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OIBCX

International Bond Fund
  • A
  • 1

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Overview

The strategy uses top down macro and bottom up country analyses to invest across foreign exchange, interest rates and credit securities in international and emerging markets.

Inception Date
June 15, 1995
Investment Style
International Bond
Fund Index
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
CUSIP
68380T301
NAV
  • B
(as of 03/21/2019)
$5.54
Total Assets
(as of 02/28/2019)
$4.90 BN
Gross Expense Ratio
(as of 02/28/2019)
1.76%
Net Expense Ratio
(as of 02/28/2019)
1.74%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 02/28/2019
  • F
as of 12/31/2018
  • F

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • F
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
International Bond Fund (NAV)
-6.47% -6.47% 2.68% 0.59% 2.54% 6.08%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
-3.58% -3.58% 4.56% 0.90% 2.89% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
International Bond Fund (with sales charge)
-7.37% -7.37% 2.68% 0.59% 2.54% 6.08%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
-3.58% -3.58% 4.56% 0.90% 2.89% -
Cumulative
Annualized
ytd as of 2019-02-28
  • D
1 yr 3 yr 5 yr 10 yr since inception
International Bond Fund (NAV)
4.01% -4.37% 4.20% 1.30% 3.75% 6.22%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
2.68% -2.81% 4.31% 1.07% 4.01% -
Cumulative
Annualized
ytd as of 2019-02-28
  • D
1 yr 3 yr 5 yr 10 yr since inception
International Bond Fund (with sales charge)
3.01% -5.29% 4.20% 1.30% 3.75% 6.22%
50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
2.68% -2.81% 4.31% 1.07% 4.01% -
Gross Expense Ratio: 1.76% | Net Expense Ratio: 1.74%

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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Year International Bond Fund 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified
1996 18.43% -
1997 1.72% -
1998 -5.08% -
1999 10.22% -
2000 6.11% -
2001 1.11% -
2002 19.93% -
2003 24.99% 18.64%
2004 14.73% 14.24%
2005 2.51% -4.41%
2006 7.87% 8.92%
2007 12.81% 12.31%
2008 -1.41% 4.86%
2009 12.12% 10.26%
2010 7.30% 8.03%
2011 -1.15% 4.06%
2012 10.21% 9.08%
2013 -4.83% -5.95%
2014 -0.59% -1.59%
2015 -4.30% -7.04%
2016 5.35% 6.00%
2017 9.86% 11.83%
2018 -6.47% -3.58%

