ODMAX

Developing Markets Fund

1

2

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.

Overview

The Strategy typically invests in emerging and developing market stocks.

Inception Date: November 18, 1996

Investment Style: Developing Markets

Fund Index: MSCI Emerging Markets Index

CUSIP: 683974109

NAV: (as of 10/15/2018); $38.47

Total Assets: (as of 09/30/2018); $38.33 BN

Gross Expense Ratio: (as of 09/30/2018); 1.32%

Net Expense Ratio

(as of 09/30/2018)

1.32%

Other Investment Options: Separate Account

Commingled Vehicle

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Performance

Average Annual Total Returns

Cumulative Returns

Calendar Year Returns

Capital Gains Distributions

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Average Annual Returns as of 09/30/2018

as of 09/30/2018

Include Sales Charge

	Cumulative		Annualized
	ytd as of 2018-09-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of Quarter end 09/30/2018	-4.66%	0.14%	12.84%	3.09%	7.18%	11.70%
MSCI Emerging Markets Index As of Quarter end 09/30/2018	-7.68%	-0.81%	12.36%	3.61%	5.40%	-

	Cumulative		Annualized
	ytd as of 2018-09-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of Quarter end 09/30/2018	-10.14%	-5.62%	10.63%	1.88%	6.55%	11.40%
MSCI Emerging Markets Index As of Quarter end 09/30/2018	-7.68%	-0.81%	12.36%	3.61%	5.40%	-

	Cumulative		Annualized
	ytd as of 2018-09-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of month end 09/30/2018	-4.66%	0.14%	12.84%	3.09%	7.18%	11.70%
MSCI Emerging Markets Index As of month end 09/30/2018	-7.68%	-0.81%	12.36%	3.61%	5.40%	-

	Cumulative		Annualized
	ytd as of 2018-09-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of month end 09/30/2018	-10.14%	-5.62%	10.63%	1.88%	6.55%	11.40%
MSCI Emerging Markets Index As of month end 09/30/2018	-7.68%	-0.81%	12.36%	3.61%	5.40%	-

Gross Expense Ratio: 1.32% | Net Expense Ratio: 1.32%

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.

Calendar Year Returns as of 09/30/2018

as of 09/30/2018

View Table Graph Print

Year	Developing Markets Fund	MSCI Emerging Markets Index 4
1997	14.09%	-
1998	-19.36%	-
1999	82.30%	-
2000	-5.26%	-
2001	-5.73%	-2.62%
2002	-1.60%	-6.17%
2003	65.23%	55.82%
2004	33.00%	25.55%
2005	41.23%	34.00%
2006	25.18%	32.17%
2007	33.86%	39.53%
2008	-48.03%	-53.33%
2009	81.73%	78.51%
2010	26.99%	18.88%
2011	-18.10%	-18.42%
2012	20.85%	18.22%
2013	8.36%	-2.60%
2014	-4.81%	-2.19%
2015	-14.06%	-14.92%
2016	6.89%	11.19%
2017	34.77%	37.28%

