Closed and/or capacity constrained.

Prior to 1 March 2019, the name of the:

• Emerging Markets Discovery Equity Strategy was the Emerging Markets Value Equity Strategy.
• Emerging Markets Discovery Equity Composite was the Emerging Markets Value Equity Composite.

Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly. 

Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints. 

Effective 1 July 2018, the benchmark for the composite changed from gross to net of withholding taxes. The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of theportfolios in the composite. Historical benchmark representations have been restated. Effective 1 June 2010, the benchmark was changed to MSCI Emerging Markets Europe Index Net. Prior to 1 June 2010, the benchmark was the MSCI Emerging Markets Europe and Middle East Index Net. The benchmark changes were made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite.

J.P. Morgan Emerging Markets Bond Index Global %

Effective 1 January 2011, the benchmark for the composite was changed to J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified. Prior to 1 January 2011, the benchmark was the J.P. Morgan Government Bond Index-Emerging Markets Broad Diversified Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Bloomberg Index Services Limited.

Effective 1 July 2018, the benchmark for the composite, MSCI Europe Small Cap Index, was changed from gross to net of withholding taxes. The change was because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations were restated. Prior to 1 January 2016, the benchmark was S&P Pan Europe Small‐Cap Index Net.

The composite's original inception date was 28 February 2005. The composite experienced a break in performance from 1 February 2009 through 31 July 2009 as a result of no portfolios being included in the composite during this time period due to portfolios in the strategy not meeting the required minimum asset level for equity portfolios. The pre-break performance is being provided for the period 28 February 2005 through 31 January 2009. Gross of fees composite performance for the period 28 February 2005 through 31 January 2009 (net of fees performance in parentheses): three months -10.97% (-11.06%), one year -37.21% (-37.48%), three years -12.37% (-12.73%), five years N/A, since inception -4.66% (-5.04%) (28 February 2005). Performance for the MSCI Europe Index through the periods ended 31 January 2009: three months -13.65%, one year -38.13%, three years -13.12%, five years -1.17%, since the composite's inception -5.10% (28 February 2005). 

Effective 1 June 2019, the benchmark for the composite changed from gross- to net- of withholding taxes.  The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated.

Effective 1 January 2020, the primary benchmark for the composite changed from MSCI Frontier Markets Index Net to MSCI Frontier Market 10-40 Index Net. Effective 1 July 2018, the benchmark for the composite changed from gross to net of withholding taxes. The changes were made because the firm viewed the new benchmarks to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated.

Effective 27 June 2013, the benchmark for the composite was changed to MSCI All Country World Index. Prior to 27 June 2013, the benchmark was the MSCI All Country World Large Cap Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

Effective 1 October 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated. 

Effective April 1, 2017, the benchmark for the composite was changed to the MSCI World Select Natural Resources Index. Prior to April 1, 2017, the benchmark was the Lipper Global Natural Resources Funds Index. Prior to June 1, 2008, the benchmark was the Lipper Natural Resources Funds Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated. 

Primary benchmark is JPMorgan Global High Yield Index. Prior to 1 July 2010, the primary benchmark was FTSE All BB&B Rated Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.

TOPIX total returns are calculated in JPY and converted to USD using an exchange rate determined by an independent third party. 

Effective 1 July 2018, the benchmark changed from a gross of withholding tax benchmark to a net of withholding tax benchmark. The change was because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations were restated. Effective 1 January 2018, the benchmark for the composite was changed to MSCI Arabian Markets & Africa 10/40 Investable Market Index Net. Prior to 1 January 2018, the benchmark was S&P Emerging Market/Frontier Middle East & Africa Broad Market Index ex Israel Net. Prior to 30 September 2010, the benchmark for the composite was MSCI Arabian Markets and Africa Index. Prior to 1 July 2009, the benchmark was the S&P IFCG Africa and Middle East ex-Saudi Arabia and ex-Israel, a custom benchmark with the base line of the S&P/IFCI EMEA index which is a subset of the S&P/IFCI index excluding Saudi Arabia and Israel. Prior to 1 September 2008, this benchmark also excluded Kuwait.