Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, and Putnam Fixed Income Absolute Return Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses. Had these limits not been in place, performance would be lower.
Active Equities
Emerging Markets Equity Fund (Class Y) (PEMYX)
Pursuing growth opportunities in developing economies
Highlights
Objective
The fund seeks long-term capital appreciation.
Strategy and process
- Mispriced earnings potentialWe invest across emerging markets with the philosophy that identifying high-quality companies with mispriced earnings growth can potentially deliver alpha.
- Durable growth driversOur investment process seeks to develop a differentiated view on future company earnings through insights on durable moats that sustain a company’s drivers of growth.
- Focused, best-ideas fundThe team seeks to smooth performance volatility by building a portfolio with emphasis on companies we believe have strong balance sheets and potential for above-average profitability.
Fund price and assets |
Yesterday’s close | 52-week high | 52-week low | Net assets and outstanding shares |
|---|---|---|---|---|
| Net asset value |
$11.65
-0.94% | $-0.11 |
$18.11
06/30/21 |
$11.44
06/22/22 |
Download CSV |
Fund facts as of 05/31/22
$434.86M
124%
Annually
58
August
746764604 / 1859
09/29/08
Blend
PEMYX
Manager commentary
Portfolio Manager Brian Freiwald, CFA describes his outlook for emerging markets.
Literature
Fund documents |
| Prospectuses/SAI |
| Fact Sheet (R6 share) (PDF) |
| Fact Sheet (YA share) (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
| White Paper: Integrated Insights (PDF) |
Why a repeat of the “stagnant ‘70s” is unlikely
Inflation is a challenge, but for many reasons we don't believe financial markets will experience a repeat of the stagnant 1970s.Look beyond dividends for income from value investing
To build a value investment strategy, consider dividends in the context of overall income.War and inflation put bull market in hibernation
Investors may be underestimating the immense range of potential outcomes for the Russia-Ukraine War.Performance
Consistency of positive performance over five years
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
16.43%
Best 5-year annualized return
(for period ending 06/30/21)
-4.72%
Worst 5-year annualized return
(for period ending 03/31/16)
5.67%
Average 5-year annualized return
Total return (%) as of 03/31/22
Annual performance as of 03/31/22
Annualized Total return (%) as of 03/31/22
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -15.19% | 8.64% | 8.62% | 5.07% |
| After sales charge | N/A | N/A | N/A | N/A |
| MSCI Emerging Markets Index (ND) | -11.37% | 4.94% | 5.98% | 3.36% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 05/31/22 | -0.79% | - | |
| YTD as of 06/28/22 | -24.84% | - | |
Risk-adjusted performance as of 05/31/22
| Alpha (3 yrs.) | 2.13 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.35 |
| Treynor ratio (3 yrs.) | 6.62 |
| Information ratio (3 yrs.) | 0.33 |
Volatility as of 05/31/22
| Standard deviation (3 yrs.) | 18.25% |
|---|---|
| Beta | 0.97 |
| R-squared | 0.89 |
Capture ratio as of 05/31/22
| Up-market (3 yrs.) | 108.59 |
|---|---|
| Down-market (3 yrs.) | 101.43 |
Lipper rankings as of 05/31/22
