How to Can submit for an upgrade options trading in td ameritrade utube ricky g trading etfs Shares. Item However, the time that transaction requests must be received in order to purchase, redeem or exchange shares at the net asset value calculated on any business day is the same for all share classes. Antulio N. Lucy Zachman, Vice President. Please read this prospectus carefully before you invest and keep it for future reference about your account. The principal amount is typically adjusted for events such as stock splits, stock dividends and certain other events that affect the linked equity security but is not adjusted for any additional issuance of equity securities of the type to which it is linked. Ronald Chibnik, Vice President. The Fund may also realize capital gains on the sale of portfolio securities, in which case it may make distributions out of any net short-term or long-term capital gains annually. Possible considerations include, without limitation, the types of services trading screen algo best stocks under $3 by the intermediary, sales of Fund shares, the redemption rates on accounts of clients of the intermediary or overall asset levels of Oppenheimer funds held for or by clients of the intermediary, the willingness of the intermediary to allow the Distributor to provide educational and training support for the intermediary's sales personnel relating to the Oppenheimer funds, the availability of the Oppenheimer funds on the intermediary's sales system, as well as the overall quality of the services provided by the intermediary and the Manager or Distributor's relationship with the intermediary. Government securities are obligations issued or guaranteed by the U. You should consult your financial intermediary to find out what trading restrictions, including limitations on exchanges, may apply. If you redeem shares during their applicable contingent deferred sales charge holding period, the contingent deferred sales charge generally will be deducted from the redemption proceeds. Centennial Todd vandehey brokerage account fidelity vs rd vs etrade Tax Exempt Trust. For example, with larger purchases that qualify for a reduced initial sales charge on Class A shares, the effect of paying an initial sales charge on purchases of Class A shares may be less over time than the effect of the distribution fees on other share classes. Dependent upon Congressional action, for the Fund's taxable year bitcoin tax account best place to buy digital currency June 1,certain distributions that are designated by the Fund as interest-related dividends or short-term gain dividends and paid to a foreign shareholder may be eligible for an exemption from U. While foreign securities may offer special investment opportunities, they are also subject to special risks.
Navin Sharma, Vice President. The return on those investments may, in some cases, be lower than the return that would have been derived from other types of investments that would provide liquidity. Advisory Fees. Share transactions may be requested by telephone or internet, in writing, through your financial intermediary, or by establishing one of the Investor Services plans described below. An interest rate swap enables an investor to buy or sell protection against changes in an interest rate event. Bank Loan Participation Agreements. By law, your dividends and redemption proceeds will be subject to a withholding tax if you are not a corporation and have not provided a taxpayer identification number or social security number or if the number you have provided is incorrect. Class N shares are available only through certain retirement plans. There is no sales charge on Class Y shares. The Fund or the Transfer Agent may use this information to verify your identity. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period.
Market makers method trading course download bull call spread probability call the number on the back of this prospectus for information about which transactions may be handled this way. Distributions paid from short-term capital gains and net investment income are taxable as ordinary income except as discussed below and distributions from net long-term capital gains are taxable as long-term capital gains no matter how long you have held your shares. Loans of Portfolio Securities. The Fund may invest in the securities of small, unseasoned companies that have been in operation for less than three years. Debra Casey, Vice President. All Treasury securities are backed by the full faith and credit of the United States. Distributions from net realized gain. Government agencies and instrumentalities are not always backed by the full faith and credit of the United States. Brian Petersen, Vice President. In general, these payments to financial intermediaries can be categorized as "distribution-related" or "servicing" payments. Restricted securities acquired through private placements have contractual restrictions on their public resale that might limit the ability to value or to dispose of the securities and might lower the price that could be realized on a sale. You may redeem your shares by writing a letter, by wire, by telephone or on the internet. Therefore, the Fund's portfolio holdings are made publicly available no later than 60 days after the end of each of its fiscal quarters. Government, corporations, banks or other entities. A higher portfolio turnover rate may indicate higher transaction costs and create nadex trading robot city index demo trading result in higher taxes when Fund shares are held in a taxable account. These fees may be used by the service provider to offset or reduce fees that would otherwise be paid directly to them by certain account holders, such as retirement plans. Norma J. These undertakings may not be amended or withdrawn until one year after the date of this prospectus. Net investment income. Sub-Advisory Fees.
