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Oppenheimer Funds

Emerging Markets Equity

Developing Markets Fund

The Strategy typically invests in emerging and developing market stocks.

Fund Commentary
Product Positioning
Investment Style
Developing Markets
Fund Inception
November 18, 1996
Total Assets (all classes) (as of 9/30/2017)
$37.3 billion
Fund Index
MSCI Emerging Markets
NAV (as of 10/20/17)
  • A
$42.59
Special Notice

As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.

×
Developing Markets Fund
Developing Markets Fund
Overview Data Management Insights Contact Us
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performance
analytics
holdings
Emerging Markets Equity
Developing Markets Fund
CLASS A: ODMAX
Average Annual Returns as of 9/30/2017
as of 9/30/2017
  • B
as of 9/30/2017
  • 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 10/20/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (NAV)
As of Quarter end 9/30/2017
 31.37% 21.67% 3.20% 4.90% 4.13% 12.29%
Cumulative
Annualized
ytd as of 10/20/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (with sales charge)
As of Quarter end 9/30/2017
 31.37% 14.67% 1.19% 3.67% 3.51% 11.97%
Cumulative
Annualized
ytd as of 10/20/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (NAV)
As of month end 9/30/2017
 31.37% 21.67% 3.20% 4.90% 4.13% 12.29%
Cumulative
Annualized
ytd as of 10/20/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (with sales charge)
As of month end 9/30/2017
 31.37% 14.67% 1.19% 3.67% 3.51% 11.97%
Gross Expense Ratio: 1.32% | Net Expense Ratio: 1.32%

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 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

Calendar Year Returns as of 10/20/2017
as of 10/20/2017
View Table Graph Print
Year Developing Markets Fund MSCI Emerging Markets
1996 0.00% -
1997 14.09% -
1998 -19.36% -
1999 82.30% -
2000 -5.26% -
2001 -5.73% -2.62%
2002 -1.60% -6.17%
2003 65.23% 55.82%
2004 33.00% 25.55%
2005 41.23% 34.00%
2006 25.18% 32.17%
2007 33.86% 39.53%
2008 -48.03% -53.33%
2009 81.73% 78.51%
2010 26.99% 18.88%
2011 -18.10% -18.42%
2012 20.85% 18.22%
2013 8.36% -2.60%
2014 -4.81% -2.19%
2015 -14.06% -14.92%
2016 6.89% 11.19%

