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Alternative

The Strategy focuses its investments in real estate companies throughout the world, but it can also invest in other securities (REITs, Common Stock, Foreign Securities)
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Global Real Estate Fund

OGRNX

The Strategy focuses its investments in real estate companies throughout the world, but it can also invest in other securities (REITs, Common Stock, Foreign Securities)

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Cumulative Total Returns

as of 8/31/17

Since Inception 3/20/13
23%
Performance & Distributions
×

Alternative

Gross Expense Ratio:
      1.96%
    Net Expense Ratio:   1.75%

    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 are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Global Real Estate Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 9/20/17
      2013 2014 2015 2016 YTD
    • C
    Global Real Estate Fund 14.41 0.74 -1.54 7.93
    FTSE EPRA NAREIT Global NR Index 13.92 -1.19 3.75
    Capital Gains Distributions ($ per share)
    Data as of 9/21/17
      2012 2013 2014 2015 2016
    Short Term 0.0130 0.1856
    Long Term 0.1698
    Total Amount of Distribution 0.013 0.3553
    Record Date 12/16/15 12/14/16
    Ex Div Date 12/17/15 12/15/16
    Pay Date 12/17/15 12/15/16

    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 are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 8/31/17

    as of 6/30/17

    • A
    YTD (as of 9/20/17)
    • C
    7.93%
    1 Year -1.18%
    3 Year 2.83%
    Since Inception 4.82%
    YTD (as of 9/20/17)
    • C
    7.93%
    1 Year -1.18%
    3 Year 2.83%
    Since Inception 4.82%
    YTD (as of 9/20/17)
    • C
    7.93%
    1 Year -2.39%
    3 Year 2.66%
    Since Inception 4.52%
    YTD (as of 9/20/17)
    • C
    7.93%
    1 Year -2.39%
    3 Year 2.66%
    Since Inception 4.52%
    Gross Expense Ratio
    1.96%
    Net Expense Ratio
    1.75%
    NAV
    • D
    as of 9/20/17
    $10.51
    Distribution Rate

    quarterly as of 9/20/17

    Distribution 2.01%
    Adjusted Distribution 1.69%

    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 are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    08/31/17

    ProLogis Trust Reits
    4.5%
    Vonovia SE
    3.6%
    Simon Property Group, Inc.
    3.2%
    Sun Hung Kai Properties Ltd.
    2.6%
    Welltower, Inc.
    2.6%
    Unibail-Rodamco SE
    2.4%
    Regency Centers Corp.
    2.4%
    Essex Property Trust
    2.3%
    Mitsui Fudosan Co. Ltd.
    2.2%
    Duke Investments
    2.1%
    Boston Properties, Inc.
    2.1%
    Starwood Waypoint Residential...
    2.1%
    Mitsubishi Estate Co. Ltd.
    2.1%
    Physicians Realty Trust
    2.0%
    Kilroy Realty Corp.
    2.0%
    Digital Realty Trust, Inc.
    2.0%
    Cheung Kong Property Holdings...
    1.9%
    Hilton Worldwide Holdings Inc...
    1.9%
    Macquarie Goodman Group
    1.8%
    Camden Property Trust
    1.7%
    ×
    • 4.5%
      ProLogis Trust Reits
    • Owns, operates and develops industrial real estate properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial
    MARKET CAP Large
    ×
    • 3.6%
      Vonovia SE
    • Operates as a holding company, which though its subsidiaries, engages in the residential real estate business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Residential
    MARKET CAP Large
    ×
    • 3.2%
      Simon Property Group, Inc.
    • Engages in the retail real estate ownership, management and development
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Retail
    MARKET CAP Large
    ×
    • 2.6%
      Sun Hung Kai Properties Ltd.
    • Engages in the development of property for sale and investment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 2.6%
      Welltower, Inc.
    • Operates as a real estate investment trust with interests in senior housing communities, medical office buildings and skilled nursing facilities.
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Healthcare
    MARKET CAP Large
    ×
    • 2.4%
      Unibail-Rodamco SE
    • Invests in and manages commercial real estate
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Retail
    MARKET CAP Large
    ×
    • 2.4%
      Regency Centers Corp.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Retail
    MARKET CAP Mid
    ×
    • 2.3%
      Essex Property Trust
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Residential
    MARKET CAP Mid
    ×
    • 2.2%
      Mitsui Fudosan Co. Ltd.
    • Develops, leases and manages real estate; manages resort hotels
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 2.1%
      Duke Investments
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial/Office Mixed
    MARKET CAP Mid
    ×
    • 2.1%
      Boston Properties, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 2.1%
      Starwood Waypoint Residential Trust
    • Acquires, renovates, leases, maintains, and manages single-family homes
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Residential
    MARKET CAP Mid
    ×
    • 2.1%
      Mitsubishi Estate Co. Ltd.
    • Engages in construction and real estate management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 2.0%
      Physicians Realty Trust
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Healthcare
    MARKET CAP Small
    ×
    • 2.0%
      Kilroy Realty Corp.
    • Real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 2.0%
      Digital Realty Trust, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Diversified
    MARKET CAP Mid
    ×
    • 1.9%
      Cheung Kong Property Holdings Ltd.
    • Operates as an investment holding company, which develops and operates real estate
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 1.9%
      Hilton Worldwide Holdings Inc.
    • Operates as a holding company, which provides hospitality services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Lodging/Resorts
    MARKET CAP Mid
    ×
    • 1.8%
      Macquarie Goodman Group
    • Provides property and fund management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Industrial
    MARKET CAP Large
    ×
    • 1.7%
      Camden Property Trust
    • Operates as a real estate investment trust, which engages in the ownership, management, development, acquisition, and construction of multifamily apartment communities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Residential
    MARKET CAP Mid
    Holdings Breakdown