Those documents are available by contacting the Distributor or may be downloaded from our website at www. Investment restrictions that are fundamental policies are straddle and strangle option strategy ninjatrader intraday margin hours in the Fund's Statement of Additional Information. If the term of a swap is for more than one period, the purchaser may make payments at an adjustable or "floating" rate. Investing in Domestic Securities. If a current investor no longer has a broker-dealer of record for an existing account, the Distributor is automatically designated as the broker-dealer of record, but solely for the purpose of acting as the investor's agent to purchase the shares. If you sell your shares within 6 years after buying them, you will normally pay a contingent deferred sales charge. The global economic crisis that began in has caused severe financial difficulties for many EU countries, pushing some EU countries to the brink of insolvency and causing others to experience best online brokerage account for new investors solo 401k loan repayment, large public debt, restructuring of government debt, credit rating downgrades and an overall weakening of banking and financial sectors. The Distributor offers a number of different retirement plans that individuals and employers can use. Derivative instruments may be used for liquidity, for hedging purposes, to seek income or for other investment purposes. The Fund only purchases investment-grade debt securities but is not required to dispose of debt securities that fall below investment grade after the Fund buys. Total Return, at Net Asset Value 4. The Oppenheimer funds of funds typically use asset allocation strategies that may increase or reduce the amount of their investment in the Fund frequently, possibly on a daily basis during volatile market conditions. Thus, the Fund must look to the creditworthiness of the borrower, which is obligated to make payments of principal and interest on the loan.
Class A shares were not offered to shareholders as of the Fund's fiscal year end, therefore the Fund did not pay 12b-1 fees. The values of longer-term debt securities usually change more than the values of shorter-term debt securities when interest rates change. The Financial Highlights Table is presented to help you understand the Fund's financial performance for the past five fiscal years. To avoid sending duplicate copies of Fund materials to households, the Fund will mail only one copy of each prospectus, annual and semi-annual report and annual notice of the Fund's privacy policy to shareholders having the same last name and address on the Fund's records. Class N Shares: At the time of a Class N share purchase, the Distributor generally pays financial intermediaries a sales concession of 0. Trustees and Officers of the Fund. Matthew O'Donnell, Vice President. The financial intermediaries that may receive those payments include firms that offer and sell Fund shares to their clients, or provide shareholder services to the Fund, or both, and receive compensation for those activities. Therefore, the total amount, including the advance of the service fee, that the Distributor pays the intermediary at the time of a Class C share purchase is 1. Michael Barnes, Assistant Vice President. Fair value determinations by the Manager are subject to review, approval and ratification by the Board at its next scheduled meeting after the fair valuations are determined. That delay may be as much as 10 days from the date the shares were purchased. Growth companies might have a variety of characteristics that in the Sub-Adviser's view define them as "growth" issuers. In certain cases, distributions made by the Fund may be considered a return of capital to shareholders, which is generally non-taxable. Please read this prospectus carefully before you invest and keep it for future reference about your account. Belinda J. Please remember that the Fund is intended to be a long-term investment, and that performance results are historical, and that past performance particularly over a short-term period is not predictive of future results. Webman, Senior Vice President. They can also be used to establish a position in the securities market as a temporary substitute for purchasing particular securities or to seek to benefit from an anticipated rise in their market value.
Swaps involve the risk that the value of the asset will not perform as expected. The purchase then realizes alibaba finviz bollinger bands buy sell signals afl loss or gain on the futures transaction for tax purposes. The initial margin payment day trading crypto coins ai trading cme be deposited with the custodian bank in an account, registered in the futures broker's name, that the futures broker can gain access to only under specified conditions. Cheryl Corrigan, Assistant Vice President. Concentration risk is the risk that the Fund's investments in the securities of companies in one industry will cause the Fund to be more exposed to developments affecting a single industry or market sector than a more broadly diversified fund would be. Dishmon, Vice President. Use of Plan Fees: The Distributor uses the service fees to compensate brokers, dealers, banks and other financial intermediaries for maintaining accounts and providing personal services to Class B, Class C or Class N shareholders in the applicable todd vandehey brokerage account fidelity vs rd vs etrade class. Name and Address of Agent for Service. The return on those investments may, in some cases, be lower than the return that would have been derived from other types of investments that would provide liquidity. Ronald Zibelli, Jr. Therefore, the total amount, including the advance of the service fee, that the Distributor pays the intermediary at al brooks trading price action ranges pdf olymp trade tutorial for beginners time of a Class C share purchase is 1. The Fund may buy stocks and other equity securities of companies ameritrade top gains small cap stocks predictions are organized under the laws of a foreign country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial portion of their revenue or pepperstone us citizens fomc live coverage for forex from businesses, investments or sales outside of the United States.
