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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 5/31/2017)
$33.8 billion
Fund Index
MSCI Emerging Markets
NAV (as of 6/22/17)
  • A
$38.44
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

Equity

Domestic Equity
Emerging Markets Equity
Global Equity
International Equity

Fixed Income

Domestic Debt
Global Debt
Money Market
Municipal Bond

Alternative

Multi Asset

Smart Beta

Environmental, Social, and Governance (ESG) Revenue Weighted Strategy
Revenue Weighted Strategy
See all funds
performance
analytics
holdings
Emerging Markets Equity
Developing Markets Fund
CLASS A: ODMAX
Average Annual Returns as of 5/31/2017
as of 5/31/2017
  • B
as of 3/31/2017
  • 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 6/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (NAV)
As of Quarter end 3/31/2017
 18.57% 15.18% -0.40% 2.05% 5.09% 11.81%
Cumulative
Annualized
ytd as of 6/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (with sales charge)
As of Quarter end 3/31/2017
 18.57% 8.56% -2.34% 0.84% 4.47% 11.48%
Cumulative
Annualized
ytd as of 6/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (NAV)
As of month end 5/31/2017
 18.57% 23.01% 0.05% 5.60% 4.46% 12.01%
Cumulative
Annualized
ytd as of 6/22/17
  • C
1 yr 3 yr 5 yr 10 yr since inception
Developing Markets Fund (with sales charge)
As of month end 5/31/2017
 18.57% 15.93% -1.90% 4.36% 3.84% 11.68%
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 6/22/2017
as of 6/22/2017
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
5/31/2007 0.00 0.00 0.00 0.00
6/30/2007 2.51 4.69 0.12 -0.77
7/31/2007 6.44 10.21 -1.35 -2.97
8/31/2007 2.85 7.87 -2.89 -3.04
9/30/2007 12.97 19.78 2.30 1.57
10/31/2007 24.75 33.14 6.32 4.68
11/30/2007 15.63 23.69 2.82 0.40
12/31/2007 17.29 24.13 0.51 -0.89
1/31/2008 6.56 8.64 -8.77 -8.46
2/29/2008 9.92 16.66 -7.47 -8.99
3/31/2008 5.53 10.48 -8.44 -9.87
4/30/2008 14.04 19.45 -3.47 -5.13
5/31/2008 16.57 21.66 -2.53 -3.68
6/30/2008 4.03 9.53 -10.50 -11.36
7/31/2008 3.45 5.40 -13.38 -13.53
8/31/2008 -0.84 -3.02 -16.89 -14.75
9/30/2008 -15.25 -19.99 -28.90 -24.89
10/31/2008 -35.48 -41.89 -43.25 -39.13
11/30/2008 -42.21 -46.26 -46.32 -43.07
12/31/2008 -39.04 -42.07 -43.09 -41.24
1/31/2009 -43.18 -45.81 -48.67 -46.39
2/28/2009 -46.75 -48.87 -53.94 -51.88
3/31/2009 -39.23 -41.52 -51.02 -48.25
4/30/2009 -28.52 -31.79 -44.75 -42.44
5/31/2009 -15.75 -20.14 -38.21 -37.23
6/30/2009 -15.98 -21.21 -38.56 -37.51
7/31/2009 -7.19 -12.35 -32.96 -32.22
8/31/2009 -6.46 -12.67 -29.31 -29.42
9/30/2009 1.44 -4.74 -26.60 -26.61
10/31/2009 0.75 -4.62 -27.52 -27.91
11/30/2009 6.77 -0.52 -26.07 -24.97
12/31/2009 10.79 3.41 -25.01 -23.62
1/31/2010 4.63 -2.36 -28.31 -26.78
2/28/2010 5.90 -2.02 -28.80 -25.74
3/31/2010 13.99 5.89 -24.36 -21.15
4/30/2010 15.38 7.18 -25.73 -21.13
5/31/2010 6.82 -2.25 -34.27 -28.69
