNTRY France
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 1.6 %
      Rogers Communications
    • Provides communications and media services
      Source: FactSet
    COUNTRY Canada
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Wireless Telecommunication Services
    ×
    • 1.6 %
      Telecom of New Zealand
    • Provides telecommunication services
      Source: FactSet
    COUNTRY New Zealand
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Mid
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.6 %
      Schneider Electric S.A.
    • Manufactures electrical distribution and industrial engineering equipment including semiconductor products
      Source: FactSet
    COUNTRY France
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Electrical Equipment
    Holdings Breakdown

    as of 8/31/16

    18.4%

    France

    15.1%

    Japan

    13.0%

    Germany

    7.0%

    United Kingdom

    No Top Stock Holdings By Issuers
    in
    United Kingdom
    6.8%

    China

    5.3%

    Switzerland

    4.8%

    Netherlands

    No Top Stock Holdings By Issuers
    in
    Netherlands
    4.2%

    United States

    No Top Stock Holdings By Issuers
    in
    United States
    3.7%

    India

    3.6%

    South Korea

    3.6%

    Canada

    3.1%

    Hong Kong

    2.4%

    Sweden

    No Top Stock Holdings By Issuers
    in
    Sweden
    1.7%

    Australia

    No Top Stock Holdings By Issuers
    in
    Australia
    1.6%

    New Zealand

    0.7%

    Finland

    No Top Stock Holdings By Issuers
    in
    Finland
    Developed Markets 5
    Emerging Markets 5
    51.6%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    21.4%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    7.8%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    14.2%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    21.7%

    Consumer Discretionary

    15.8%

    Consumer Staples

    15.0%

    Industrials

    11.0%

    Financials

    10.6%

    Information Technology

    10.1%

    Telecommunication Services

    8.2%

    Materials

    2.6%

    Energy

    6.5%

    Wireless Telecommunication Services

    6.4%

    Textiles Apparel & Luxury Goods

    6.3%

    Food Products

    5.7%

    Tobacco

    5.6%

    Hotels Restaurants & Leisure

    4.9%

    Banks

    No Top Stock Holdings By Issuers
    in
    Banks
    4.7%

    Chemicals

    4.5%

    Software

    3.8%

    Electrical Equipment

    3.8%

    Beverages

    3.7%

    Internet Software & Services

    No Top Stock Holdings By Issuers
    in
    Internet Software & Services
    3.6%

    Diversified Telecommunication Services

    3.5%

    Metals & Mining

    No Top Stock Holdings By Issuers
    in
    Metals & Mining
    3.2%

    Household Durables

    3.0%

    Real Estate Management & Development

    2.9%

    Construction & Engineering

    2.7%

    Professional Services

    2.4%

    Automobiles

    2.1%

    Insurance

    No Top Stock Holdings By Issuers
    in
    Insurance
    2.0%

    Aerospace & Defense

    95.0%

    5.0%

    No Top Stock Holdings By Issuers
    in
    Net Cash and Equivalents
    88.9%

    Large

    11.1%

    Mid

    Morningstar
    • D

    as of 8/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 716
    Category Foreign Large Blend
    Risk Measurements

    as of 8/31/16

    Alpha 0.92%
    Beta 0.85
    R-Squared
    87.32
    Sharpe Ratio
    0.27
    Standard Deviation
    12.1%
    Equity Style
    • E
    Total Assets (all classes)
    as of 8/31/16
    $960.9 MM
    Portfolio Statistics

    as of 8/31/16

    Avg Market Cap (weighted) 54.9 BN
    Median Market Cap (weighted) 31.1 BN
    P/E (next 12 months) 16.35
    Price/Book Value (LTM) 2.11
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • F
    Est Frequency Annual
    Last Pay Date 12/16/15
    Per Share ($) 0.1040
    12-Month Distribution ($) 0.1040
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top 20 Stock Holdings By Issuers