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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Date International Bond Fund 50% Citi non US WGBI /30% JPM GBI-EM Global Diversified /20% JP EMBI Global Diversified BBG Barclays Agg
2/28/2009 0.00 0.00 0.00
3/31/2009 3.11 3.38 1.39
4/30/2009 5.69 6.11 1.88
5/31/2009 12.15 11.15 2.61
6/30/2009 12.53 11.76 3.20
7/31/2009 15.72 14.85 4.86
8/31/2009 17.96 17.04 5.95
9/30/2009 22.64 20.62 7.06
10/31/2009 23.05 20.99 7.59
11/30/2009 26.43 24.78 8.98
12/31/2009 22.05 19.68 7.28
1/31/2010 21.30 19.52 8.92
2/28/2010 22.25 20.14 9.32
3/31/2010 23.85 19.69 9.19
4/30/2010 24.51 19.45 10.33
5/31/2010 19.13 16.55 11.25
6/30/2010 20.91 18.35 13.00
7/31/2010 26.78 24.18 14.21
8/31/2010 28.20 26.34 15.67
9/30/2010 33.72 30.93 15.80
10/31/2010 36.36 33.34 16.21
11/30/2010 28.11 25.77 15.54
12/31/2010 31.65 29.29 14.30
1/31/2011 30.08 28.81 14.43
2/28/2011 31.08 29.74 14.72
3/31/2011 32.72 31.04 14.78
4/30/2011 38.22 36.13 16.24
5/31/2011 37.01 35.35 17.75
6/30/2011 37.85 35.97 17.41
7/31/2011 39.72 38.95 19.27
8/31/2011 39.31 40.83 21.01
9/30/2011 29.88 34.21 21.89
10/31/2011 33.59 37.28 22.03
11/30/2011 30.69 33.99 21.92
12/31/2011 31.28 34.53 23.26
1/31/2012 35.12 39.18 24.34
2/29/2012 35.98 40.30 24.31
3/31/2012 35.20 38.82 23.63
4/30/2012 36.67 40.72 25.00
5/31/2012 33.27 35.88 26.13
6/30/2012 35.87 39.24 26.18
7/31/2012 39.31 41.87 27.92
8/31/2012 40.22 42.95 28.01
9/30/2012 42.32 45.89 28.18
10/31/2012 43.01 45.77 28.44
11/30/2012 43.91 46.43 28.64
12/31/2012 45.42 46.74 28.45
1/31/2013 46.32 45.59 27.56
2/28/2013 45.43 43.96 28.20
3/31/2013 45.22 43.22 28.30
4/30/2013 47.93 46.35 29.60
5/31/2013 43.04 39.53 27.28
6/30/2013 37.15 36.15 25.32
7/31/2013 38.27 37.59 25.49
8/31/2013 35.32 34.89 24.84
9/30/2013 38.38 39.08 26.03
10/31/2013 40.59 41.81 27.05
11/30/2013 38.94 38.75 26.57
12/31/2013 39.37 38.01 25.86
1/31/2014 37.95 36.78 27.71
2/28/2014 40.14 40.52 28.39
3/31/2014 40.93 42.08 28.17
4/30/2014 42.22 43.75 29.26
5/31/2014 43.52 45.63 30.73
6/30/2014 44.33 47.03 30.80
7/31/2014 43.30 45.76 30.47
8/31/2014 43.90 46.39 31.91
9/30/2014 40.95 40.39 31.01
10/31/2014 41.55 41.00 32.30
11/30/2014 41.61 39.64 33.24
12/31/2014 39.82 35.82 33.36
1/31/2015 41.09 35.16 36.16
2/28/2015 41.39 34.20 34.88
3/31/2015 40.76 31.78 35.51
4/30/2015 40.89 34.62 35.02
5/31/2015 39.86 31.20 34.69
6/30/2015 38.12 30.33 33.23
7/31/2015 39.30 29.66 34.15
8/31/2015 37.52 27.77 33.96
9/30/2015 35.92 26.76 34.87
10/31/2015 36.78 29.25 34.89
11/30/2015 35.92 26.53 34.53
12/31/2015 34.62 26.25 34.10
1/31/2016 34.53 26.99 35.94
2/29/2016 34.17 30.55 36.91
3/31/2016 40.11 37.49 38.16
4/30/2016 43.07 40.37 38.69
5/31/2016 41.20 36.45 38.73
6/30/2016 44.44 42.81 41.22
7/31/2016 47.43 44.03 42.11
8/31/2016 48.95 43.82 41.95
9/30/2016 49.44 45.56 41.87
10/31/2016 47.57 41.49 40.78
11/30/2016 41.87 33.36 37.45
12/31/2016 42.87 33.82 37.65
1/31/2017 44.80 36.08 37.92
2/28/2017 46.81 37.60 38.84
3/31/2017 48.10 38.83 38.77
4/30/2017 49.89 40.86 39.84
5/31/2017 51.68 43.56 40.92
6/30/2017 52.70 43.63 40.78
7/31/2017 55.83 46.74 41.38
8/31/2017 57.17 48.96 42.65
9/30/2017 56.43 47.78 41.97
10/31/2017 55.69 46.08 42.05
11/30/2017 57.55 48.48 41.87
12/31/2017 58.37 49.66 42.52
1/31/2018 62.92 54.04 40.88
2/28/2018 61.04 52.45 39.55
3/31/2018 62.43 54.42 40.44
4/30/2018 58.99 50.72 39.40
5/31/2018 53.89 46.45 40.39
6/30/2018 50.93 44.51 40.22
7/31/2018 53.93 45.77 40.25
8/31/2018 47.94 42.05 41.15
9/30/2018 49.86 42.81 40.24
10/31/2018 46.92 40.32 39.14
11/30/2018 48.11 41.56 39.97
12/31/2018 49.06 44.30 42.54
1/31/2019 55.57 49.34 44.05
2/28/2019 55.21 48.17 43.97
Date Dividends
3/31/2009 0.0163
4/30/2009 0.017
5/29/2009 0.0165
6/30/2009 0.0171
7/31/2009 0.0179
8/31/2009 0.0163
9/30/2009 0.0164
10/30/2009 0.0178
11/30/2009 0.0157
12/30/2009 0.0174
1/29/2010 0.017
2/26/2010 0.0163
3/31/2010 0.0193
4/30/2010 0.0202
5/28/2010 0.0183
6/30/2010 0.0181
7/30/2010 0.0173
8/31/2010 0.0189
9/30/2010 0.0179
10/29/2010 0.02
11/30/2010 0.018
12/30/2010 0.0219
1/31/2011 0.0179
2/28/2011 0.0159
3/31/2011 0.017
4/29/2011 0.0174
5/31/2011 0.0166
6/30/2011 0.0169
7/29/2011 0.0174
8/31/2011 0.0159
9/30/2011 0.0179
10/31/2011 0.0163
11/30/2011 0.0164
12/29/2011 0.1044
1/31/2012 0.0176
2/29/2012 0.017
3/30/2012 0.0194
4/30/2012 0.0157
5/31/2012 0.0173
6/29/2012 0.0172
7/31/2012 0.0161
8/31/2012 0.018
9/28/2012 0.0134
10/31/2012 0.0175
11/30/2012 0.0174
12/28/2012 0.0153
1/31/2013 0.0169
2/28/2013 0.0163
3/28/2013 0.017
4/30/2013 0.0174
5/31/2013 0.0177
6/28/2013 0.0144
7/31/2013 0.0158
8/30/2013 0.0158
9/30/2013 0.0118
10/31/2013 0.0137
11/29/2013 0.0143
12/30/2013 0.0131
1/31/2014 0.0146
2/28/2014 0.0118
3/31/2014 0.0107
4/30/2014 0.0118
5/30/2014 0.0122
6/30/2014 0.0112
7/31/2014 0.0117
8/29/2014 0.0117
9/30/2014 0.0102
10/31/2014 0.0114
11/28/2014 0.0091
12/31/2014 0.0103
1/30/2015 0.0097
2/27/2015 0.0095
3/31/2015 0.0097
4/30/2015 0.0116
5/29/2015 0.0131
6/30/2015 0.0134
7/31/2015 0.0155
8/31/2015 0.0125
9/30/2015 0.0098
10/30/2015 0.0119
11/30/2015 0.011
12/31/2015 0.013
1/29/2016 0.0131
2/29/2016 0.0117
3/31/2016 0.0089
4/29/2016 0.0168
5/31/2016 0.0202
6/30/2016 0.0171
7/29/2016 0.0165
8/31/2016 0.0174
9/30/2016 0.0159
10/31/2016 0.0217
11/30/2016 0.0202
12/30/2016 0.026
1/31/2017 0.0218
2/28/2017 0.0155
3/31/2017 0.0163
4/28/2017 0.0161
5/31/2017 0.0153
6/30/2017 0.016
7/31/2017 0.0164
8/31/2017 0.0172
9/29/2017 0.018
10/31/2017 0.018
11/30/2017 0.0168
12/29/2017 0.0172
1/31/2018 0.0173
2/28/2018 0.0159
3/29/2018 0.0179
4/30/2018 0.0181
5/31/2018 0.0172
6/29/2018 0.0168
7/31/2018 0.0169
8/31/2018 0.0166
9/28/2018 0.0166
10/31/2018 0.0194
11/30/2018 0.0199
12/31/2018 0.0207
1/31/2019 0.0207
2/28/2019 0.0237