6/30/2010 6.82 -2.97 -34.93 -31.13
7/31/2010 17.23 5.11 -28.76 -25.55
8/31/2010 14.91 3.07 -30.97 -28.33
9/30/2010 28.98 14.52 -24.20 -21.65
10/31/2010 33.56 17.85 -21.47 -18.73
11/30/2010 30.40 14.74 -25.25 -20.48
12/31/2010 40.69 22.92 -19.19 -14.63
1/31/2011 33.20 19.59 -17.29 -12.71
2/28/2011 32.97 18.47 -14.56 -9.65
3/31/2011 39.65 25.44 -16.47 -10.54
4/30/2011 44.35 29.33 -11.48 -6.74
5/31/2011 40.53 25.94 -14.10 -8.68
6/30/2011 38.68 24.00 -15.17 -10.12
7/31/2011 36.75 23.45 -16.52 -11.75
8/31/2011 27.88 12.42 -24.06 -17.97
9/30/2011 10.87 -3.97 -31.30 -25.05
10/31/2011 24.33 8.75 -24.67 -17.30
11/30/2011 19.59 1.50 -28.32 -19.32
12/31/2011 15.23 0.28 -29.00 -19.36
1/31/2012 25.60 11.65 -25.22 -15.32
2/29/2012 32.71 18.34 -20.93 -11.18
3/31/2012 32.32 14.39 -21.29 -10.04
4/30/2012 31.34 13.02 -22.83 -11.06
5/31/2012 17.82 0.35 -31.69 -18.74
6/30/2012 24.42 4.22 -26.90 -14.60
7/31/2012 24.85 6.25 -26.08 -13.50
8/31/2012 26.74 5.90 -24.09 -11.31
9/30/2012 33.26 12.29 -21.85 -8.87
10/31/2012 34.36 11.61 -21.19 -9.49
11/30/2012 34.40 13.02 -19.29 -8.33
12/31/2012 39.25 18.55 -16.71 -6.60
1/31/2013 43.04 20.19 -12.32 -1.85
2/28/2013 40.51 18.68 -13.15 -1.68
3/31/2013 39.41 16.63 -12.44 0.62
4/30/2013 41.10 17.51 -7.87 3.79
5/31/2013 40.39 14.50 -10.10 3.83
6/30/2013 33.80 7.21 -13.29 1.27
7/31/2013 38.38 8.33 -8.72 6.60
8/31/2013 33.92 6.47 -9.92 4.33
9/30/2013 45.60 13.39 -3.26 9.55
10/31/2013 50.73 18.90 -0.01 13.84
11/30/2013 49.59 17.16 0.75 15.86
12/31/2013 50.88 15.47 2.26 18.31
1/31/2014 39.02 7.97 -1.86 13.93
2/28/2014 45.41 11.55 3.60 19.63
3/31/2014 48.18 14.97 2.94 19.81
4/30/2014 48.26 15.35 4.43 21.03
5/31/2014 54.49 19.38 6.12 23.42
6/30/2014 59.73 22.55 7.15 25.62
7/31/2014 59.18 24.92 5.04 23.62
8/31/2014 63.90 27.74 4.88 26.34
9/30/2014 54.02 18.27 0.85 22.91
10/31/2014 56.80 19.66 -0.61 23.71
11/30/2014 54.10 18.40 0.74 26.19
12/31/2014 43.63 12.94 -2.75 24.15
1/31/2015 41.81 13.62 -2.28 21.90
2/28/2015 44.84 17.14 3.57 29.05
3/31/2015 41.69 15.47 1.99 27.03
4/30/2015 47.68 24.35 6.16 30.00
5/31/2015 44.89 19.37 5.61 30.45
6/30/2015 42.78 16.27 2.62 27.42
7/31/2015 36.03 8.21 4.75 29.71
8/31/2015 21.55 -1.58 -2.95 21.12
9/30/2015 17.99 -4.54 -7.88 16.66
10/31/2015 28.79 2.27 -0.68 25.90
11/30/2015 26.20 -1.72 -2.23 25.27
12/31/2015 23.44 -3.91 -3.54 23.07
1/31/2016 16.25 -10.14 -10.52 15.71
2/29/2016 14.83 -10.29 -12.16 14.85
3/31/2016 27.13 1.58 -6.44 22.64
4/30/2016 26.81 2.13 -3.73 24.58
5/31/2016 25.79 -1.67 -4.61 25.28
6/30/2016 27.98 2.25 -7.81 23.88
7/31/2016 32.21 7.40 -3.14 29.11
8/31/2016 35.82 10.07 -3.07 29.22
9/30/2016 39.15 11.48 -1.88 29.90
10/31/2016 39.35 11.75 -3.88 27.39
11/30/2016 32.33 6.61 -5.80 29.22
12/31/2016 31.94 6.84 -2.58 32.31
1/31/2017 38.49 12.69 0.25 35.51
2/28/2017 40.81 16.14 1.68 39.27
3/31/2017 46.43 19.07 4.48 40.75
4/30/2017 50.50 21.68 7.14 42.83
5/31/2017 54.73 25.27 11.07 45.86