    as of 08/31/17

    48.4%

    United States

    10.5%

    Japan

    7.3%

    Hong Kong

    5.9%

    Australia

    4.3%

    France

    4.2%

    Singapore

    No Issuer Equity
    in
    Singapore
    4.1%

    Germany

    3.9%

    China

    No Issuer Equity
    in
    China
    3.4%

    United Kingdom

    No Issuer Equity
    in
    United Kingdom
    2.6%

    Canada

    No Issuer Equity
    in
    Canada
    1.8%

    Sweden

    No Issuer Equity
    in
    Sweden
    1.6%

    Spain

    No Issuer Equity
    in
    Spain
    0.8%

    Philippines

    No Issuer Equity
    in
    Philippines
    0.5%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    0.4%

    Thailand

    No Issuer Equity
    in
    Thailand
    0.2%

    Indonesia

    No Issuer Equity
    in
    Indonesia
    29.1%

    Diversified

    19.6%

    Retail

    17.9%

    Residential

    10.9%

    Office

    9.1%

    Industrial

    6.7%

    Healthcare

    4.0%

    Industrial/Office Mixed

    2.4%

    Lodging/Resorts

    99.8%

    49.2%

    Large

    40.8%

    Mid

    9.8%

    Small

    Risk Measurements

    as of 08/31/17

    Alpha -1.04%
    Beta 0.96
    R-Squared
    93.30
    Sharpe Ratio
    0.26
    Standard Deviation
    12.11%
    Sortino Ratio
    0.12
    Information Ratio
    -0.40
    Equity Style
    Total Assets (all classes)
    as of 8/31/17
    $49.4 MM
    Portfolio Statistics

    as of 8/31/17

    P/E (next 12 months) 22.08
    P/E Operating (LTM) 19.40
    Price/Book Value (LTM) 1.49
    Turnover Ratio
    124.00%
    Dividends ($ per share)
    • B
    Est Frequency Quarterly
    Last Pay Date 9/20/17
    Per Share ($) 0.0529
    12-Month Distribution ($) 0.5129
    Distribution Sources
    Net Income 84.07%
    Net Profit from Sale 0.00%
    Other Capital Sources 15.93%
    Top Issuers

    08/31/17

    ProLogis Trust ...
    4.5%
    Vonovia SE
    3.6%
    Simon Property ...
    3.2%
    Sun Hung Kai Pr...
    2.6%
    Welltower, Inc....
    2.6%
    Unibail-Rodamco...
    2.4%
    Regency Centers...
    2.4%
    Essex Property ...
    2.3%
    Mitsui Fudosan ...
    2.2%
    Duke Investment...
    2.1%
    Boston Properti...
    2.1%
    Starwood Waypoi...
    2.1%
    Mitsubishi Esta...
    2.1%
    Physicians Real...
    2.0%
    Kilroy Realty C...
    2.0%
    Digital Realty ...
    2.0%
    Cheung Kong Pro...
    1.9%
    Hilton Worldwid...
    1.9%
    Macquarie Goodm...
    1.8%
    Camden Property...
    1.7%
    Holdings Breakdown

    as of 08/31/17

    Reset
    48.4%

    United States

    10.5%

    Japan

    7.3%

    Hong Kong

    5.9%

    Australia

    4.3%

    France

    4.2%

    Singapore

    No Issuer Equity
    in
    Singapore
    4.1%

    Germany

    3.9%

    China

    No Issuer Equity
    in
    China
    3.4%

    United Kingdom

    No Issuer Equity
    in
    United Kingdom
    2.6%

    Canada

    No Issuer Equity
    in
    Canada
    1.8%

    Sweden

    No Issuer Equity
    in
    Sweden
    1.6%

    Spain

    No Issuer Equity
    in
    Spain
    0.8%

    Philippines

    No Issuer Equity
    in
    Philippines
    0.5%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    0.4%