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 495/777 | 64% |
| 3 yrs. | 148/699 | 22% |
| 5 yrs. | 84/600 | 14% |
| 10 yrs. | 65/346 | 19% |
Morningstar Ratings™ as of 05/31/22
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 731 | |
| 3 yrs. | 731 | |
| 5 yrs. | 630 | |
| 10 yrs. | 364 |
Distributions
| Record/Ex dividend date | 12/22/21 |
|---|---|
| Payable date | 12/27/21 |
| Income | -- |
| Extra income | -- |
| Short-term cap. gain | $0.406 |
| Long-term cap. gain | $0.411 |
Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Holdings
| Taiwan Semiconductor Manufacturing | 10.03% |
|---|---|
| Samsung Electronics | 6.51% |
| Icici Bank | 4.53% |
| Tencent Holdings | 4.40% |
| Reliance Industries | 4.13% |
| Alibaba Group Holding | 3.87% |
| Bank Central Asia Tbk Pt | 3.65% |
| Tata Consultancy Services | 3.43% |
| Kb Financial Group | 3.39% |
| Alinma Bank | 3.09% |
| Top 10 holdings, percent of portfolio | 47.02% |
| Top 10 holdings as of 05/31/22 | |
|---|---|
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| Icici Bank | |
| Tencent Holdings | |
| Reliance Industries | |
| Alibaba Group Holding | |
| Bank Central Asia Tbk Pt | |
| Tata Consultancy Services | |
| Kb Financial Group | |
| Alinma Bank | |
| Holdings represent 47.02% of portfolio | |
| Top 10 holdings as of 04/30/22 | |
|---|---|
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| Tencent Holdings | |
| Alibaba Group Holding | |
| Icici Bank | |
| Reliance Industries | |
| Bank Central Asia Tbk Pt | |
| Tata Consultancy Services | |
| Alinma Bank | |
| Kb Financial Group | |
| Holdings represent 47.90% of portfolio | |
| Top 10 holdings as of 03/31/22 | |
|---|---|
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| Tencent Holdings | |
| Alibaba Group Holding | |
| Icici Bank | |
| Wal-Mart De Mexico Sab De Cv | |
| Reliance Industries | |
| China Merchants Bank | |
| Tata Consultancy Services | |
| Bank Central Asia Tbk Pt | |
| Holdings represent 46.17% of portfolio | |
| Top 10 holdings as of 02/28/22 | |
|---|---|
| Taiwan Semiconductor Manufacturing | |
| Tencent Holdings | |
| Samsung Electronics | |
| Wal-Mart De Mexico Sab De Cv | |
| Icici Bank | |
| Tata Consultancy Services | |
| Reliance Industries | |
| China Merchants Bank | |
| Alinma Bank | |
| Bank Central Asia Tbk Pt | |
| Holdings represent 45.76% of portfolio | |
| TAIWAN SEMICONDUCTOR MANUFAC SEDOL 6889106 | 8.88% |
|---|---|
| SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 | 6.12% |
| TENCENT HOLDINGS LTD SEDOL BMMV2K8 | 4.99% |
| ICICI BANK LTD SEDOL BSZ2BY7 | 3.91% |
| WALMART DE MEXICO SAB DE CV SEDOL BW1YVH8 | 3.73% |
| RELIANCE INDUSTRIES LTD SEDOL 6099626 | 3.64% |
| CHINA MERCHANTS BANK-H SEDOL B1DYPZ5 | 3.58% |
| TATA CONSULTANCY SVS LTD SEDOL B01NPJ1 | 3.41% |
| ALIBABA GROUP HOLDING LTD SEDOL BK6YZP5 | 3.29% |
| BANK CENTRAL ASIA TBK PT SEDOL B01C1P6 | 3.04% |
| ALINMA BANK SEDOL B39NWT3 | 2.89% |
| TOTVS SA SEDOL B10LQP6 | 2.48% |
| KB FINANCIAL GROUP INC SEDOL B3DF0Y6 | 2.45% |
| AIA GROUP LTD SEDOL B4TX8S1 | 2.43% |
| NAVER CORP SEDOL 6560393 | 2.27% |
| APOLLO HOSPITALS ENTERPRISE SEDOL 6273583 | 2.15% |
| CHINA MENGNIU DAIRY CO SEDOL B01B1L9 | 2.06% |
| ANGLO AMERICAN PLC SEDOL B1YW0L9 | 1.74% |
| ALIBABA GROUP HOLDING-SP ADR SEDOL BP41ZD1 | 1.58% |