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 6/22/2017
$ per share as of 6/22/2017
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 6/22/2017

Analytics

(As of 5/31/2017)
Print
Morningstar 5/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
634
Category
Diversified Emerging Mkts
Analyst Rating (as of 9/28/16)
Silver
Performance Statistics
3Y
5Y
Alpha
-1.39
1.50
Information Ratio
-0.29
0.20
Upside Capture
84.21
92.23
Downside Capture
90.82
84.84
Sharpe Ratio
0.06
0.45
R-Squared
89.12
87.05
Standard Deviation
14.85
13.91
Sortino Ratio
0.03
0.20
Win Ratio
47.00
52.00
Loss Ratio
53.00
48.00
Beta
0.87
0.90
Tracking Error
5.32
5.22
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)
$73.30 B
$64.10 B
Median Market Cap (weighted)
$28.10 B
$19.10 B
Trailing P/E
22.90
15.60
Forward P/E
18.18
12.50
Price/Book
3.10
1.81
Return on Equity
17.87%
14.70%
Turnover Ratio
18.00%
-

Top Issuers

(52.8% of assets as of 05/31/17)
Tencent Holdings Ltd. 5.8%
X

Tencent Holdings Ltd.

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

Percent of Assets

5.8%

Asset Allocation

Equity

Country

China

Equity Sector

Information Technology

Industry

Internet Software & Services

Market Cap

Large

Source: FactSet
Taiwan Semiconductor Manufacturing 5.7%
X

Taiwan Semiconductor Manufacturing

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

Percent of Assets

5.7%

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. 4.7%
X

Housing Development Finance Corp.

Provides mortgage services

Percent of Assets

4.7%

Asset Allocation

Equity

Country

India

Equity Sector

Financials

Industry

Thrifts & Mortgage Finance

Market Cap

Large

Source: FactSet
Magnit PJSC 2.9%
X

Magnit PJSC

Owns and operates retail and convenience stores and hypermarkets

Percent of Assets

2.9%

Asset Allocation

Equity

Country

Russia

Equity Sector

Consumer Staples

Industry

Food & Staples Retailing

Market Cap

Large

Source: FactSet
AIA Group Ltd. 2.8%
X

AIA Group Ltd.

Provides general insurance services

Percent of Assets

2.8%

Asset Allocation

Equity

Country

Hong Kong

Equity Sector

Financials

Industry

Insurance

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
Infosys Ltd. 2.4%
X

Infosys Ltd.

Provides technology consulting, application, system integration and engineering services

Percent of Assets

2.4%

Asset Allocation

Equity

Country

India

Equity Sector

Information Technology

Industry

IT Services

Market Cap

Large

Source: FactSet
Kering 2.2%
X

Kering

Operates luxury goods retail stores

Percent of Assets

2.2%

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
Glencore Plc 2.0%
X

Glencore Plc

Produces and markets metal, mineral and energy and agricultural commodities

Percent of Assets

2.0%

Asset Allocation

Equity

Country

United Kingdom

Equity Sector

Materials

Industry

Metals & Mining

Market Cap

Large

Source: FactSet
Fomento Economico-UBD 1.8%
X

Fomento Economico-UBD

Produces and distributes alcoholic and non-alcoholic beverages

Percent of Assets

1.8%

Asset Allocation

Equity

Country

Mexico

Equity Sector

Consumer Staples

Industry

Beverages

Market Cap

Large

Source: FactSet
Naver Corp. 1.7%
X

Naver Corp.

Operates internet search engines and on-line computer gaming servers

Percent of Assets

1.7%

Asset Allocation

Equity

Country

South Korea

Equity Sector

Information Technology

Industry

Internet Software & Services

Market Cap

Large

Source: FactSet
BM&FBovespa SA 1.6%
X

BM&FBovespa SA

Provides security analysis and portfolio management

Percent of Assets

1.6%

Asset Allocation

Equity

Country

Brazil

Equity Sector

Financials

Industry

Capital Markets

Market Cap

Large

Source: FactSet
Jiangsu Hengrui Medicine Co. Ltd. 1.6%
X

Jiangsu Hengrui Medicine Co. Ltd.

Manufactures and distributes pharmaceutical and health food products

Percent of Assets

1.6%

Asset Allocation

Equity

Country

China

Equity Sector

Health Care

Industry

Pharmaceuticals

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
DP World Ltd. 1.6%
X

DP World Ltd.

Provides marine cargo handling services

Percent of Assets

1.6%

Asset Allocation

Equity

Country

United Arab Emirates

Equity Sector

Industrials

Industry

Transportation Infrastructure

Market Cap

Large

Source: FactSet
Zee Entertainment Enterprises Ltd. 1.5%
X

Zee Entertainment Enterprises Ltd.

