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Oppenheimer Funds
ONYCX

Rochester® AMT-Free New York Municipal Fund

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Rochester® AMT-Free New York Municipal Fund

ONYCX

The Strategy typically invests in New York municipal bonds.

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© 2018 OppenheimerFunds Distributor, Inc. All rights reserved.

This material is provided for general and educational purposes only, is not intended to provide legal or tax advice, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. OppenheimerFunds is not undertaking to provide impartial investment advice or to provide advice in a fiduciary capacity. Contact your attorney or other advisor regarding your specific legal, investment or tax situation.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Investing involves risks including possible loss of principal.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.525.7048. Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer Funds are distributed by OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York NY 10281-1008

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Overview

The Strategy typically invests in New York municipal bonds.

Inception Date
August 29, 1995
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683913305
NAV
  • A
(as of 04/19/2018)
$11.01
Total Assets
(as of 03/31/2018)
$912.79 MM
Gross Expense Ratio
(as of 03/29/2018)
1.78%
Net Expense Ratio
(as of 03/29/2018)
1.78%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
Municipal Bond
Rochester® AMT-Free New York Municipal Fund
CLASS C: ONYCX
Average Annual Returns as of 03/31/2018
Average Annual Returns as of 03/31/2018
as of 03/31/2018
  • B
as of 03/31/2018
  • B
Print
Quarter End
Month End
Quarter End
Month End
Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free New York Municipal Fund (NAV)
As of Quarter end 03/31/2018
 2.20% 0.40% 2.58% 1.79% 3.97% 4.09%
Bloomberg Barclays Municipal Index
As of Quarter end 03/31/2018
 -1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free New York Municipal Fund (with sales charge)
As of Quarter end 03/31/2018
 1.20% -0.58% 2.58% 1.79% 3.97% 4.09%
Bloomberg Barclays Municipal Index
As of Quarter end 03/31/2018
 -1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free New York Municipal Fund (NAV)
As of month end 03/31/2018
 2.20% 0.40% 2.58% 1.79% 3.97% 4.09%
Bloomberg Barclays Municipal Index
As of month end 03/31/2018
 -1.11% 2.66% 2.25% 2.73% 4.40% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free New York Municipal Fund (with sales charge)
As of month end 03/31/2018
 1.20% -0.58% 2.58% 1.79% 3.97% 4.09%
Bloomberg Barclays Municipal Index
As of month end 03/31/2018
 -1.11% 2.66% 2.25% 2.73% 4.40% -
Gross Expense Ratio: 1.78% | Net Expense Ratio: 1.72%

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.

Calendar Year Returns as of 04/19/2018
as of 04/19/2018
View Table Graph Print
Year Rochester® AMT-Free New York Municipal Fund Bloomberg Barclays Municipal Index
1996 3.22% 4.43%
1997 8.34% 9.19%
1998 5.02% 6.48%
1999 -5.20% -2.06%
2000 10.51% 11.68%
2001 3.66% 5.13%
2002 5.62% 9.60%
2003 6.12% 5.31%
2004 3.57% 4.48%
2005 7.32% 3.51%
2006 7.91% 4.84%
2007 -2.80% 3.36%
2008 -29.62% -2.47%
2009 40.36% 12.91%
2010 1.66% 2.38%
2011 12.30% 10.70%
2012 12.69% 6.78%
2013 -11.28% -2.55%
2014 13.24% 9.05%
2015 3.47% 3.30%
2016 3.22% 0.25%
2017 0.76% 5.45%

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.