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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 03/21/2019

Date 2014 2015 2016 2017 2018
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.

Portfolio

Top Countries

(71.3% of assets as of 02/28/2019)


Portfolio Holdings Breakdown

Developed Markets
Emerging Markets
Strategy
Credit Rating Allocation 5
Currency 6
Developed Markets International Bond Fund 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Europe 22.0% 30.2% -8.2%
Asia Pacific 1.2% 16.9% -15.7%
Americas 0.8% 1.3% -0.5%
Supranational -1.0% - -
Emerging Markets International Bond Fund 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Americas 24.4% 18.2% 6.1%
Asia Pacific 17.4% 12.2% 5.1%
Europe 11.3% 13.9% -2.6%
Africa 8.3% 5.5% 2.8%
Middle East 1.2% 1.7% -0.5%
Multi -0.4% - -
Strategy International Bond Fund 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Global Tactical Rates / FX: Global Tactical Rates 38.2% - -
Credit: Developed Markets 16.5% - -
Credit: Emerging Markets 15.9% - -
Global Core Rates / FX: Global Core Rates 14.5% - -
Credit Rating Allocation International Bond Fund 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Treasury 0.8% - -
AAA 1.3% 8.7% -7.4%
AA 2.5% 15.0% -12.4%
A 13.3% 32.7% -19.4%
BBB 23.6% 24.9% -1.3%
BB 22.1% 7.3% 14.8%
B 10.0% 5.8% 4.2%
CCC 1.5% 0.0% 1.4%
CC 0.3% - -
Unrated 11.3% 5.4% 5.9%
Other -1.6% - -
Currency International Bond Fund 50% FTSE Non-USD WGBI /30% JPM GBI-EM Global Diversified /20% JPM EMBI Global Diversified Overweight / Underweight
Japanese Yen 14.3% 15.3% -1.0%
Euro 13.2% 25.1% -11.8%
Norwegian Krone 5.8% 0.2% 5.7%
Indonesian Rupiah 5.1% 2.9% 2.2%
Swedish Krona 5.1% 0.2% 4.9%
Polish Zloty 4.6% 3.1% 1.5%
South African Rand 4.5% 2.9% 1.6%
British Pound 4.5% 4.4% 0.1%
Brazilian Real 3.6% 3.0% 0.6%
Canadian Dollar 3.3% 1.3% 2.0%
Russian Ruble 3.2% 2.2% 1.0%
Chilean Peso 2.9% 1.0% 1.9%
Indian Rupee 2.8% - -
Australian Dollar 2.5% 1.4% 1.1%
Argentine Peso 2.5% 0.2% 2.3%
Mexican Peso 2.0% 3.5% -1.5%
Egyptian Pound 0.5% - -
Chinese Renminbi 0.5% - -
Turkish New Lira 0.2% 1.4% -1.2%
Korean Won 0.2% - -
Analytics
(As of 02/28/2019)