Rushan Dagli, Vice President. Prepayment Risk. Firms that may receive servicing fees include retirement plan administrators, qualified tuition program sponsors, banks and trust companies, and others. Elizabeth McCormack, Vice President. Purchases and Redemptions by Federal Funds Wire. Zack, Esq. Any such distribution in excess of your cost basis in your shares will be treated as capital gain. In applying the contingent deferred sales charge, all purchases are considered to have been made on the first regular business day of the month in which the purchase was made. AccountLink privileges will apply to each shareholder listed in the registration on the account as well as to the financial intermediary's representative of record unless and until the Transfer Agent terminates or receives written instructions terminating or changing those privileges. You must advise the Distributor, the Transfer Agent or your financial intermediary that you qualify for one of those waivers at the time you submit your purchase order or redemption request. If your shares are not held in a tax-deferred retirement account, you should be aware of the following tax consequences of investing in the Fund. Wolf, Senior Vice President.
Because the Fund commenced operations on January 31,performance information for a full calendar year is not yet available. An exchange may order the liquidation of positions found to be in violation of those limits and may impose certain other sanctions. The Distributor or servicing agent must receive your order, in proper form, by the close of the NYSE for you to receive that day's offering price. James B. The Manager monitors the Fund's holdings of illiquid securities on an ongoing basis to determine whether to sell any of those securities to maintain adequate liquidity. The Fund does not day trading strategy courses free binary trading indicators an exchange privilege. The Fund calculates duration based on a security's next interest rate todd vandehey brokerage account fidelity vs rd vs etrade date or the next date on which the Fund can exercise a put at par value, whichever is earlier. On any date, the amounts payable to or from each party in respect to stop limit order amibroker how much money can you make day trading or more swap transactions in the same currency will be combined and the parties will receive or be obligated to pay the net. Sergei Polevikov, Assistant Vice President. Because the prices of the Fund's shares fluctuate, you may have a capital gain or capital loss when you sell the shares or exchange them for shares of a different fund. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:. Class Y shares are offered only to certain institutional investors that binary options canada 2020 practise binary trading a special agreement with the Distributor and to present or former officers, directors, trustees and employees and their eligible family members of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit how to understand trading binary options on nadex data fxcm such individuals. Two of the factors to consider are how much you plan to invest and, while future financial needs cannot be predicted with certainty, how long you plan to hold your investment.
Jerry Mandzij, Vice President. Those cash payments, which may be substantial, are paid to many firms having business relationships with the Manager and Distributor and are in addition to any distribution fees, servicing fees, or transfer agency fees paid directly or indirectly by the Fund to these financial intermediaries and any commissions the Distributor pays to these firms out of the sales charges paid by investors. You will receive 60 days' notice of any material change in the exchange privilege unless applicable law allows otherwise. Class Y Shares. When you buy shares, be sure to specify the class of shares you wish to purchase. The request must be received by the close of the NYSE that day in order to receive that day's net asset value on the exchanged shares. For example, the net asset value and the dividends of Class B, Class C, and Class N shares will be reduced by additional expenses borne by those classes such as the asset-based sales charge. An institutional investor that buys Class Y shares for its customers' accounts may impose charges on those accounts. Class Y shares are sold at net asset value per share without a sales charge to institutional investors that have special agreements with the Distributor for this purpose. The redemption price will normally differ for each class of shares.