Cumulative Returns & Income Dividends
View Table Graph Print
Time Period
YTD
1M
3M
1Y
3Y
5Y
10Y
15Y
20Y
INCEPTION
Date Rochester® AMT-Free New York Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
3/31/2008 0.00 0.00 0.00
4/30/2008 2.72 1.17 -0.21
5/31/2008 3.63 1.78 -0.94
6/30/2008 2.21 0.63 -1.02
7/31/2008 0.69 1.02 -1.10
8/31/2008 2.66 2.20 -0.16
9/30/2008 -7.89 -2.60 -1.50
10/31/2008 -18.38 -3.59 -3.83
11/30/2008 -21.06 -3.28 -0.70
12/31/2008 -25.99 -1.87 3.01
1/31/2009 -21.13 1.72 2.10
2/28/2009 -19.69 2.25 1.71
3/31/2009 -21.23 2.27 3.13
4/30/2009 -16.72 4.32 3.62
5/31/2009 -11.34 5.42 4.37
6/30/2009 -12.92 4.43 4.96
7/31/2009 -10.91 6.18 6.66
8/31/2009 -4.20 7.99 7.76
9/30/2009 7.64 11.87 8.89
10/31/2009 3.14 9.52 9.43
11/30/2009 3.08 10.43 10.85
12/31/2009 3.87 10.80 9.12
1/31/2010 5.21 11.38 10.78
2/28/2010 6.76 12.46 11.20
3/31/2010 7.68 12.19 11.06
4/30/2010 9.98 13.55 12.22
5/31/2010 11.11 14.40 13.16
6/30/2010 9.30 14.47 14.93
7/31/2010 11.05 15.90 16.16
8/31/2010 14.41 18.55 17.66
9/30/2010 15.35 18.36 17.78
10/31/2010 16.06 18.04 18.20
11/30/2010 9.39 15.68 17.52
12/31/2010 5.59 13.43 16.25
1/31/2011 2.49 12.60 16.39
2/28/2011 3.37 14.39 16.68
3/31/2011 2.52 14.01 16.74
4/30/2011 4.52 16.05 18.23
5/31/2011 7.44 18.04 19.77
6/30/2011 9.14 18.45 19.42
7/31/2011 10.89 19.66 21.31
8/31/2011 11.82 21.70 23.09
9/30/2011 15.63 22.96 23.98
10/31/2011 15.13 22.50 24.11
11/30/2011 15.42 23.23 24.01
12/31/2011 18.58 25.57 25.37
1/31/2012 23.69 28.48 26.47
2/29/2012 24.50 28.60 26.44
3/31/2012 23.84 27.77 25.75
4/30/2012 25.74 29.24 27.14
5/31/2012 27.54 30.31 28.29
6/30/2012 27.27 30.17 28.34
7/31/2012 30.24 32.24 30.11
8/31/2012 30.65 32.39 30.20
9/30/2012 31.15 33.19 30.38
10/31/2012 32.55 33.56 30.63
11/30/2012 36.35 35.76 30.84
12/31/2012 33.63 34.09 30.65
1/31/2013 35.72 34.64 29.74
2/28/2013 36.30 35.05 30.39
3/31/2013 35.12 34.47 30.49
4/30/2013 37.17 35.94 31.82
5/31/2013 35.78 34.28 29.46
6/30/2013 28.14 30.48 27.46
7/31/2013 24.00 29.34 27.64
8/31/2013 18.14 27.49 26.98
9/30/2013 21.43 30.24 28.18
10/31/2013 22.09 31.27 29.22
11/30/2013 21.18 31.00 28.74
12/31/2013 18.56 30.66 28.01
1/31/2014 22.14 33.21 29.90
2/28/2014 25.99 34.77 30.59
3/31/2014 26.08 35.00 30.37
4/30/2014 27.66 36.62 31.47
5/31/2014 31.28 38.38 32.97
6/30/2014 29.05 38.50 33.04
7/31/2014 28.92 38.74 32.70
8/31/2014 32.35 40.42 34.17
9/30/2014 32.89 40.56 33.26
10/31/2014 32.82 41.53 34.57
11/30/2014 33.33 41.77 35.52
12/31/2014 34.26 42.49 35.65
1/31/2015 37.17 45.01 38.49
2/28/2015 36.61 43.52 37.19
3/31/2015 36.81 43.93 37.83
4/30/2015 35.63 43.18 37.33
5/31/2015 36.83 42.78 37.00
6/30/2015 33.95 42.65 35.51
7/31/2015 34.95 43.68 36.45
8/31/2015 35.61 43.97 36.25
9/30/2015 37.25 45.01 37.17
10/31/2015 37.61 45.59 37.20
11/30/2015 38.25 46.16 36.83
12/31/2015 38.92 47.19 36.39
