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LTNCX

Rochester® Limited Term New York Municipal Fund

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Distribution accrual announcement for shareholders of Oppenheimer Rochester Limited Term New York Municipal Fund.

We are pleased to announce a one time, 1.41 cent increase to the accrual rates of Oppenheimer Rochester Limited Term New York Municipal Fund, effective for the December 31 payout on Class A shares. Distributions for other share classes will be adjusted similarly.

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Overview

The strategy typically seeks investment-grade bonds the income of which is exempt from federal, New York State, and New York City personal income taxes.

Inception Date
May 1, 1997
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
771740305
NAV
  • C
(as of 05/24/2019)
$3.03
Total Assets
(as of 04/30/2019)
$1.76 BN
Gross Expense Ratio
(as of 04/30/2019)
1.79%
Net Expense Ratio
(as of 04/30/2019)
1.73%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 04/30/2019
  • D
as of 03/31/2019
  • D

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • D
Cumulative
Annualized
ytd as of 2019-03-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (NAV)
2.91% 9.37% 2.61% 1.94% 3.31% 3.13%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.11% 4.42% 1.79% 2.23% 3.12% -
Cumulative
Annualized
ytd as of 2019-03-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (with sales charge)
1.91% 8.37% 2.61% 1.94% 3.31% 3.13%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.11% 4.42% 1.79% 2.23% 3.12% -
Cumulative
Annualized
ytd as of 2019-04-30
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (NAV)
3.43% 8.93% 2.82% 1.99% 3.08% 3.14%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.14% 4.85% 1.63% 2.12% 3.02% -
Cumulative
Annualized
ytd as of 2019-04-30
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term New York Municipal Fund (with sales charge)
2.43% 7.93% 2.82% 1.99% 3.08% 3.14%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
2.14% 4.85% 1.63% 2.12% 3.02% -
Gross Expense Ratio: 1.79% | Net Expense Ratio: 1.73%