The Manager carries out its duties under an investment advisory agreement that states the Manager's responsibilities. Protected Trust II. Benjamin J. These balances are invested in one or more repurchase agreements secured by U. The Statement of Additional Information provides additional information about portfolio manager compensation, other accounts managed and ownership of Fund shares. Other Limitations on Exchanges. The Manager or Distributor may also pay dealers or other financial intermediaries additional amounts from their own resources based on the value of Fund shares held by the intermediary for its own account or held for its customers' accounts. The Fund may also make supplemental distributions of dividends and capital gains following the end of its fiscal year. These examples are based on approximations of the effects of current sales charges and expenses projected over time, and do not detail all of the considerations in selecting a class of shares. Jason Davis, Assistant Vice President. Colleen M. The Fund may amend, suspend or terminate the exchange privilege at any time. Jennifer Clark, Assistant Vice President. To be in proper form, your redemption order must comply with the procedures described. The initial margin payment will be deposited with the custodian bank in an account, registered in the futures can you trade on tradingview with td ameritrade will sears stock go up name, that the futures broker can gain access to only under specified conditions. Ian Loughlin, Assistant Vice President. The Fund will emphasize investments in growth how to buy 1 stock thinkorswim tradingview swing high. Oppenheimer Rochester Maryland Municipal Fund.
The interest rates on floating rate obligations change based on changes to a stated prevailing base market interest rate, such as a bank's prime rate, the day U. See the Statement of Additional Information for exceptions. Redemption Price. The investment activities of the Manager, the Sub-Adviser and their affiliates in regard to other accounts they manage may present conflicts of interest that could disadvantage the Fund and its shareholders. Options, futures, forward contracts and structured instruments are some of the derivatives that the Fund may use. Retirement Plan Accounts. For Class C share purchases in certain omnibus group retirement plans or through the OppenheimerFunds Record k eeper Pro program, the Distributor pays the intermediary the asset based sales charge during the first year instead of paying a sales concession at the time of purchase. Dividends and Distributions. To avoid sending duplicate copies of Fund materials to households, the Fund will mail only one copy of each prospectus, annual and semi-annual report and annual notice of the Fund's privacy policy to shareholders having the same last name and address on the Fund's records. Meredith Wolff, Vice President. Period Ended July 29, Gilston, Vice President. The governmental members of these supra-national entities are "stockholders" that typically make capital contributions and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. Some account features may not be available for all share classes. Sitgreaves, Assistant Vice President. In an interest rate swap, the Fund and another party exchange their rights to receive interest payments on a security. Disclosure of Portfolio Holdings. Purchase and Sale of Fund Shares.
Those financial intermediaries may receive different compensation for selling different classes of shares. Securities that are difficult to value or to sell promptly at an acceptable price are generally referred to as "illiquid" securities. The minimum additional investment requirement does not apply to reinvested dividends from the Fund medmen stock technical analysis ninjatrade no visual studio found from other Oppenheimer funds or to omnibus account purchases. Smaller companies may have unseasoned management or less depth in management skill than larger, more established companies. The Fund may also invest in unrated securities. Scott A. Oppenheimer Baring Japan Fund. This information is only a summary of certain Federal income tax information about your investment. The Class C contingent deferred sales charge and asset based sales charge are paid to compensate the Distributor for providing distribution-related services to the Fund in connection with the sale of Class C shares. Susan Cornwell, Senior Vice President. Class A Shares. Spencer, Senior Vice President. Libby, Senior Vice President. Over-the-counter securities may be yahoo stock screener java download td ameritrade asia minimum deposit liquid than exchange-traded securities. For an established account, you can request AccountLink privileges by sending signature-guaranteed instructions and proper documentation to the Transfer Agent. If your shares are held in the name of your financial intermediary, you must redeem them through that intermediary. To establish an Asset Builder Plan at the time you initially purchase Fund shares, complete the "Asset Builder Plan" information on the account application. For example, an increase in general interest rates will tend to reduce the market value of already-issued fixed-income investments, and a decline in general interest rates will tend to increase their value. November — February Meredith Wolff, Vice President.
Please read this prospectus carefully before you invest and keep it for future reference about your account. You should carefully consider your own investment goals and risk tolerance before investing in the Fund. In an interest rate swap, the parties exchange their rights to receive interest payments on a security or other reference rate. Higher-yielding lower-grade debt securities are commonly referred to as "junk bonds. Jin Jo, Assistant Vice President. The risks of investing in asset-backed securities are ultimately related to payment of the underlying loans by the individual borrowers. Additionally, not all of the U. In that case, the securities would normally be purchased and then the derivative position would be terminated. The Fund may also make supplemental distributions of dividends and capital gains following the end of its fiscal year. Securities of small unseasoned companies may be particularly volatile, especially in the short term, and may have very limited liquidity. The Class B contingent deferred sales charge and asset based sales charge are paid to compensate the Distributor for providing distribution-related services to the Fund in connection with the sale of Class B shares. The Fund does not intend to invest in other investment companies unless the Manager believes that the potential benefits of an investment justify the payment of any premiums or sales charges.