1/31/2016 39.55 48.95 38.27
2/29/2016 40.08 49.18 39.25
3/31/2016 40.61 49.65 40.53
4/30/2016 41.17 50.76 41.07
5/31/2016 42.63 51.16 41.10
6/30/2016 48.11 53.57 43.64
7/31/2016 48.16 53.66 44.55
8/31/2016 48.39 53.87 44.38
9/30/2016 48.78 53.10 44.30
10/31/2016 47.22 51.49 43.19
11/30/2016 41.92 45.84 39.81
12/31/2016 43.39 47.56 40.00
1/31/2017 44.03 48.53 40.28
2/28/2017 45.04 49.56 41.22
3/31/2017 47.06 49.89 41.15
4/30/2017 49.03 50.97 42.24
5/31/2017 50.07 53.37 43.33
6/30/2017 49.29 52.82 43.19
7/31/2017 49.75 54.06 43.80
8/31/2017 50.84 55.23 45.09
9/30/2017 47.77 54.44 44.40
10/31/2017 44.52 54.82 44.49
11/30/2017 42.67 53.99 44.30
12/31/2017 44.48 55.60 44.96
1/31/2018 44.21 53.76 43.29
2/28/2018 44.73 53.31 41.93
3/29/2018 47.65
Date Dividends
4/22/2008 0.0411
5/27/2008 0.0392
6/24/2008 0.041
7/22/2008 0.042
8/26/2008 0.0403
9/23/2008 0.042
10/28/2008 0.0417
11/25/2008 0.0435
12/30/2008 0.0425
1/27/2009 0.044
2/24/2009 0.0436
3/24/2009 0.0437
4/21/2009 0.0437
5/26/2009 0.0429
6/23/2009 0.0442
7/28/2009 0.0428
8/25/2009 0.044
9/22/2009 0.0446
10/27/2009 0.0425
11/24/2009 0.0444
12/30/2009 0.0422
1/26/2010 0.0467
2/23/2010 0.0462
3/23/2010 0.0463
4/27/2010 0.0464
5/25/2010 0.0481
6/22/2010 0.0483
7/27/2010 0.0466
8/24/2010 0.0481
9/21/2010 0.048
10/26/2010 0.0471
11/23/2010 0.0491
12/30/2010 0.0472
1/25/2011 0.0504
2/22/2011 0.0498
3/22/2011 0.0497
4/26/2011 0.0982
5/24/2011 0.0496
6/21/2011 0.0495
7/26/2011 0.0478
8/23/2011 0.0494
9/27/2011 0.0477
10/25/2011 0.0493
11/22/2011 0.0493
12/29/2011 0.0466
1/24/2012 0.051
2/21/2012 0.05
3/27/2012 0.0483
4/24/2012 0.05
5/22/2012 0.0499
6/26/2012 0.0481
7/24/2012 0.0499
8/28/2012 0.047
9/25/2012 0.0487
10/23/2012 0.0485
11/27/2012 0.0468
12/28/2012 0.0451
1/22/2013 0.0482
2/19/2013 0.0466
3/26/2013 0.0448
4/23/2013 0.0466
5/28/2013 0.0441
6/25/2013 0.0464
7/23/2013 0.0452
8/27/2013 0.0436
9/24/2013 0.0452
10/22/2013 0.0454
11/26/2013 0.0446
12/30/2013 0.0449
1/28/2014 0.0467
2/25/2014 0.0467
3/25/2014 0.0466
4/22/2014 0.0467
5/27/2014 0.0449
6/24/2014 0.0465
7/22/2014 0.0466
8/26/2014 0.045
9/23/2014 0.0468
10/28/2014 0.0448
11/25/2014 0.0455
12/31/2014 0.0436
1/27/2015 0.0456
2/24/2015 0.0433
3/24/2015 0.0434
4/21/2015 0.0434
5/26/2015 0.0419
6/23/2015 0.0435
7/28/2015 0.042
8/25/2015 0.0426
9/22/2015 0.0425
10/27/2015 0.0409
11/24/2015 0.0426
12/31/2015 0.0405
1/26/2016 0.043
2/23/2016 0.0405
3/22/2016 0.0405
4/26/2016 0.0389
5/24/2016 0.0405
6/21/2016 0.0404
7/26/2016 0.0366
8/23/2016 0.0363
9/27/2016 0.0346
10/25/2016 0.0363
11/22/2016 0.0314
12/30/2016 0.0291
1/24/2017 0.0324
2/21/2017 0.0285
3/28/2017 0.0269
4/25/2017 0.0284
5/23/2017 0.0284
6/27/2017 0.0236
7/25/2017 0.0224
8/22/2017 0.0223
9/26/2017 0.0206
10/24/2017 0.0225
11/21/2017 0.0226
12/29/2017 0.02
1/23/2018 0.0238
2/20/2018 0.0207
3/27/2018 0.0191