    Thailand

    No Issuer Equity
    in
    Thailand
    0.2%

    Indonesia

    No Issuer Equity
    in
    Indonesia
    29.1%

    Diversified

    19.6%

    Retail

    17.9%

    Residential

    10.9%

    Office

    9.1%

    Industrial

    6.7%

    Healthcare

    4.0%

    Industrial/Office Mixed

    2.4%

    Lodging/Resorts

    99.8%

    49.2%

    Large

    40.8%

    Mid

    9.8%

    Small

    ×
    • 4.5%
      ProLogis Trust Reits
    • Owns, operates and develops industrial real estate properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial
    MARKET CAP Large
    ×
    • 3.6%
      Vonovia SE
    • Operates as a holding company, which though its subsidiaries, engages in the residential real estate business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Residential
    MARKET CAP Large
    ×
    • 3.2%
      Simon Property Group, Inc.
    • Engages in the retail real estate ownership, management and development
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Retail
    MARKET CAP Large
    ×
    • 2.6%
      Sun Hung Kai Properties Ltd.
    • Engages in the development of property for sale and investment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 2.6%
      Welltower, Inc.
    • Operates as a real estate investment trust with interests in senior housing communities, medical office buildings and skilled nursing facilities.
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Healthcare
    MARKET CAP Large
    ×
    • 2.4%
      Unibail-Rodamco SE
    • Invests in and manages commercial real estate
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Retail
    MARKET CAP Large
    ×
    • 2.4%
      Regency Centers Corp.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Retail
    MARKET CAP Mid
    ×
    • 2.3%
      Essex Property Trust
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Residential
    MARKET CAP Mid
    ×
    • 2.2%
      Mitsui Fudosan Co. Ltd.
    • Develops, leases and manages real estate; manages resort hotels
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 2.1%
      Duke Investments
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial/Office Mixed
    MARKET CAP Mid
    ×
    • 2.1%
      Boston Properties, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 2.1%
      Starwood Waypoint Residential Trust
    • Acquires, renovates, leases, maintains, and manages single-family homes
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Residential
    MARKET CAP Mid
    ×
    • 2.1%
      Mitsubishi Estate Co. Ltd.
    • Engages in construction and real estate management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 2.0%
      Physicians Realty Trust
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Healthcare
    MARKET CAP Small
    ×
    • 2.0%
      Kilroy Realty Corp.
    • Real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 2.0%
      Digital Realty Trust, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Diversified
    MARKET CAP Mid
    ×
    • 1.9%
      Cheung Kong Property Holdings Ltd.
    • Operates as an investment holding company, which develops and operates real estate
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 1.9%
      Hilton Worldwide Holdings Inc.
    • Operates as a holding company, which provides hospitality services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Lodging/Resorts
    MARKET CAP Mid
    ×
    • 1.8%
      Macquarie Goodman Group
    • Provides property and fund management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Industrial
    MARKET CAP Large
    ×
    • 1.7%
      Camden Property Trust
    • Operates as a real estate investment trust, which engages in the ownership, management, development, acquisition, and construction of multifamily apartment communities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Residential
    MARKET CAP Mid

    Management

    David Wharmby, CFA

    Managed Fund since 3/13

    Henry Burgers, CFA

    Managed Fund since 3/13

    Investment Approach

    The portfolio managers combine extensive real estate expertise with rigorous securities analysis to invest in high quality real estate companies (REITs, Real estate operating companies, Developers, etc.). Top-down analysis is employed to determine geographic markets and property types the managers believe are most likely to outperform. This is combined with bottom-up analysis of each company's property portfolio, relative valuation, management strategy, and financial stability.

    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

    ×
    1. 1. The Fund's portfolio managers are employed by its Sub-Sub-Adviser, Barings LLC.
    2. 2. Special Risks: Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk. Smaller real estate companies may also be subject to liquidity risk. Small-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 company, if any gain is realized at all. 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.
    3. 3. The Fund intends to declare and pay dividends quarterly. At the time of the distribution, the amounts attributed to each category (dividend income, return of capital and/or capital gains) are estimated using historical information because the character of the amounts received from underlying real estate investment trusts ("REITs") is unknown until after the end of the calendar year. The amount distributed to shareholders is based on the underlying REIT distributions received less fund expenses. The distribution rate is based on the ex-dividend date immediately preceding the nearest month-end or quarter-end. The ex-dividend date is the day before the pay date. The distribution rate 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. Each result is compounded semiannually and annualized. Adjusted distribution rate for each share class is based on the Fund's distributed income less an estimate of the average return of capital based on historical ratios from the past three calendar years and that date's net asset value. The result is compounded semiannually and annualized. Falling share prices artificially increase distribution rates. Please note that OppenheimerFunds, Inc. is not quoting a 30-day SEC yield. See the Fund's prospectus for more information.
    4. 4. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases prior to 7/1/14),
    5. 5. 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.
    6. 6. Access index definitions.
    7. 7. 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.
    8. 8. 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.
    9. 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 are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment.
    10. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    11. 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.
    12. D. 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.
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