Cumulative Returns & Income Dividends

View Table Graph Print

Time Period

YTD

10Y

15Y

20Y

INCEPTION

Date	Developing Markets Fund	MSCI Emerging Markets Index 4	MSCI EAFE 4	MSCI World 4
9/30/2008	0.00	0.00	0.00	0.00
10/31/2008	-23.86	-27.37	-20.18	-18.96
11/30/2008	-31.75	-32.84	-24.49	-24.21
12/31/2008	-28.00	-27.60	-19.95	-21.77
1/31/2009	-32.86	-32.27	-27.81	-28.63
2/28/2009	-37.17	-36.09	-35.21	-35.93
3/31/2009	-28.28	-26.91	-31.11	-31.10
4/30/2009	-15.63	-14.75	-22.29	-23.37
5/31/2009	-0.50	-0.18	-13.09	-16.43
6/30/2009	-0.73	-1.52	-13.59	-16.81
7/31/2009	9.72	9.55	-5.70	-9.76
8/31/2009	10.59	9.16	-0.57	-6.04
9/30/2009	19.98	19.07	3.23	-2.29
10/31/2009	19.20	19.21	1.94	-4.03
11/30/2009	26.31	24.33	3.99	-0.11
12/31/2009	31.10	29.24	5.48	1.68
1/31/2010	23.82	22.04	0.84	-2.52
2/28/2010	25.39	22.46	0.14	-1.14
3/31/2010	34.98	32.35	6.40	4.98
4/30/2010	36.68	33.96	4.47	4.99
5/31/2010	26.59	22.17	-7.55	-5.06
6/30/2010	26.63	21.27	-8.47	-8.32
7/31/2010	38.94	31.37	0.21	-0.89
8/31/2010	36.27	28.82	-2.90	-4.59
9/30/2010	53.01	43.14	6.61	4.31
10/31/2010	58.45	47.29	10.46	8.20
11/30/2010	54.81	43.41	5.14	5.86
12/31/2010	67.02	53.64	13.66	13.65
1/31/2011	58.17	49.47	16.34	16.21
2/28/2011	57.94	48.08	20.18	20.28
3/31/2011	65.91	56.78	17.48	19.10
4/30/2011	71.55	61.65	24.50	24.16
5/31/2011	67.02	57.41	20.83	21.58
6/30/2011	64.89	54.99	19.31	19.66
7/31/2011	62.66	54.30	17.42	17.49
8/31/2011	52.11	40.51	6.81	9.21
9/30/2011	31.92	20.02	-3.36	-0.22
10/31/2011	47.99	35.92	5.95	10.10
11/30/2011	42.38	26.86	0.81	7.41
12/31/2011	37.20	25.33	-0.14	7.35
1/31/2012	49.61	39.55	5.19	12.74
2/29/2012	58.14	47.91	11.22	18.24
3/31/2012	57.66	42.97	10.70	19.76
4/30/2012	56.58	41.26	8.54	18.40
5/31/2012	40.47	25.42	-3.92	8.18
6/30/2012	48.43	30.26	2.81	13.70
7/31/2012	48.95	32.80	3.98	15.16
8/31/2012	51.27	32.36	6.77	18.08
9/30/2012	59.09	40.35	9.93	21.32
10/31/2012	60.46	39.50	10.84	20.50
11/30/2012	60.51	41.27	13.52	22.04
12/31/2012	66.41	48.17	17.15	24.34
1/31/2013	70.95	50.22	23.33	30.67
2/28/2013	67.94	48.33	22.16	30.89
3/31/2013	66.70	45.77	23.16	33.95
4/30/2013	68.75	46.87	29.58	38.17
5/31/2013	67.99	43.11	26.45	38.22
6/30/2013	60.12	34.00	21.96	34.82
7/31/2013	65.65	35.40	28.40	41.92
8/31/2013	60.40	33.07	26.70	38.90
9/30/2013	74.43	41.72	36.06	45.84
10/31/2013	80.63	48.61	40.64	51.55
11/30/2013	79.29	46.44	41.71	54.24
12/31/2013	80.86	44.32	43.84	57.51
1/31/2014	66.65	34.95	38.04	51.67
2/28/2014	74.40	39.42	45.72	59.27
3/31/2014	77.73	43.70	44.79	59.50
4/30/2014	77.92	44.18	46.88	61.13
5/31/2014	85.43	49.21	49.27	64.30
6/30/2014	91.74	53.17	50.71	67.24
7/31/2014	91.11	56.14	47.75	64.57
8/31/2014	96.84	59.65	47.52	68.20
9/30/2014	85.00	47.82	41.85	63.63
10/31/2014	88.37	49.56	39.79	64.69
11/30/2014	85.14	47.98	41.69	67.99
12/31/2014	72.62	41.16	36.79	65.28
1/31/2015	70.46	42.01	37.45	62.29
2/28/2015	74.15	46.40	45.67	71.80
3/31/2015	70.41	44.32	43.46	69.11
4/30/2015	77.64	55.42	49.32	73.07
5/31/2015	74.30	49.20	48.55	73.67
6/30/2015	71.79	45.32	44.34	69.63
7/31/2015	63.71	35.25	47.34	72.68
8/31/2015	46.33	23.02	36.50	61.25
9/30/2015	42.10	19.32	29.57	55.30
10/31/2015	55.09	27.83	39.70	67.61
11/30/2015	51.99	22.84	37.52	66.78
12/31/2015	48.73	20.10	35.67	63.84
1/31/2016	40.10	12.31	25.86	54.04
2/29/2016	38.41	12.13	23.55	52.90
3/31/2016	53.29	26.97	31.59	63.27
4/30/2016	52.90	27.66	35.40	65.85
5/31/2016	51.71	22.89	34.17	66.79
6/30/2016	54.38	27.81	29.67	64.92
7/31/2016	59.54	34.24	36.24	71.88
8/31/2016	63.96	37.57	36.34	72.03
9/30/2016	67.97	39.34	38.01	72.94
10/31/2016	68.27	39.67	35.19	69.59
11/30/2016	59.79	33.24	32.50	72.03
12/31/2016	59.39	33.54	37.03	76.15
1/31/2017	67.31	40.85	41.00	80.40
2/28/2017	70.16	45.16	43.02	85.41
3/31/2017	76.99	48.82	46.96	87.38
4/30/2017	81.92	52.08	50.70	90.16
5/31/2017	87.11	56.58	56.23	94.18
6/30/2017	89.25	58.15	55.95	94.93
7/31/2017	99.62	67.58	60.45	99.59
8/31/2017	104.31	71.32	60.39	99.87
9/30/2017	104.90	70.64	64.38	104.36
10/31/2017	110.19	76.62	66.88	108.22
11/30/2017	109.14	76.97	68.63	112.73
12/31/2017	115.34	83.33	71.33	115.61
1/31/2018	132.84	98.61	79.93	126.99
2/28/2018	121.56	89.45	71.81	117.59
3/31/2018	121.76	85.92	68.71	112.85
4/30/2018	119.00	85.10	72.56	115.29
5/31/2018	118.35	78.54	68.68	116.64
6/30/2018	112.83	71.12	66.62	116.54
7/31/2018	113.93	74.88	70.72	123.30
8/31/2018	108.02	70.16	67.43	126.06
9/30/2018	105.66	69.25	68.88	127.32