| MEDIATEK INC SEDOL 6372480 | 1.58% |
| TECHTRONIC INDUSTRIES CO LTD SEDOL B0190C7 | 1.55% |
| MTN GROUP LTD SEDOL 6563206 | 1.45% |
| ASML HOLDING NV SEDOL B929F46 | 1.36% |
| MERCADOLIBRE INC SEDOL B23X1H3 | 1.20% |
| PARADE TECHNOLOGIES LTD SEDOL B6RV676 | 1.14% |
| ADVANCED MICRO DEVICES SEDOL 2007849 | 1.13% |
| SHOPRITE HOLDINGS LTD SEDOL 6801575 | 1.10% |
| DINO POLSKA SA SEDOL BD0YVN2 | 1.09% |
| INTL CONTAINER TERM SVCS INC SEDOL 6455819 | 1.08% |
| APPLIED MATERIALS INC SEDOL 2046552 | 1.04% |
| FERTIGLOBE PLC SEDOL BMXCL70 | 1.04% |
| MAX HEALTHCARE INSTITUTE LTD SEDOL BMB2291 | 1.00% |
| COPA HOLDINGS SA-CLASS A SEDOL B0TNJH9 | 1.00% |
| HONG KONG EXCHANGES & CLEAR SEDOL 6267359 | 0.93% |
| ISHARES CORE MSCI EMERGING SEDOL B8NDCB6 | 0.90% |
| LI NING CO LTD SEDOL B01JCK9 | 0.90% |
| ASIAN PAINTS LTD SEDOL BCRWL65 | 0.90% |
| CONTEMPORARY AMPEREX TECHN-A SEDOL BHQPSY7 | 0.86% |
| ASPEED TECHNOLOGY INC SEDOL B80VKP3 | 0.79% |
| PAGSEGURO DIGITAL LTD-CL A SEDOL BFWK4R7 | 0.78% |
| SHENZHEN INOVANCE TECHNOLO-A SEDOL BD5CMN8 | 0.77% |
| MOUWASAT MEDICAL SERVICES CO SEDOL B403QG4 | 0.76% |
| CENTRE TESTING INTL GROUP-A SEDOL BD5C7D3 | 0.76% |
| SHENZHEN MINDRAY BIO-MEDIC-A SEDOL BHQK864 | 0.74% |
| LEEJAM SPORTS CO JSC SEDOL BF12ZV5 | 0.73% |
| HINDALCO INDUSTRIES LTD SEDOL B0GWF48 | 0.69% |
| PETROBRAS - PETROLEO BRAS-PR SEDOL 2684532 | 0.67% |
| GLOBANT SA SEDOL BP40HF4 | 0.65% |
| SINBON ELECTRONICS CO LTD SEDOL 6349354 | 0.65% |
| PTT EXPLORATION & PROD-FOR SEDOL B1359J0 | 0.64% |
| JD.COM INC - CL A SEDOL BKPQZT6 | 0.63% |
| LVMH MOET HENNESSY LOUIS VUI SEDOL 4061412 | 0.61% |
| VALE INDONESIA TBK SEDOL B0217K9 | 0.58% |
| JD.COM INC-ADR SEDOL BMM27D9 | 0.58% |
| DIXON TECHNOLOGIES INDIA LTD SEDOL BNC5412 | 0.51% |
| SIBANYE STILLWATER LTD SEDOL BL0L913 | 0.43% |
| COUNTRY GARDEN SERVICES HOLD SEDOL BDQZP48 | 0.33% |
| PEARL ABYSS CORP SEDOL BYX56S9 | 0.33% |
| ACM RESEARCH INC-CLASS A SEDOL BF5C2N2 | 0.20% |
| TAIWAN SEMICONDUCTOR MANUFAC SEDOL 6889106 | 10.59% |
|---|---|
| TENCENT HOLDINGS LTD SEDOL BMMV2K8 | 7.35% |
| SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 | 6.62% |
| TATA CONSULTANCY SVS LTD SEDOL B01NPJ1 | 3.94% |
| WALMART DE MEXICO SAB DE CV SEDOL BW1YVH8 | 3.80% |
| ICICI BANK LTD SEDOL BSZ2BY7 | 3.47% |
| ALIBABA GROUP HOLDING LTD SEDOL BK6YZP5 | 2.74% |
| MERCADOLIBRE INC SEDOL B23X1H3 | 2.72% |
| RELIANCE INDUSTRIES LTD SEDOL 6099626 | 2.66% |
| MEDIATEK INC SEDOL 6372480 | 2.54% |
| NAVER CORP SEDOL 6560393 | 2.35% |
| APOLLO HOSPITALS ENTERPRISE SEDOL 6273583 | 2.31% |
| LI NING CO LTD SEDOL B01JCK9 | 2.28% |
| TECHTRONIC INDUSTRIES CO LTD SEDOL B0190C7 | 2.24% |
| ASPEED TECHNOLOGY INC SEDOL B80VKP3 | 2.01% |
| ASIAN PAINTS LTD SEDOL BCRWL65 | 1.94% |
| GLOBANT SA SEDOL BP40HF4 | 1.92% |
| WUXI APPTEC CO LTD-H SEDOL BGHH0L6 | 1.90% |
| PARADE TECHNOLOGIES LTD SEDOL B6RV676 | 1.88% |
| JD.COM INC-ADR SEDOL BMM27D9 | 1.76% |
| TCS GROUP HOLDING-GDR REG S SEDOL BF233S0 | 1.75% |
| SHENZHEN INOVANCE TECHNOLO-A SEDOL BD5CMN8 | 1.75% |
| YANDEX NV-A SEDOL B5BSZB3 | 1.69% |
| NOVATEK MICROELECTRONICS COR SEDOL 6346333 | 1.59% |
| SILERGY CORP SEDOL BH4DMW9 | 1.59% |
| JUBILANT FOODWORKS LTD SEDOL B3PRM66 | 1.57% |
| AIA GROUP LTD SEDOL B4TX8S1 | 1.56% |