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 5.75% maximum sales charge where indicated. 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 Developing Markets Fund MSCI Emerging Markets Index MSCI EAFE MSCI World
9/30/2007 0.00 0.00 0.00 0.00
10/31/2007 10.43 11.15 3.93 3.07
11/30/2007 2.35 3.27 0.51 -1.15
12/31/2007 3.83 3.63 -1.75 -2.42
1/31/2008 -5.67 -9.30 -10.83 -9.88
2/29/2008 -2.70 -2.61 -9.55 -10.40
3/31/2008 -6.59 -7.76 -10.50 -11.26
4/30/2008 0.95 -0.28 -5.64 -6.59
5/31/2008 3.19 1.57 -4.72 -5.17
6/30/2008 -7.91 -8.56 -12.52 -12.73
7/31/2008 -8.42 -12.01 -15.32 -14.87
8/31/2008 -12.22 -19.04 -18.76 -16.06
9/30/2008 -24.98 -33.20 -30.50 -26.05
10/31/2008 -42.89 -51.49 -44.53 -40.07
11/30/2008 -48.84 -55.14 -47.52 -43.95
12/31/2008 -46.03 -51.64 -44.37 -42.15
1/31/2009 -49.70 -54.76 -49.83 -47.22
2/28/2009 -52.86 -57.31 -54.98 -52.62
3/31/2009 -46.20 -51.18 -52.12 -49.05
4/30/2009 -36.73 -43.05 -45.99 -43.33
5/31/2009 -25.42 -33.32 -39.60 -38.20
6/30/2009 -25.62 -34.22 -39.95 -38.47
7/31/2009 -17.85 -26.83 -34.46 -33.26
8/31/2009 -17.20 -27.09 -30.90 -30.51
9/30/2009 -10.21 -20.47 -28.26 -27.74
10/31/2009 -10.82 -20.37 -29.15 -29.03
11/30/2009 -5.48 -16.95 -27.73 -26.13
12/31/2009 -1.93 -13.67 -26.69 -24.80
1/31/2010 -7.38 -18.49 -29.92 -27.91
2/28/2010 -6.26 -18.20 -30.40 -26.89
3/31/2010 0.90 -11.60 -26.06 -22.36
4/30/2010 2.13 -10.52 -27.40 -22.35
5/31/2010 -5.44 -18.39 -35.75 -29.79
6/30/2010 -5.44 -18.99 -36.39 -32.20
7/31/2010 3.77 -12.25 -30.36 -26.70
8/31/2010 1.72 -13.95 -32.52 -29.44
9/30/2010 14.17 -4.39 -25.91 -22.86
10/31/2010 18.22 -1.61 -23.23 -19.98
11/30/2010 15.43 -4.21 -26.93 -21.71
12/31/2010 24.53 2.62 -21.01 -15.95
1/31/2011 17.91 -0.16 -19.15 -14.05
2/28/2011 17.71 -1.09 -16.48 -11.05
3/31/2011 23.61 4.72 -18.35 -11.92
4/30/2011 27.78 7.97 -13.47 -8.18
5/31/2011 24.40 5.14 -16.03 -10.09
6/30/2011 22.76 3.52 -17.08 -11.51
7/31/2011 21.05 3.06 -18.40 -13.11
8/31/2011 13.20 -6.15 -25.77 -19.23
9/30/2011 -1.86 -19.83 -32.84 -26.21
10/31/2011 10.06 -9.21 -26.36 -18.58
11/30/2011 5.86 -15.26 -29.94 -20.57
12/31/2011 2.00 -16.28 -30.60 -20.61
1/31/2012 11.18 -6.79 -26.90 -16.63
2/29/2012 17.48 -1.20 -22.70 -12.55
3/31/2012 17.13 -4.50 -23.06 -11.43
4/30/2012 16.26 -5.64 -24.57 -12.43
5/31/2012 4.29 -16.22 -33.23 -19.99
6/30/2012 10.14 -12.99 -28.55 -15.92
7/31/2012 10.52 -11.29 -27.74 -14.84
8/31/2012 12.19 -11.59 -25.80 -12.68
9/30/2012 17.96 -6.25 -23.60 -10.28
10/31/2012 18.94 -6.82 -22.97 -10.88
11/30/2012 18.97 -5.64 -21.11 -9.74
12/31/2012 23.26 -1.03 -18.58 -8.05
1/31/2013 26.61 0.34 -14.29 -3.36
2/28/2013 24.38 -0.92 -15.10 -3.20
3/31/2013 23.40 -2.63 -14.41 -0.93
4/30/2013 24.90 -1.90 -9.95 2.19
5/31/2013 24.27 -4.41 -12.12 2.22
6/30/2013 18.44 -10.50 -15.24 -0.29
7/31/2013 22.49 -9.56 -10.77 4.95
8/31/2013 18.55 -11.12 -11.95 2.72
9/30/2013 28.88 -5.34 -5.44 7.86
10/31/2013 33.43 -0.74 -2.26 12.08
11/30/2013 32.41 -2.19 -1.51 14.07
12/31/2013 33.56 -3.60 -0.04 16.49
1/31/2014 23.06 -9.86 -4.06 12.17
2/28/2014 28.71 -6.88 1.27 17.79
3/31/2014 31.17 -4.02 0.62 17.96
4/30/2014 31.24 -3.70 2.08 19.17
5/31/2014 36.76 -0.34 3.74 21.51
6/30/2014 41.39 2.31 4.74 23.68
7/31/2014 40.90 4.29 2.68 21.71
8/31/2014 45.08 6.64 2.52 24.39
9/30/2014 36.33 -1.26 -1.42 21.02
10/31/2014 38.79 -0.10 -2.85 21.80
11/30/2014 36.40 -1.16 -1.53 24.24
12/31/2014 27.14 -5.71 -4.94 22.24
1/31/2015 25.53 -5.15 -4.47 20.02
2/28/2015 28.21 -2.21 1.24 27.05
3/31/2015 25.42 -3.60 -0.30 25.06
4/30/2015 30.72 3.82 3.77 28.00
5/31/2015 28.25 -0.34 3.24 28.44
6/30/2015 26.39 -2.93 0.31 25.45
7/31/2015 20.41 -9.66 2.40 27.70
8/31/2015 7.60 -17.83 -5.14 19.25
9/30/2015 4.45 -20.30 -9.95 14.85
10/31/2015 14.00 -14.62 -2.91 23.96
11/30/2015 11.71 -17.95 -4.42 23.34
12/31/2015 9.26 -19.78 -5.71 21.17
1/31/2016 2.90 -24.98 -12.53 13.92
2/29/2016 1.64 -25.10 -14.13 13.07
3/31/2016 12.53 -15.19 -8.55 20.75
4/30/2016 12.25 -14.73 -5.90 22.66
5/31/2016 11.35 -17.91 -6.75 23.35
6/30/2016 13.29 -14.63 -9.88 21.96
7/31/2016 17.03 -10.34 -5.32 27.12
8/31/2016 20.23 -8.11 -5.25 27.22
9/30/2016 23.17 -6.93 -4.08 27.90
10/31/2016 23.35 -6.70 -6.05 25.42
11/30/2016 17.14 -11.00 -7.92 27.23
12/31/2016 16.79 -10.80 -4.77 30.27
1/31/2017 22.59 -5.92 -2.01 33.42
2/28/2017 24.64 -3.04 -0.61 37.12
3/31/2017 29.61 -0.59 2.13 38.58
4/30/2017 33.22 1.58 4.73 40.63
5/31/2017 36.96 4.59 8.57 43.60
6/30/2017 38.51 5.64 8.38 44.16
7/31/2017 46.08 11.94 11.51 47.61
8/31/2017 49.46 14.43 11.47 47.81
9/30/2017 49.86 13.98 14.24 51.13