Capital Gains and Distributions ($ per share) as of 10/15/2018

$ per share as of 10/15/2018

Date	2013	2014	2015	2016	2017
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.

Portfolio

Top Issuers

5

(55.8% of assets as of 09/30/2018)

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Portfolio Holdings Breakdown as of 09/30/2018

Portfolio Holdings Breakdown

5

Country

Developed Markets

Emerging Markets

Equity Sector

Industry

Asset Allocation

Market Cap ⁶

Country	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
China	20.3%	31.0%	-10.7%
India	9.2%	8.5%	0.7%
South Korea	8.3%	14.9%	-6.6%
Hong Kong	7.5%	-	-
Russia	6.5%	3.7%	2.8%
France	6.2%	-	-
Taiwan	5.7%	12.3%	-6.6%
Mexico	5.1%	3.2%	1.9%
Brazil	4.9%	6.2%	-1.3%
United Kingdom	4.5%	-	-
Philippines	3.5%	1.0%	2.5%
South Africa	2.5%	6.1%	-3.6%
United States	2.1%	-	-
United Arab Emirates	1.5%	0.7%	0.9%
Peru	1.2%	0.4%	0.8%
Singapore	1.1%	-	-
Indonesia	0.9%	2.0%	-1.1%
Cayman Islands	0.8%	-	-
Colombia	0.7%	0.5%	0.2%
Turkey	0.6%	0.6%	0.0%