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.

Capital Gains and Distributions ($ per share) as of 04/19/2018
$ per share as of 04/19/2018
Print
Date 2013 2014 2015 2016 2017
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 Fixed Income Sectors

(105.5% of assets as of 03/31/2018)
Higher Education 13.2%
X

Higher Education

Percent of Assets

13.2%

Asset Allocation

Corporates, Municipal

Credit Rating Allocation

AAA, AA, A, BBB, BB, B, CCC, CC, Unrated

State

New York, Puerto Rico

Tobacco Master Settlement Agreement 10.5%
X

Tobacco Master Settlement Agreement

Percent of Assets

10.5%

Asset Allocation

Municipal

Credit Rating Allocation

A, BBB, BB, B, Unrated

State

New York, Puerto Rico

General Obligation 10.0%
X

General Obligation

Percent of Assets

10.0%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A, CC, Unrated

State

New York, Northern Marianas, Puerto Rico

Highways/Commuter Facilities 8.6%
X

Highways/Commuter Facilities

Percent of Assets

8.6%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A, C

State

New York, Puerto Rico

Real Estate 8.2%
X

Real Estate

Percent of Assets

8.2%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A, Unrated

State

New York

Hospital/Healthcare 7.8%
X

Hospital/Healthcare

Percent of Assets

7.8%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A, BBB, Unrated

State

New York, Puerto Rico

Special Tax 5.5%
X

Special Tax

Percent of Assets

5.5%

Asset Allocation

Municipal

Credit Rating Allocation

AAA, C

State

New York, Puerto Rico

Sales Tax Revenue 5.5%
X

Sales Tax Revenue

Percent of Assets

5.5%

Asset Allocation

Municipal

Credit Rating Allocation

AA, BBB, CC

State

New York, Puerto Rico

Marine/Aviation Facilities 5.3%
X

Marine/Aviation Facilities

Percent of Assets

5.3%

Asset Allocation

Municipal

Credit Rating Allocation

AA, BBB

State

Multistate Authority, New York

Non-Profit Organization 4.6%
X

Non-Profit Organization

Percent of Assets

4.6%

Asset Allocation

Municipal

Credit Rating Allocation

AA, BB, Unrated

State

New York

Tax Increment Financing (TIF) 4.2%
X

Tax Increment Financing (TIF)