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 Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
1998 5.15% 5.84%
1999 -1.63% 0.73%
2000 6.67% 7.72%
2001 4.06% 6.21%
2002 5.54% 9.27%
2003 4.02% 4.13%
2004 4.00% 2.72%
2005 4.35% 0.95%
2006 4.52% 3.34%
2007 0.97% 5.15%
2008 -10.89% 5.78%
2009 18.63% 7.40%
2010 2.74% 3.40%
2011 6.65% 6.93%
2012 5.35% 2.96%
2013 -7.01% 0.81%
2014 6.05% 3.19%
2015 -1.45% 2.43%
2016 0.55% -0.39%
2017 -4.27% 3.14%
2018 9.63% 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 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 Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
4/30/2009 0.00 0.00 0.00
5/31/2009 3.05 -0.07 0.73
6/30/2009 2.40 -0.30 1.30
7/31/2009 4.07 1.57 2.93
8/31/2009 7.46 1.75 4.00
9/30/2009 11.18 3.44 5.09
10/31/2009 9.46 2.22 5.61
11/30/2009 10.13 4.05 6.98
12/31/2009 10.74 4.01 5.30
1/31/2010 11.50 4.64 6.91
2/28/2010 12.19 5.67 7.31
3/31/2010 12.20 4.81 7.18
4/30/2010 13.21 5.51 8.30
5/31/2010 13.92 6.24 9.21
6/30/2010 13.57 6.56 10.92
7/31/2010 14.59 8.16 12.10
8/31/2010 16.37 9.62 13.55
9/30/2010 16.72 9.26 13.67
10/31/2010 17.03 9.29 14.07
11/30/2010 15.27 8.64 13.42
12/31/2010 13.78 7.55 12.19
1/31/2011 12.45 7.19 12.32
2/28/2011 13.52 7.88 12.60
3/31/2011 13.18 8.21 12.67
4/30/2011 14.22 9.59 14.10
5/31/2011 15.68 10.91 15.59
6/30/2011 16.76 11.16 15.25
7/31/2011 17.81 12.18 17.08
8/31/2011 18.19 13.57 18.79
9/30/2011 19.62 13.35 19.65
10/31/2011 19.63 12.61 19.78
11/30/2011 19.99 13.50 19.68
12/31/2011 21.34 15.00 20.99
1/31/2012 24.00 16.18 22.05
2/29/2012 24.34 16.70 22.02
3/31/2012 23.92 15.67 21.36
4/30/2012 25.03 16.59 22.70
5/31/2012 25.37 17.09 23.81
6/30/2012 25.67 17.07 23.86
7/31/2012 27.13 17.96 25.57
8/31/2012 27.07 18.02 25.65
9/30/2012 27.75 18.66 25.82
10/31/2012 28.08 18.71 26.07
11/30/2012 29.49 19.17 26.27
12/31/2012 27.84 18.41 26.09
1/31/2013 28.64 18.98 25.21
2/28/2013 28.92 19.43 25.84
3/31/2013 28.42 19.40 25.94
4/30/2013 29.48 19.95 27.21
5/31/2013 28.59 19.25 24.94
6/30/2013 25.05 17.35 23.01
7/31/2013 23.80 18.08 23.18
8/31/2013 19.81 17.25 22.55
9/30/2013 20.86 18.38 23.71
10/31/2013 20.76 19.63 24.71
11/30/2013 20.21 19.56 24.24
12/31/2013 18.88 19.37 23.54
1/31/2014 19.99 20.63 25.36
2/28/2014 22.64 21.60 26.03
3/31/2014 22.56 20.56 25.82
4/30/2014 22.86 21.24 26.88
5/31/2014 24.71 22.04 28.32
6/30/2014 23.05 22.11 28.39
7/31/2014 21.39 22.27 28.07
8/31/2014 24.07 23.13 29.48
9/30/2014 25.18 23.07 28.60
10/31/2014 25.09 23.50 29.86
11/30/2014 25.40 23.58 30.79
12/31/2014 26.07 23.18 30.91
1/31/2015 27.67 25.05 33.65
2/28/2015 27.19 24.20 32.40
3/31/2015 27.55 24.12 33.01
4/30/2015 27.06 23.99 32.53
5/31/2015 27.76 23.56 32.21
6/30/2015 24.43 23.91 30.77
7/31/2015 21.48 24.56 31.68
8/31/2015 21.84 24.59 31.49
9/30/2015 23.40 25.35 32.38
10/31/2015 24.10 26.05 32.40
11/30/2015 24.00 25.93 32.05
12/31/2015 24.25 26.18 31.63
1/31/2016 24.22 27.62 33.44
2/29/2016 24.97 28.11 34.39
3/31/2016 24.89 27.62 35.62
4/30/2016 24.75 28.25 36.14
5/31/2016 25.11 27.98 36.17
6/30/2016 27.53 29.10 38.62