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 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

Capital Gains and Distributions ($ per share) as of 10/20/2017
$ per share as of 10/22/2017
Print
Date 2012 2013 2014 2015 2016
Short Term — — — — —
Long Term — 0.1792 0.5977 — —
Total Amount of Distribution — 0.1792 0.5977 — —
Record Date — 12/5/13 12/4/14 — —
Ex Div Date — 12/6/13 12/5/14 — —
Pay Date — 12/9/13 12/5/14 — —

There is no guarantee of the payment of any dividend or other distributions at any level.

Emerging Markets Equity
Developing Markets Fund
CLASS A: ODMAX
Analytics as of 10/20/2017

Analytics

(As of 9/30/2017)
Print
Morningstar 9/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
642
Category
Diversified Emerging Mkts
Analyst Rating (as of 9/26/17)
Silver
Performance Statistics
3Y
5Y
Alpha
-1.09
1.29
Beta
0.88
0.89
Information Ratio
-0.33
0.18
R-Squared
89.59
87.73
Sharpe Ratio
0.27
0.40
Standard Deviation
14.56
13.76
Upside Capture
85.56
92.52
Downside Capture
91.04
86.17
Sortino Ratio
0.12
0.18
Win Ratio
47.00
53.00
Loss Ratio
53.00
47.00
Tracking Error
5.08
5.05
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/2/2016
Per Share ($)
$0.07
Net Income
96.20%
Net Profit from Sale
0.00%
Other Capital Sources
3.80%
12-Month Distribution ($)
$0.07
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$92.10 B
$80.70 B
Median Market Cap (weighted)
$27.10 B
$20.40 B
Trailing P/E
22.26
15.48
P/E Ratio (NTM)
19.03
12.65
Price/Book
3.30
1.93
Return on Equity
18.04%
15.19%
Turnover Ratio
18.00%
-

Top Issuers

(53.4% of assets as of 09/30/17)
Tencent Holdings Ltd. 6.4%
X

Tencent Holdings Ltd.

Operates investment holding company with interest in internet, mobile, and telecommunications value-added services

Percent of Assets

6.4%

Asset Allocation

Equity

Country

China

Equity Sector

Information Technology

Industry

Internet Software & Services

Market Cap

Large

Source: FactSet
Taiwan Semiconductor Manufacturing 5.6%
X

Taiwan Semiconductor Manufacturing

Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components

Percent of Assets

5.6%

Asset Allocation

Equity

Country

Taiwan

Equity Sector

Information Technology

Industry

Semiconductors & Semiconductor Equipment

Market Cap

Large

Source: FactSet
Alibaba Group Holding Ltd. 5.4%
X

Alibaba Group Holding Ltd.

Operates as an online and mobile commerce company

Percent of Assets

5.4%

Asset Allocation

Equity

Country

China

Equity Sector

Information Technology

Industry

Internet Software & Services

Market Cap

Large

Source: FactSet
Housing Development Finance Corp. 4.5%
X

Housing Development Finance Corp.

Provides mortgage services

Percent of Assets

4.5%

Asset Allocation

Equity

Country

India

Equity Sector

Financials

Industry

Thrifts & Mortgage Finance

Market Cap

Large

Source: FactSet
AIA Group Ltd. 2.7%
X

AIA Group Ltd.