| CONTEMPORARY AMPEREX TECHN-A SEDOL BHQPSY7 | 1.56% |
| CENTRE TESTING INTL GROUP-A SEDOL BD5C7D3 | 1.44% |
| KAKAO CORP SEDOL 6194037 | 1.44% |
| TOTVS SA SEDOL B10LQP6 | 1.43% |
| HDFC BANK LIMITED SEDOL BK1N461 | 1.41% |
| DINO POLSKA SA SEDOL BD0YVN2 | 1.38% |
| PEARL ABYSS CORP SEDOL BYX56S9 | 1.34% |
| BANK CENTRAL ASIA TBK PT SEDOL B01C1P6 | 1.30% |
| SBERBANK PJSC -SPONSORED ADR SEDOL B5SC091 | 1.28% |
| COPA HOLDINGS SA-CLASS A SEDOL B0TNJH9 | 1.26% |
| SHENZHEN MINDRAY BIO-MEDIC-A SEDOL BHQK864 | 1.18% |
| DIXON TECHNOLOGIES INDIA LTD SEDOL BNC5412 | 1.17% |
| HONG KONG EXCHANGES & CLEAR SEDOL 6267359 | 0.94% |
| YUM CHINA HOLDINGS INC SEDOL BN2BD13 | 0.88% |
| AFREECATV CO LTD SEDOL 6724508 | 0.88% |
| SEA LTD-ADR SEDOL BYWD7L4 | 0.87% |
| MAX HEALTHCARE INSTITUTE LTD SEDOL BMB2291 | 0.85% |
| THOUGHTWORKS HOLDING INC SEDOL BMYR6Y6 | 0.66% |
| SINBON ELECTRONICS CO LTD SEDOL 6349354 | 0.64% |
| HC BRILLANT SERVICES GMBH P/P | 0.00% |
Portfolio composition as of 05/31/22
| Common stock | 97.83% |
|---|---|
| Cash and net other assets | 1.46% |
| Preferred stock | 0.71% |
Equity statistics as of 05/31/22
| Median market cap | $24.25B |
|---|---|
| Weighted average market cap | $154.18B |
| Price to book | 2.70 |
| Price to earnings | 15.05 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.
Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Top industry sectors as of 05/31/22
| Information technology | 27.71% |
|---|---|
| Financials | 22.68% |
| Consumer discretionary | 10.07% |
| Communication services | 7.68% |
| Consumer staples | 6.56% |
| Energy | 6.39% |
| Industrials | 5.41% |
| Materials | 4.46% |
| Health care | 3.40% |
| Other | 5.64% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time.
Country allocation as of 05/31/22
| China | 20.09% |
|---|---|
| India | 15.40% |
| Taiwan | 12.96% |
| South Korea | 11.57% |
| Hong Kong | 5.31% |
| Indonesia | 4.33% |
| Saudi Arabia | 4.33% |
| United States | 3.84% |
| Mexico | 3.83% |
| Other | 18.34% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.61% | 2.36% | 2.36% | 1.86% | 1.21% | 1.36% |
| What you pay† | 1.34% | 2.09% | 2.09% | 1.59% | 0.94% | 1.09% |
† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 12/30/22
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% | 0.00% | 0.00% | -- | -- | -- |
| $50,000-$99,999 | 4.50% | 0.00% | 0.00% | -- | -- | -- |
| $100,000-$249,999 | 3.50% | -- | 0.00% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | -- | -- | -- |
| $500,000-$999,999 | 2.00% | -- | 0.00% | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $1,000,000+) | Class B | Class C | Class R | Class R6 | Class Y | |
|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 9 to 12 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 2 yrs. | 0.00% | 4.00% | 0.00% | -- | -- | -- |
| 3 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 4 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 5 yrs. | 0.00% | 2.00% | 0.00% | -- | -- | -- |
| 6 yrs. | 0.00% | 1.00% | 0.00% | -- | -- | -- |
| 7+ yrs. | 0.00% | 0.00% | 0.00% | -- | -- | -- |
MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. You cannot invest directly in an index.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.
Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.