Developed Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Europe	10.6%	-	-
Asia Pacific	8.5%	-	-
Americas	2.9%	-	-

Emerging Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Asia Pacific	48.8%	74.6%	-25.8%
Americas	12.0%	11.3%	0.7%
Europe	7.1%	6.3%	0.8%
Africa	2.9%	6.2%	-3.3%
Middle East	1.5%	1.6%	-0.1%

Equity Sector	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Consumer Discretionary	20.7%	10.6%	10.1%
Financials	19.8%	23.2%	-3.4%
Information Technology	10.4%	15.8%	-5.4%
Communication Services	9.4%	14.1%	-4.7%
Consumer Staples	7.5%	6.6%	0.9%
Materials	7.4%	7.9%	-0.5%
Health Care	6.9%	3.0%	3.9%
Energy	5.3%	8.2%	-2.9%
Industrials	5.2%	5.4%	-0.2%
Real Estate	1.8%	2.8%	-1.0%

Industry	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Interactive Media & Services	8.3%	6.8%	1.5%
Internet & Direct Marketing Retail	8.0%	4.5%	3.5%
Banks	7.9%	16.0%	-8.1%
Textiles Apparel & Luxury Goods	7.5%	0.7%	6.9%
Metals & Mining	6.2%	3.5%	2.7%
Semiconductors & Semiconductor Equipment	5.7%	5.8%	-0.1%
Oil Gas & Consumable Fuels	5.3%	8.1%	-2.8%
Capital Markets	4.0%	1.2%	2.9%
Hotels Restaurants & Leisure	3.2%	0.7%	2.5%
Beverages	2.8%	1.3%	1.5%
Insurance	2.7%	3.8%	-1.1%
Thrifts & Mortgage Finance	2.6%	0.8%	1.8%
Personal Products	2.5%	0.8%	1.7%
Health Care Providers & Services	2.5%	0.5%	2.1%
Industrial Conglomerates	2.4%	1.5%	0.9%
Diversified Financial Services	2.2%	1.2%	1.0%
Food & Staples Retailing	2.1%	1.8%	0.3%
Pharmaceuticals	1.9%	1.4%	0.5%
Real Estate Management & Development	1.8%	2.4%	-0.6%
Transportation Infrastructure	1.7%	0.9%	0.8%

Asset Allocation	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Equity	94.4%	100.0%	-5.6%
Net Cash and Equivalents	5.6%	-	-

Market Cap	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Large	85.4%	89.3%	-3.9%
Mid	5.8%	9.5%	-3.7%
Small	0.4%	1.2%	-0.8%

Analytics

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Analytics as of 09/30/2018

(As of 09/30/2018)

Morningstar 09/30/2018 (based on risk adjusted performance)

Overall Rating

Number of Funds

708

Justin Leverenz, CFA

Director of Emerging Market Equities, Portfolio Manager

Justin Leverenz, CFA serves as director of Emerging Market Equities and is a portfolio manager of the Emerging Markets strategy and Emerging Markets Innovators strategy. Mr. Leverenz joined the Firm in 2004 as a senior analyst, supporting the Global Equity strategy. He has managed the Emerging Markets Equity strategy since 2007.

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Documents

1. Effective 4/12/13, the purchase and exchange of Fund shares will be restricted, subject to certain exceptions. Please see the prospectus supplement for further information.
2. 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. 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. The MSCI Emerging Markets Index is designed to measure equity market performance of emerging markets. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
5. Holdings are subject to change, and are dollar weighted based on total new 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. 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.
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 morelikely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weighting of each pillar may vary. The Analyst Rating reflects an overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with threepositive 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 causeMstar’s expectations not to occur or to differ significantly.
A. 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 7:00pm ET daily. ↩
B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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 Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
C. "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. ↩
D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
E. 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. ↩

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