    (45.8% of assets) as of 8/31/16

    Nestle SA
    3.4%
    SAP SE
    3.3%
    Sony Corp.
    3.2%
    Vonovia SE
    3.0%
    Groupe Danone
    2.9%
    Adidas AG
    2.7%
    Tata Motors Ltd...
    2.4%
    Vinci SA
    2.3%
    Japan Tobacco, ...
    2.2%
    Pernod Ricard S...
    2.1%
    Recruit Holding...
    2.1%
    KT&G Corp.
    2.1%
    Linde AG
    2.1%
    Sands China Ltd...
    1.9%
    China Mobile Lt...
    1.9%
    Airbus Group SE...
    1.7%
    Total SA
    1.7%
    Rogers Communic...
    1.6%
    Telecom of New ...
    1.6%
    Schneider Elect...
    1.6%
    Holdings Breakdown

    as of 8/31/16

    Reset
    18.4%

    France

    15.1%

    Japan

    13.0%

    Germany

    7.0%

    United Kingdom

    No Top Stock Holdings By Issuers
    in
    United Kingdom
    6.8%

    China

    5.3%

    Switzerland

    4.8%

    Netherlands

    No Top Stock Holdings By Issuers
    in
    Netherlands
    4.2%

    United States

    No Top Stock Holdings By Issuers
    in
    United States
    3.7%

    India

    3.6%

    South Korea

    3.6%

    Canada

    3.1%

    Hong Kong

    2.4%

    Sweden

    No Top Stock Holdings By Issuers
    in
    Sweden
    1.7%

    Australia

    No Top Stock Holdings By Issuers
    in
    Australia
    1.6%

    New Zealand

    0.7%

    Finland

    No Top Stock Holdings By Issuers
    in
    Finland
    51.6%

    Europe

    No Top Stock Holdings By Issuers
    in
    Europe
    21.4%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    7.8%

    Americas

    No Top Stock Holdings By Issuers
    in
    Americas
    14.2%

    Asia Pacific

    No Top Stock Holdings By Issuers
    in
    Asia Pacific
    21.7%

    Consumer Discretionary

    15.8%

    Consumer Staples

    15.0%

    Industrials

    11.0%

    Financials

    10.6%

    Information Technology

    10.1%

    Telecommunication Services

    8.2%

    Materials

    2.6%

    Energy

    6.5%

    Wireless Telecommunication Services

    6.4%

    Textiles Apparel & Luxury Goods

    6.3%

    Food Products

    5.7%

    Tobacco

    5.6%

    Hotels Restaurants & Leisure

    4.9%

    Banks

    No Top Stock Holdings By Issuers
    in
    Banks
    4.7%

    Chemicals

    4.5%

    Software

    3.8%

    Electrical Equipment

    3.8%

    Beverages

    3.7%

    Internet Software & Services

    No Top Stock Holdings By Issuers
    in
    Internet Software & Services
    3.6%