Provides television, media and entertainment services

Percent of Assets

1.5%

Asset Allocation

Equity

Country

India

Equity Sector

Consumer Discretionary

Market Cap

Large

Source: FactSet
Sinopharm Group Co. 1.5%
X

Sinopharm Group Co.

Manufactures, distributes and retails pharmaceutical and healthcare products

Percent of Assets

1.5%

Asset Allocation

Equity

Country

China

Equity Sector

Health Care

Industry

Health Care Providers & Services

Market Cap

Large

Source: FactSet
Prada S.p.A. 1.4%
X

Prada S.p.A.

Designs, manufactures, and markets clothing and accessories

Percent of Assets

1.4%

Asset Allocation

Equity

Country

Hong Kong

Equity Sector

Consumer Discretionary

Industry

Textiles Apparel & Luxury Goods

Market Cap

Large

Source: FactSet
Emerging Markets Equity
Developing Markets Fund
CLASS A: ODMAX
Portfolio Holdings Breakdown as of 05/31/17

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 23.1% 27.7% -4.6%
India 14.0% 8.8% 5.3%
Russia 7.9% 3.4% 4.5%
Hong Kong 6.8% - -
Taiwan 5.7% 12.2% -6.5%
Brazil 5.6% 6.9% -1.3%
Mexico 4.6% 3.5% 1.1%
South Korea 3.7% 15.7% -12.0%
Philippines 3.6% 1.2% 2.4%
France 3.5% - -
United Kingdom 3.3% - -
Indonesia 2.1% 2.5% -0.4%
United Arab Emirates 2.1% 0.7% 1.4%
South Africa 1.7% 6.8% -5.1%
Malaysia 1.7% 2.4% -0.8%
Colombia 1.2% 0.4% 0.8%
Poland 1.1% 1.3% -0.2%
Turkey 1.0% 1.1% -0.1%
Japan 0.8% - -
United States 0.7% - -
Developed Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Asia Pacific 7.6% - -
Europe 7.2% - -
Americas 0.7% - -
Emerging Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Asia Pacific 54.3% 72.6% -18.3%
Americas 11.7% 12.4% -0.6%
Europe 10.0% 6.7% 3.3%
Africa 2.7% 6.9% -4.3%
Middle East 2.1% 1.4% 0.7%
Equity Sector Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Information Technology 23.9% 25.6% -1.7%
Financials 20.8% 23.7% -2.9%
Consumer Discretionary 17.7% 10.9% 6.8%
Consumer Staples 11.7% 7.0% 4.7%
Health Care 6.5% 2.3% 4.2%
Industrials 6.0% 5.8% 0.2%
Materials 4.1% 7.1% -3.0%
Energy 2.7% 6.8% -4.1%
Real Estate 2.3% 2.6% -0.3%
Telecommunication Services 0.5% 5.5% -5.0%
Industry Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Internet Software & Services 13.8% 9.6% 4.2%
Banks 7.8% 16.4% -8.6%
Semiconductors & Semiconductor Equipment 5.7% 5.2% 0.5%
Textiles Apparel & Luxury Goods 5.7% 0.6% 5.1%
Thrifts & Mortgage Finance 4.7% 1.0% 3.7%
Beverages 4.7% 1.4% 3.3%
Food & Staples Retailing 4.3% 1.8% 2.4%
Insurance 4.1% 3.6% 0.5%
IT Services 3.5% 1.7% 1.8%
Hotels Restaurants & Leisure 3.3% 0.8% 2.6%
Pharmaceuticals 2.9% 1.4% 1.5%
Industrial Conglomerates 2.8% 2.0% 0.9%
Capital Markets 2.8% 1.3% 1.5%
Metals & Mining 2.7% 3.0% -0.3%
Oil Gas & Consumable Fuels 2.7% 6.7% -4.0%
Health Care Providers & Services 2.5% 0.5% 2.0%
Diversified Consumer Services 2.5% 0.5% 2.0%
Real Estate Management & Development 2.3% 2.1% 0.2%
Transportation Infrastructure 2.2% 1.1% 1.1%
Internet & Direct Marketing Retail 2.1% 1.1% 1.0%
Asset Allocation Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Equity 96.3% 100.0% -3.7%
Net Cash and Equivalents 3.7% - -
Market Cap Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Large 89.6% 92.7% -3.1%
Mid 6.3% 7.2% -0.9%
  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 p.m. 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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