7/31/2016 27.40 29.59 39.50
8/31/2016 27.29 29.59 39.34
9/30/2016 27.97 29.08 39.26
10/31/2016 27.46 28.50 38.19
11/30/2016 24.74 25.06 34.92
12/31/2016 24.93 25.68 35.11
1/31/2017 25.70 26.99 35.38
2/28/2017 26.81 28.03 36.29
3/31/2017 25.33 28.07 36.22
4/30/2017 26.45 28.95 37.27
5/31/2017 26.28 30.23 38.32
6/30/2017 25.62 29.66 38.19
7/31/2017 25.90 30.62 38.78
8/31/2017 26.59 31.46 40.02
9/30/2017 24.61 30.54 39.36
10/31/2017 21.40 30.51 39.44
11/30/2017 19.88 29.03 39.26
12/31/2017 19.60 29.63 39.90
1/31/2018 19.92 29.33 38.29
2/28/2018 21.01 28.94 36.98
3/31/2018 23.38 28.89 37.85
4/30/2018 24.49 28.40 36.83
5/31/2018 25.59 29.67 37.81
6/30/2018 27.08 30.02 37.64
7/31/2018 28.19 30.53 37.67
8/31/2018 30.13 30.48 38.56
9/30/2018 29.92 29.76 37.66
10/31/2018 29.70 29.51 36.58
11/30/2018 30.36 30.54 37.39
12/31/2018 31.11 31.81 39.91
1/31/2019 32.31 33.01 41.40
2/28/2019 32.95 33.66 41.32
3/31/2019 34.93 34.59 44.03
4/30/2019 35.60 34.63 44.07
Date Dividends
5/26/2009 0.0098
6/23/2009 0.0102
7/28/2009 0.0099
8/25/2009 0.0102
9/22/2009 0.0102
10/27/2009 0.0096
11/24/2009 0.0101
12/30/2009 0.0095
1/26/2010 0.0102
2/23/2010 0.0101
3/23/2010 0.0101
4/27/2010 0.0096
5/25/2010 0.0101
6/22/2010 0.0101
7/27/2010 0.0096
8/24/2010 0.0101
9/21/2010 0.0101
10/26/2010 0.0096
11/23/2010 0.0101
12/30/2010 0.0094
1/25/2011 0.0104
2/22/2011 0.0102
3/22/2011 0.0101
4/26/2011 0.0096
5/24/2011 0.0101
6/21/2011 0.0101
7/26/2011 0.0096
8/23/2011 0.0101
9/27/2011 0.0096
10/25/2011 0.0101
11/22/2011 0.0101
12/29/2011 0.0088
1/24/2012 0.0098
2/21/2012 0.0095
3/27/2012 0.0091
4/24/2012 0.0095
5/22/2012 0.009
6/26/2012 0.0085
7/24/2012 0.009
8/28/2012 0.008
9/25/2012 0.0085
10/23/2012 0.0084
11/27/2012 0.008
12/28/2012 0.0076
1/22/2013 0.0084
2/19/2013 0.008
3/26/2013 0.0075
4/23/2013 0.0076
5/28/2013 0.007
6/25/2013 0.0076
7/23/2013 0.0071
8/27/2013 0.0067
9/24/2013 0.0072
10/22/2013 0.0071
11/26/2013 0.0066
12/30/2013 0.0067
1/28/2014 0.0072
2/25/2014 0.0077
3/25/2014 0.0077
4/22/2014 0.0077
5/27/2014 0.0072
6/24/2014 0.0077
7/22/2014 0.0077
8/26/2014 0.0078
9/23/2014 0.0082
10/28/2014 0.0077
11/25/2014 0.0082
12/31/2014 0.0077
1/27/2015 0.0082
2/24/2015 0.0082
3/24/2015 0.0082
4/21/2015 0.0082
5/26/2015 0.0077
6/23/2015 0.0082
7/28/2015 0.0078
8/25/2015 0.0083
9/22/2015 0.0083
10/27/2015 0.0073
11/24/2015 0.0078
12/31/2015 0.0072
1/26/2016 0.0079
2/23/2016 0.0078
3/22/2016 0.0078
4/26/2016 0.0074
5/24/2016 0.0078
6/21/2016 0.0078
7/26/2016 0.0073
8/23/2016 0.0073
9/27/2016 0.0068
10/25/2016 0.0073
11/22/2016 0.0063
12/30/2016 0.0056
1/24/2017 0.0065
2/21/2017 0.0063
3/28/2017 0.0059
4/25/2017 0.0058
5/23/2017 0.0058
6/27/2017 0.0054
7/25/2017 0.0058
8/22/2017 0.0058
9/26/2017 0.0049
10/24/2017 0.0054
11/21/2017 0.0054
12/29/2017 0.0047
1/23/2018 0.0057
2/20/2018 0.0054
3/27/2018 0.0045
4/24/2018 0.0049
5/22/2018 0.0049
6/26/2018 0.0044
7/24/2018 0.0048
8/28/2018 0.0044
9/25/2018 0.0048
10/23/2018 0.0048
11/27/2018 0.0044
12/31/2018 0.0185
1/22/2019 0.0052
2/19/2019 0.0048
3/26/2019 0.0044
4/23/2019 0.0048