    Diversified Telecommunication Services

    3.5%

    Metals & Mining

    No Top Stock Holdings By Issuers
    in
    Metals & Mining
    3.2%

    Household Durables

    3.0%

    Real Estate Management & Development

    2.9%

    Construction & Engineering

    2.7%

    Professional Services

    2.4%

    Automobiles

    2.1%

    Insurance

    No Top Stock Holdings By Issuers
    in
    Insurance
    2.0%

    Aerospace & Defense

    95.0%

    5.0%

    No Top Stock Holdings By Issuers
    in
    Net Cash and Equivalents
    88.9%

    Large

    11.1%

    Mid

    ×
    • 3.4 %
      Nestle SA
    • Offers chocolates, frozen food, ice creams, dairy products and pet food
      Source: FactSet
    COUNTRY Switzerland
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Food Products
    ×
    • 3.3 %
      SAP SE
    • Provides e-business software solutions
      Source: FactSet
    COUNTRY Germany
    SECTOR Information Technology
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Software
    ×
    • 3.2 %
      Sony Corp.
    • Engages in the development, design, manufacture and sale of electronic equipment, consumer & industrial electronics, game consoles & related software and others
      Source: FactSet
    COUNTRY Japan
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Household Durables
    ×
    • 3.0 %
      Vonovia SE
    • Operates as a holding company, which though its subsidiaries, engages in the residential real estate business
      Source: FactSet
    COUNTRY Germany
    SECTOR Financials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Real Estate Management & Development
    ×
    • 2.9 %
      Groupe Danone
    • Produces and markets packaged dairy products, confectionery products and beverages
      Source: FactSet
    COUNTRY France
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Food Products
    ×
    • 2.7 %
      Adidas AG
    • Manufactures sports shoes and related products
      Source: FactSet
    COUNTRY Germany
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Textiles Apparel & Luxury Goods
    ×
    • 2.4 %
      Tata Motors Ltd.
    • Manufactures and distributes passenger and commercial automobiles
      Source: FactSet
    COUNTRY India
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Automobiles
    ×
    • 2.3 %
      Vinci SA
    • Engages in integrated construction and concession operations
      Source: FactSet
    COUNTRY France
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Construction & Engineering
    ×
    • 2.2 %
      Japan Tobacco, Inc.
    • Manufactures and sells tobacco products as well as soft drinks and processed and frozen foods
      Source: FactSet
    COUNTRY Japan
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Tobacco
    ×
    • 2.1 %
      Pernod Ricard SA
    • Produces wines, spirits, and non-alcoholic beverages
      Source: FactSet
    COUNTRY France
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Beverages
    ×
    • 2.1 %
      Recruit Holdings Co. Ltd.
    • Engages in the business of recruitment services
      Source: FactSet
    COUNTRY Japan
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Professional Services
    ×
    • 2.1 %
      KT&G Corp.
    • Manufactures and distributes cigarettes & tobacco products
      Source: FactSet
    COUNTRY South Korea
    SECTOR Consumer Staples
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Tobacco
    ×
    • 2.1 %
      Linde AG
    • Provides medical gas processing and distribution and general engineering services
      Source: FactSet
    COUNTRY Germany
    SECTOR Materials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Chemicals
    ×
    • 1.9 %
      Sands China Ltd.
    • Develops, owns and operates integrated resorts and casinos in Macao
      Source: FactSet
    COUNTRY Hong Kong
    SECTOR Consumer Discretionary
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Hotels Restaurants & Leisure
    ×
    • 1.9 %
      China Mobile Ltd.
    • Operates as an investment holding company with interest in providing mobile telecommunications and related services
      Source: FactSet
    COUNTRY China
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Wireless Telecommunication Services
    ×
    • 1.7 %
      Airbus Group SE
    • Manufactures aerospace and defense equipment
      Source: FactSet
    COUNTRY France
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Aerospace & Defense
    ×
    • 1.7 %
      Total SA
    • Explores, develops, produces and markets oil and gas products
      Source: FactSet
    COUNTRY France
    SECTOR Energy
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Oil Gas & Consumable Fuels
    ×
    • 1.6 %
      Rogers Communications
    • Provides communications and media services
      Source: FactSet
    COUNTRY Canada
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Wireless Telecommunication Services
    ×
    • 1.6 %
      Telecom of New Zealand
    • Provides telecommunication services
      Source: FactSet
    COUNTRY New Zealand
    SECTOR Telecommunication Services
    ASSET CLASS Equity
    MARKET CAP Mid
    INDUSTRY Diversified Telecommunication Services
    ×
    • 1.6 %
      Schneider Electric S.A.
    • Manufactures electrical distribution and industrial engineering equipment including semiconductor products
      Source: FactSet
    COUNTRY France
    SECTOR Industrials
    ASSET CLASS Equity
    MARKET CAP Large
    INDUSTRY Electrical Equipment

    Management

    James Ayer, CFA

    Managed Fund since 2/13

    Investment Approach

    The portfolio manager uses rigorous fundamental research to search for attractive businesses with compelling valuations, low multiples on modest assumptions, rising free cash flow yields, improving balance sheets and proven management whose interests are aligned with minority shareholders. The strategy has the flexibility to invest in international companies of any size that may benefit from our four distinctive global themes that we call MANTRA®: Mass Affluence, New Technology, Restructuring and Aging, as well as sub-themes within these.

    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. 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.
    2. 2. 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.
    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. 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.
    8. 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.
    9. 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.
    10. D. Class A shares rated 2 stars overall by Morningstar among  716  Foreign Large Blend funds for the 3-, 5-, and 10 year period ended 8/31/16 based on risk-adjusted performance.
    11. E. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    12. F. There is no guarantee of the payment of any dividend or other distributions at any level.
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