Provides general insurance services

Percent of Assets

2.7%

Asset Allocation

Equity

Country

Hong Kong

Equity Sector

Financials

Industry

Insurance

Market Cap

Large

Source: FactSet
Magnit PJSC 2.6%
X

Magnit PJSC

Owns and operates retail and convenience stores and hypermarkets

Percent of Assets

2.6%

Asset Allocation

Equity

Country

Russia

Equity Sector

Consumer Staples

Industry

Food & Staples Retailing

Market Cap

Large

Source: FactSet
Novatek OAO 2.5%
X

Novatek OAO

Explores, produces, and processes natural gas and liquid hydrocarbons

Percent of Assets

2.5%

Asset Allocation

Equity

Country

Russia

Equity Sector

Energy

Industry

Oil Gas & Consumable Fuels

Market Cap

Large

Source: FactSet
Glencore Plc 2.4%
X

Glencore Plc

Produces and markets metal, mineral and energy and agricultural commodities

Percent of Assets

2.4%

Asset Allocation

Equity

Country

United Kingdom

Equity Sector

Materials

Industry

Metals & Mining

Market Cap

Large

Source: FactSet
Kering 2.4%
X

Kering

Operates luxury goods retail stores

Percent of Assets

2.4%

Asset Allocation

Equity

Country

France

Equity Sector

Consumer Discretionary

Industry

Textiles Apparel & Luxury Goods

Market Cap

Large

Source: FactSet
Ctrip.com Intl ADR 2.1%
X

Ctrip.com Intl ADR

Operates a travel planning, hotel and air ticket reservations website

Percent of Assets

2.1%

Asset Allocation

Equity

Country

China

Equity Sector

Consumer Discretionary

Industry

Internet & Direct Marketing Retail

Market Cap

Large

Source: FactSet
BM&FBovespa SA 2.0%
X

BM&FBovespa SA

Provides exchange trading, clearing and other trade services

Percent of Assets

2.0%

Asset Allocation

Equity

Country

Brazil

Equity Sector

Financials

Industry

Capital Markets

Market Cap

Large

Source: FactSet
Jiangsu Hengrui Medicine Co. Ltd. 1.9%
X

Jiangsu Hengrui Medicine Co. Ltd.

Manufactures and distributes pharmaceutical and health food products

Percent of Assets

1.9%

Asset Allocation

Equity

Country

China

Equity Sector

Health Care

Industry

Pharmaceuticals

Market Cap

Large

Source: FactSet
Naver Corp. 1.8%
X

Naver Corp.

Operates internet search engines and on-line computer gaming servers

Percent of Assets

1.8%

Asset Allocation

Equity

Country

South Korea

Equity Sector

Information Technology

Industry

Internet Software & Services

Market Cap

Large

Source: FactSet
Sinopharm Group Co. 1.8%
X

Sinopharm Group Co.

Manufactures, distributes and retails pharmaceutical and healthcare products

Percent of Assets

1.8%

Asset Allocation

Equity

Country

China

Equity Sector

Health Care

Industry

Health Care Providers & Services

Market Cap

Large

Source: FactSet
Fomento Economico-UBD 1.7%
X

Fomento Economico-UBD

Produces and distributes alcoholic and non-alcoholic beverages

Percent of Assets

1.7%

Asset Allocation

Equity

Country

Mexico

Equity Sector

Consumer Staples

Industry

Beverages

Market Cap

Large

Source: FactSet
China Lodging Group 1.6%
X

China Lodging Group

Operates as an economy hotel chain

Percent of Assets

1.6%

Asset Allocation

Equity

Country

China

Equity Sector

Consumer Discretionary

Industry

Hotels Restaurants & Leisure

Market Cap

Large

Source: FactSet
Infosys Ltd. 1.6%
X

Infosys Ltd.

Provides technology consulting, application, system integration and engineering services

Percent of Assets

1.6%

Asset Allocation

Equity

Country

India

Equity Sector

Information Technology

Industry

IT Services

Market Cap

Large

Source: FactSet
Jardine Strategic Holdings Ltd. 1.6%
X

Jardine Strategic Holdings Ltd.

Operates as an investment holding company with interest in engineering and construction, transport services and insurance brokerage business

Percent of Assets

1.6%

Asset Allocation

Equity

Country

Hong Kong

Equity Sector

Industrials

Industry

Industrial Conglomerates

Market Cap

Large

Source: FactSet
Zee Entertainment Enterprises Ltd. 1.4%
X

Zee Entertainment Enterprises Ltd.