The exchanges limit the maximum number of options that may be written or held by a single investor or group of investors acting in concert. Conflicts of Interest. These securities are subject to the risk of default by the issuer as well as by the borrowers of the underlying loans in the pool and may also be subject to prepayment and extension risks. Two of the factors to consider are how much you plan to invest and, while future financial needs cannot be predicted with certainty, how long you plan to hold your investment. Income loss from investment operations:. Zack, Esq. Your financial intermediary can provide you with more information regarding the time you must submit your purchase order and whether the intermediary is an authorized agent for the receipt of purchase and redemption orders. The Fund can buy and sell "interest rate futures" contracts that relate to debt securities. Government agencies and instrumentalities are not always backed by the full faith and credit of the United States. Oppenheimer Absolute Return Fund. The numbers below are based on the Fund's expenses during its fiscal year ended May 31, You can buy shares through any servicing agent a broker, dealer, or other financial intermediary that has a sales agreement with the Distributor. Alan C. Other funds or accounts advised by the Manager or its affiliates may have conflicting interests arising from investment objectives that are similar to those of the Fund.
The ustocktrade enhancement suite how does buying and selling stocks work of all swaps and the netting of gains and losses on termination are generally referred to as "aggregation. If the securities must be registered in order to be sold, a significant period may elapse between the time the decision is made to sell the security and the time the security is registered. You may request documents, and read or download certain documents at www. Navin Sharma, Vice President. Price Arbitrage. Because the Fund commenced operations on January 31,performance information for a full calendar year is not yet available. The interest rate on a variable rate obligation is adjusted at stated periodic intervals to reflect current market intraday insights drane supernova elite penny stocks rates. Those funds and accounts may engage in, and compete for, the same types of securities or other investments as the Fund or invest in securities of the same issuers that have different, and possibly conflicting, characteristics. Swap Transactions. Payments of principal or interest on these notes may be linked to the value of an index such as a currency or securities index how to trade 1 minute charts forex linking charts in ninjatrader, an individual stock, or a commodity. AccountLink privileges should be requested on your account application or on your broker-dealer's settlement instructions if you buy your shares through a broker-dealer. The Sub-Adviser. The Fund will provide shareholders with at least 60 days' prior written notice of any change in this investment policy. To set up wire redemptions on your account or to arrange for a wire redemption, call the Transfer Agent at the telephone number on the back of this prospectus for artificial intelligence automated trading list of most profitable stocks for the past year. Mortgage-related U. However, the Manager does not consider a financial intermediary's sale of shares of the Fund or other Oppenheimer funds when selecting brokers or dealers to effect portfolio transactions for the funds. Virtually all principal swap participants use ISDA documentation because it has an established set of definitions, contract terms and counterparty obligations, including provisions for master netting agreements.
Class B Shares: The Distributor currently pays a sales concession of 3. To be in proper form, your purchase order must comply with the procedures described below. AccountLink lets you:. Oppenheimer Rochester National Municipals. Adam Wilde, Assistant Vice President. Alexander Kurinets, Assistant Vice President. The Fund's investments mainly include: corporate bonds, asset-backed securities, and money market instruments such as commercial paper, certificates of deposit, time deposits and bank notes. If your shares are held in the name of your financial intermediary, you must redeem them through that intermediary. Oppenheimer Select Value Fund.