Percent of Assets

4.2%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A

State

New York

Electric Utilities 3.6%
X

Electric Utilities

Percent of Assets

3.6%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A, CC, Unrated

State

Guam, New York, Puerto Rico

Education 3.2%
X

Education

Percent of Assets

3.2%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A, BBB, B, Unrated

State

New York

Government Appropriation 2.9%
X

Government Appropriation

Percent of Assets

2.9%

Asset Allocation

Municipal

Credit Rating Allocation

AA, A

State

New York

Diversified Financial Services 2.8%
X

Diversified Financial Services

Percent of Assets

2.8%

Asset Allocation

Municipal

Credit Rating Allocation

A

State

New York

Housing - Student 2.2%
X

Housing - Student

Percent of Assets

2.2%

Asset Allocation

Municipal

Credit Rating Allocation

A, BBB, BB

State

New York

Sports Facility Revenue 2.1%
X

Sports Facility Revenue

Percent of Assets

2.1%

Asset Allocation

Municipal

Credit Rating Allocation

AA, BBB

State

New York

Special Assessment 2.0%
X

Special Assessment

Percent of Assets

2.0%

Asset Allocation

Municipal

Credit Rating Allocation

Unrated

State

New York

Water Utilities 1.9%
X

Water Utilities

Percent of Assets

1.9%

Asset Allocation

Municipal

Credit Rating Allocation

AAA, AA

State

New York

Sewer Utilities 1.4%
X

Sewer Utilities

Percent of Assets

1.4%

Asset Allocation

Municipal

Credit Rating Allocation

CC

State

Puerto Rico

Municipal Bond
Rochester® AMT-Free New York Municipal Fund
CLASS C: ONYCX
Portfolio Holdings Breakdown as of 03/31/2018

Portfolio Holdings Breakdown

Print
Asset Allocation
State
Credit Rating Allocation
Asset Allocation Rochester® AMT-Free New York Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 107.8% 100.0% 7.8%
Equity 1.0% - -
Corporates 0.4% - -
State Rochester® AMT-Free New York Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
New York 90.4% 15.5% 74.9%
Puerto Rico 13.7% 0.3% 13.4%
Multistate Authority 0.9% 0.1% 0.8%
Guam 0.1% 0.2% -0.1%
Northern Marianas 0.1% - -
Credit Rating Allocation Rochester® AMT-Free New York Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 8.0% 21.9% -13.8%
AA 35.9% 55.1% -19.1%
A 21.5% 18.0% 3.5%
BBB 13.6% 5.0% 8.6%
BB 3.6% - -
B 0.3% - -
CCC 0.4% - -
CC 8.3% - -
C 0.7% - -
Unrated 15.8% 0.0% 15.8%
Other 1.0% - -
Analytics
Municipal Bond
Rochester® AMT-Free New York Municipal Fund
CLASS C: ONYCX
Analytics as of 03/31/2018
(As of 03/31/2018)
Print
Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
63
Category
Muni New York Long
Performance Statistics
3Y
5Y
Alpha
0.34
-1.79
Beta
1.02
1.41
Information Ratio
0.10
-0.25
R-Squared
52.90
67.32
Sharpe Ratio
0.45
0.26
Standard Deviation
4.57
6.16
Sortino Ratio
0.18
0.10
Tracking Error
3.14
3.82
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
3/27/2018
Per Share ($)
$0.0191
12-Month Distribution ($)
$0.2744
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
8.47 yrs
5.98 yrs
Current Duration
6.90 yrs
6.30 yrs
Turnover Ratio
47.00%
-
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
2.08%
Standardized Yield
1.71%
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Interest Income 12/31/2017
Exposed to AMT
0.0%
Insights
Team
Documents
  1. 1. A portion of the Fund's distributions may be subject to tax.  Capital gains distributions are taxable as capital gains.  Tax treatments of the Fund's distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them.
  2. 2. Available to investors only in certain states.
  3. 3. Special Risks: Fixed income investing entails credit and interest rate risks. 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. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization (“NRSRO”).  Under certain market conditions, some unrated securities may trade less actively than rated securities.
  4. 4. The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investment in inverse floaters, as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets those expenses. the Fund's total returns and net asset values are not affected by those offsets.
  5. 5. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  6. 6. 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.
  7. 7. Access index definitions.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  11. 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. ↩
  12. B. 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. ↩
  13. 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. ↩
  14. D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
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