Provides television, media and entertainment services

Percent of Assets

1.4%

Asset Allocation

Equity

Country

India

Equity Sector

Consumer Discretionary

Market Cap

Large

Source: FactSet
Steinhoff International Holdings NV 1.4%
X

Steinhoff International Holdings NV

Manufactures and retails furniture, household goods and clothing

Percent of Assets

1.4%

Asset Allocation

Equity

Country

South Africa

Equity Sector

Consumer Discretionary

Market Cap

Large

Source: FactSet
Emerging Markets Equity
Developing Markets Fund
CLASS A: ODMAX
Portfolio Holdings Breakdown as of 09/30/17

Portfolio Holdings Breakdown

View Table Graph Print
Country 6
Developed Markets 6
Emerging Markets 6
Equity Sector 6
Industry 6
Asset Allocation 6
Market Cap 7
Country Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
China 24.7% 29.5% -4.7%
India 11.9% 8.4% 3.5%
Russia 7.2% 3.4% 3.8%
Hong Kong 5.9% 0.1% 5.9%
Taiwan 5.6% 11.5% -5.9%
Brazil 5.1% 7.6% -2.4%
Mexico 5.1% 3.5% 1.6%
South Korea 4.8% 15.0% -10.2%
United Kingdom 4.2% - -
France 3.7% - -
Philippines 3.5% 1.1% 2.4%
South Africa 2.9% 6.4% -3.5%
Indonesia 2.3% 2.3% 0.0%
United Arab Emirates 1.9% 0.7% 1.2%
Malaysia 1.5% 2.3% -0.8%
Colombia 1.1% 0.4% 0.7%
Turkey 1.1% 1.1% 0.0%
Peru 0.6% 0.4% 0.2%
Poland 0.5% 1.3% -0.8%
Nigeria 0.5% - -
Developed Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Europe 8.4% - -
Asia Pacific 5.9% 0.1% 5.9%
Emerging Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Asia Pacific 54.5% 72.4% -17.8%
Americas 12.1% 13.1% -1.0%
Europe 8.8% 6.7% 2.1%
Africa 3.8% 6.5% -2.7%
Middle East 1.9% 1.3% 0.6%
Equity Sector Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Information Technology 22.6% 27.6% -5.0%
Financials 20.2% 23.4% -3.2%
Consumer Discretionary 17.0% 10.3% 6.7%
Consumer Staples 12.0% 6.5% 5.5%
Health Care 7.1% 2.3% 4.8%
Industrials 5.5% 5.4% 0.1%
Materials 5.4% 7.2% -1.8%
Energy 2.5% 6.8% -4.3%
Real Estate 2.2% 2.9% -0.7%
Telecommunication Services 1.1% 5.1% -4.0%
Industry Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Internet Software & Services 14.5% 11.6% 2.9%
Banks 7.4% 16.3% -9.0%
Semiconductors & Semiconductor Equipment 5.6% 5.4% 0.2%
Textiles Apparel & Luxury Goods 4.8% 0.5% 4.3%
Thrifts & Mortgage Finance 4.5% 1.0% 3.5%
Food & Staples Retailing 4.5% 1.7% 2.8%
Metals & Mining 4.3% 3.2% 1.1%
Hotels Restaurants & Leisure 3.6% 0.7% 2.9%
Beverages 3.6% 1.4% 2.2%
Capital Markets 3.3% 1.3% 2.0%
Insurance 3.2% 3.4% -0.2%
Health Care Providers & Services 2.8% 0.5% 2.4%
Personal Products 2.8% 0.7% 2.1%
Industrial Conglomerates 2.8% 1.8% 1.0%
Pharmaceuticals 2.6% 1.3% 1.3%
IT Services 2.5% 1.5% 1.0%
Oil Gas & Consumable Fuels 2.5% 6.7% -4.2%
Real Estate Management & Development 2.2% 2.4% -0.2%
Internet & Direct Marketing Retail 2.1% 1.0% 1.2%
Transportation Infrastructure 1.9% 1.0% 0.9%
Asset Allocation Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Equity 95.5% 100.0% -4.5%
Net Cash and Equivalents 4.5% - -
Market Cap Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Large 88.1% 92.1% -3.9%
Mid 7.0% 7.7% -0.7%
  1. 1. As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.
  2. 2. Special Risks: 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. Investments in securities of growth companies may be volatile. 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 mid-sized company, if any gain is realized at all. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk.
  3. 3. 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.
  4. 4. Access index definitions.
  5. 5. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar's current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar's expectations not to occur or to differ significantly.
  6. 6. 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.
  7. 7. 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.
  8. 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. ↩
  9. 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, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment. ↩
  10. 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. ↩
  11. D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
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