An institutional investor that buys Class Y shares for its customers' accounts may impose charges on those accounts. Dividends and distributions are paid separately for each share class. You can submit purchase, redemption or exchange requests through any broker, how to sale off your investments on ally what etf should i or other financial intermediary that has a special agreement with the Distributor. November 28, Portfolio Managers. George Curry, Vice President. Additional information may be required to open a corporate account or in certain other circumstances. For shares of the Fund that were acquired by exchange, the holding period is measured from the date the shares were acquired in the exchange transaction. The Class A contingent deferred sales charge does not apply to shares purchased by the reinvestment of dividends or capital gain distributions and will not todd vandehey brokerage account fidelity vs rd vs etrade the aggregate amount of the concessions the Distributor pays on all of your purchases of Class A shares, of all Oppenheimer funds, that are subject to the contingent deferred sales charge. Sara Zervos, Vice President. The Fund's operating costs that apply to a share class and the effect of the different types of sales charges on your investment will affect access paper money from thinkorswim rockwell trading indicators investment results over time. The Fund may also buy securities of "foreign banks" that are payable in U. Brian Dvorak, Vice President. Investment in "foreign banks" as defined above may involve different risks from the risks basic option volatility strategies does td ameritrade allow after hours trading paper money investing in obligations of U. The Fund can invest in short-term debt securities to seek its investment objective. You can request the above documents, the notice explaining the Fund's privacy policy, and other information about the Fund, without charge, by:. Recovery from the crisis has been challenged by high unemployment and budget deficits as well as by weaknesses in sovereign debt issued by Greece, Spain, Portugal, the Republic of Ireland, Italy binary options canada 2020 practise binary trading other EU countries. Significant policy changes will be described in supplements to this prospectus. Therefore, the total amount, including the advance of the service fee, that the Distributor pays the intermediary at the time of a Class N purchase is 1. If there is a default resulting in a loss to one party, the measure cci t3 metatrader 5 forex indicator etoro account login that party's damages is calculated by reference to the average cost of a replacement swap for each terminated swap i. The Manager believes that foreign securities values may be affected by volatility that occurs in U. Ameritrade daily data call spread on robinhood description of the Fund's policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund's Statement of Additional Information.
Kathleen Beichert, Senior Vice President. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. Dividends from net investment income. Brian W. Everett, Vice President. For information about sales charges that may apply to exchanges of shares see the sections "Contingent Deferred Sales Charges" and "Sales Charge Arrangements and Waivers" above. Equity-linked debt securities are subject to market risks and their value generally fluctuates with the price of the linked security, although they are generally less volatile than the equity securities to which they are linked. Holly Broussard, Vice President. Those may include events affecting specific issuers for example, a halt in trading of the securities of an issuer on an exchange during the trading day or events affecting securities markets for example, a foreign securities market closes early because of a natural disaster. Active Allocation Fund. Retirement plans that offer Class N shares may impose charges on plan participant accounts.
Lischin, Vice President. In certain cases, distributions made by the Fund may be considered a non-taxable return of capital to shareholders, resulting in a reduction in the basis in their shares. Terry Crady, Assistant Vice President. In selecting securities, the portfolio managers seek investment income, although the Fund may also realize capital appreciation. The Manager and Distributor have adopted guidelines for assessing and implementing each prospective revenue sharing arrangement. John E. They are issued by trusts or special-purpose vehicles and are backed by the loans, receivables or other assets that make up the pool. You should carefully consider your own investment goals and risk tolerance before investing in the Fund. What is the Minimum Investment? Written Transaction Requests. Hayes, Vice President. From time to time, those investments may also represent a significant portion of the Fund's outstanding shares or of its outstanding Class Y shares. This voluntary undertaking may be amended or withdrawn at any time. Net Asset Value. They might own or develop natural resources. The consolidation of these mailings, called "householding," benefits the Fund through lower printing costs and reduced mailing expense. Fxcm iiroc r binary trading, Vice President. Payments to Financial Intermediaries and Service Providers. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in trade show investment risk assessment template excel best moving average for crude oil intraday shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. The block will apply adyen tech stock easy stock trading apps the full account balance and not just to the amount exchanged into the account. Shares held the longest will be redeemed. Appendix A.
Derivative instruments may be used for liquidity, for hedging purposes, to seek income or for other investment purposes. For example, if the Fund enters into a currency forward contract to sell foreign currency on a future date, the Fund may cover its obligation to deliver the foreign currency by earmarking or otherwise segregating cash or liquid securities having a value at least equal to the value of the deliverable currency. The Financial Highlights Table is presented to help you understand the Fund's financial performance for the past five fiscal years. The Fund may also buy debt securities, primarily convertible debt securities, issued by foreign companies. If the borrower fails to pay scheduled principal or interest payments, the Fund may experience a reduction in income. The global economic crisis that began in has caused severe financial difficulties for many EU countries, pushing some EU countries to the brink of insolvency and causing others to experience recession, large public debt, restructuring of government debt, credit rating downgrades and an overall weakening of banking and financial sectors. Andrew J. Richard Royce, Vice President. Your shares will be redeemed at net asset value less any applicable fees. You should consider whether you should purchase shares on or just before the ex-dividend date. Dividends from net investment income. Neil McCarthy, Vice President.