Morningstar 02/28/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
255
Category
World Bond
Performance Statistics
3Y
5Y
Alpha
0.49
0.31
Beta
0.80
0.69
Information Ratio
-0.04
0.06
R-Squared
83.42
74.13
Sharpe Ratio
0.46
0.12
Standard Deviation
6.80
5.67
Sortino Ratio
0.68
0.18
Tracking Error
3.21
3.64
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
5.61%
Standardized Yield
3.94%
Unsubsidized Yield
3.93%
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
4.48%
-
Yield to Worst
4.46%
-
Average Effective Maturity
6.43 yrs
-
Current Duration
3.20 yrs
-
Average Coupon
5.56%
-
Turnover Ratio
115%
-
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
2/28/2019
Per Share ($)
$0.0237
12-Month Distribution ($)
$0.2245
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Team
Tools
Morningstar logo 95x28 trans
Documents

CHALLENGE LABELS.

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CHALLENGE LABELS.
Terms like “developed” and “emerging” play into assumptions that are no longer valid.
THE REALITY
Investors benefit from “go anywhere” approaches. Promising opportunities abound across the globe, including the emerging markets, which represent 35% of global GDP – and growing.

Learn more about Challenge the Index

Bw 5365792521001 620x349
  1. 1. 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. Eurozone investments may be subject to volatility and liquidity issues. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Currency derivative investments may be volatile and involve significant risks. Small and 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 small-sized or mid-sized company, if any gain is realized at all. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer. Regulation S securities are privately offered securities, may be illiquid, and involve a high degree of risk which may result in substantial losses to the Fund. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund.
  2. 2. 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.
  3. 3.

    The Reference Index is a customized weighted index currently comprised of 50% of the FTSE Non-U.S. Dollar World Government Bond Index, 30% of the JPMorgan Government Bond Index - Emerging Markets Global Diversified, and 20% of the JPMorgan Emerging Markets Bond Index Global Diversified. From January 1, 2003 through December 31, 2011, the underlying index weights were 70% FTSE Non-U.S. Dollar World Government Bond Index, 20% JPMorgan Government Bond Index - Emerging Markets Global Diversified and 10% JPMorgan Emerging Markets Bond Index Global Diversified.  The Reference Index returns reflect the weightings in effect for the time periods for which fund returns are disclosed, and weightings prior to January 1, 2012 are not restated.  The Fund is not managed to be invested in the same percentages as those indices comprising the Reference Index.  The FTSE Non-U.S. World Government Bond Index (FTSE WGBI Non-U.S.) is an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The J.P. Morgan Government Bond Index-Emerging Markets Global Diversified is a comprehensive, global local Emerging Markets Index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure.  The J.P. Morgan Emerging Markets Bond Index Global Diversified is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets).   The indices are unmanaged, include reinvestment of dividends, are shown for illustrative purposes only, 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.

  4. 4. 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.
  5. 5. If included in the credit rating breakdown table above, all securities except for those labeled “Treasury,” “Agency,” and “Unrated,” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. “Investment-grade” securities are securities rated within the NRSRO’s four highest rating categories, which include AAA, AA, A and BBB. Please consult the Fund’s Prospectus and Statement of Additional Information for further information.
  6. 6. 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.
  7. 7. 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.
  8. 8. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses 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.
  9. A. The Morningstar Rating&trade; 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. <b>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.</b> 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. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  10. B. 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.
  11. C. 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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  12. D. "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.
  13. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. F. 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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
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