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 05/23/2019

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 Fixed Income Sectors

(99.6% of assets as of 04/30/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 102.8% 100.0% 2.8%
Equity 0.4% - -
State Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
New York 73.2% 14.7% 58.6%
Puerto Rico 15.0% 0.3% 14.7%
Multistate Authority 9.6% - -
Guam 1.9% 0.1% 1.9%
Virgin Islands 0.9% 0.0% 0.9%
Credit Rating Allocation Rochester® Limited Term New York Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 4.9% 21.8% -17.0%
AA 44.7% 55.9% -11.2%
A 13.9% 17.5% -3.6%
BBB 19.8% 3.2% 16.5%
BB 5.3% - -
B 0.2% - -
CCC 1.4% - -
CC 3.7% - -
C 2.0% - -
Unrated 7.0% 1.6% 5.4%
Other 0.4% - -
Analytics
(As of 04/30/2019)

Morningstar 04/30/2019 (based on risk adjusted performance)
  • B
Overall Rating
Number of Funds
33
Category
Muni Single State Short
Performance Statistics
3Y
5Y
Alpha
1.27
0.34
Beta
0.76
0.68
Information Ratio
0.40
-0.04
R-Squared
30.52
18.08
Sharpe Ratio
0.44
0.34
Standard Deviation
3.54
3.66
Sortino Ratio
0.61
0.46
Tracking Error
2.96
3.35
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
1.91%
Standardized Yield
0.64%
Taxable Equivalent Yield
1.19%
Interest Income 12/31/2018
Exposed to AMT
19.03%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
4.14 yrs
4.36 yrs
Current Duration
3.56 yrs
3.96 yrs
Turnover Ratio
36%
-
Dividends
  • F
Est. Frequency
Monthly
Last Pay Date
4/23/2019
Per Share ($)
$0.0048
12-Month Distribution ($)
$0.0701
Distribution Sources
  • F
Net Income
82.40%
Net Profit from Sale
0.00%
Other Capital Sources
17.60%
Tools
Documents
  1. 1. A portion of a municipal bond fund’s distributions may be subject to the alternative minimum tax (AMT). Capital gains distributions are taxable as capital gains.
  2. 2. 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.
  3. 3. The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investments in inverse floaters, as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets these expenses; the Fund's total returns and net asset values are not affected by those offsets.
  4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  5. 5. The Bloomberg Barclays Municipal Bond Index is an unmanaged index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. 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.
  6. 6. The Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market. The index is the 5 year (4-6) component of the Bloomberg Barclays Municipal Bond Index. 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.
  7. 7. 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.
  8. 8. All securities except for those labeled "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, Inc. converts that rating to the equivalent S&P rating.  If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.  The credit rating table values may not total 100% due to rounding.  

    "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.)  Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund's Prospectus or Statement of Additional Information.
  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. 11.

    Based on the 2018 top federal tax rate of 40.8%, including the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. For illustrative purposes only. Not intended to show any fund’s performance or investor’s results. Results would vary if a different tax rate were used.

  12. 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>
  13. B. 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 star s, 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. Oppenheimer Rochester Limited Term New York Municipal Fund was rated against the following numbers of Muni Single State Short funds over the following time periods: the fund was rated 5 stars among 33 funds in the last three years, 4 stars among 29 in the last five years, and 4 stars among 26 in the last ten years. <strong>Past performance does not guarantee future results.</strong>
  14. C. 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.
  15. D. 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.
  16. E. "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.
  17. F. There is no guarantee of the payment of any dividend or other distributions at any level.
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