Top Ten Geographical Holdings | ||||
India |
13.6 | % | ||
Brazil |
13.1 | |||
Mexico |
9.6 | |||
China |
6.5 | |||
Russia |
5.9 | |||
Korea, Republic of South |
5.3 | |||
Hong Kong |
4.8 | |||
United Kingdom |
4.4 | |||
Taiwan |
4.2 | |||
South Africa |
4.1 |
Top Ten Common Stock Holdings | ||||
Infosys Ltd. |
3.8 | % | ||
America Movil SAB de CV, ADR, Series L |
3.5 | |||
NHN Corp. |
3.1 | |||
Fomento Economico Mexicano SA de CV, Sponsored ADR |
2.2 | |||
BM&F BOVESPA SA |
2.1 | |||
Carlsberg AS, Cl. B |
1.9 | |||
Baidu, Inc., ADR |
1.9 | |||
NovaTek OAO, Sponsored GDR |
1.8 | |||
SM Prime Holdings, Inc. |
1.8 | |||
High Tech Computer Corp. |
1.8 |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
September 1, 2011 | February 29, 2012 | February 29, 20121,2 | ||||||||||
Actual |
||||||||||||
Class A |
$ | 1,000.00 | $ | 1,037.80 | $ | 6.86 | ||||||
Class B |
1,000.00 | 1,033.60 | 11.23 | |||||||||
Class C |
1,000.00 | 1,034.30 | 10.37 | |||||||||
Class I |
1,000.00 | 1,155.30 | 1.52 | |||||||||
Class N |
1,000.00 | 1,036.20 | 8.59 | |||||||||
Class Y |
1,000.00 | 1,039.60 | 5.19 | |||||||||
Hypothetical |
||||||||||||
(5% return before expenses) |
||||||||||||
Class A |
1,000.00 | 1,018.15 | 6.80 | |||||||||
Class B |
1,000.00 | 1,013.87 | 11.13 | |||||||||
Class C |
1,000.00 | 1,014.72 | 10.27 | |||||||||
Class I |
1,000.00 | 1,020.79 | 4.13 | |||||||||
Class N |
1,000.00 | 1,016.46 | 8.51 | |||||||||
Class Y |
1,000.00 | 1,019.79 | 5.14 |
1. | Actual expenses paid for Classes A, B, C, N, & Y are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Actual expenses paid for Class I are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 63/366 to reflect the period from December 29, 2011 (inception of offering) to February 29, 2012. | |
2. | Hypothetical expenses paid for all classes are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
Class | Expense Ratios | |||
Class A |
1.35 | % | ||
Class B |
2.21 | |||
Class C |
2.04 | |||
Class I |
0.82 | |||
Class N |
1.69 | |||
Class Y |
1.02 |
Shares | Value | |||||||
Common Stocks95.2% |
||||||||
Consumer Discretionary11.1% |
||||||||
Automobiles0.9% |
||||||||
PT Astra |
||||||||
International Tbk |
26,434,500 | $ | 206,495,463 | |||||
Distributors0.6% |
||||||||
CFAO1 |
3,877,554 | 152,399,269 | ||||||
Diversified Consumer Services1.6% |
||||||||
Ambow Education
Holding Ltd., ADR2 |
2,272,028 | 15,858,755 | ||||||
Estacio Participacoes
SA1 |
10,866,000 | 131,929,597 | ||||||
Kroton Educacional
SA1,2 |
7,358,100 | 101,121,654 | ||||||
Kroton Educacional
SA1,2 |
122,473 | 239,633 | ||||||
Kroton Educacional
SA1,2 |
2,209,219 | 29,563,461 | ||||||
Kroton Educacional
SA1,2 |
697,633 | 1,365,000 | ||||||
MegaStudy Co.
Ltd.1 |
499,330 | 51,462,825 | ||||||
New Oriental Education
& Technology Group,
Inc., Sponsored ADR2 |
2,449,097 | 64,925,561 | ||||||
Zee Learn Ltd.2 |
4,901,274 | 1,413,176 | ||||||
397,879,662 | ||||||||
Hotels, Restaurants & Leisure3.2% |
||||||||
Ctrip.com International
Ltd., ADR1,2 |
13,554,519 | 370,987,185 | ||||||
Genting Berhad |
20,525,600 | 72,357,896 | ||||||
Genting Singapore
plc2 |
93,349,000 | 119,723,703 | ||||||
Home Inns &
Hotels Management,
Inc., ADR1,2 |
3,412,333 | 104,724,500 | ||||||
Jollibee Foods Corp.1 |
55,136,213 | 126,379,345 | ||||||
794,172,629 | ||||||||
Internet & Catalog Retail0.3% |
||||||||
B2W Companhia
Global do Varejo1 |
12,774,258 | 82,198,603 | ||||||
Media1.7% |
||||||||
Grupo Televisa SA,
Sponsored GDR |
10,044,453 | 214,248,182 | ||||||
TV18 Broadcast
Ltd.2 |
11,612,542 | 7,203,046 | ||||||
Zee Entertainment
Enterprises Ltd.1 |
76,026,963 | 196,125,568 | ||||||
417,576,796 | ||||||||
Multiline Retail2.0% |
||||||||
Lojas Americanas SA,
Preference1 |
34,327,384 | 365,412,479 | ||||||
Shinsegae Co. Ltd.1 |
544,145 | 127,679,334 | ||||||
493,091,813 | ||||||||
Textiles, Apparel & Luxury Goods0.8% |
||||||||
Prada SpA,
Unsponsored ADR2 |
35,182,900 | 196,970,941 | ||||||
Consumer Staples24.6% |
||||||||
Beverages9.2% |
||||||||
Anadolu Efes Biracilik
ve Malt Sanayii AS |
10,213,701 | 154,726,506 | ||||||
Carlsberg AS, Cl. B1 |
6,108,613 | 478,879,087 | ||||||
Companhia de
Bebidas das Americas,
Sponsored ADR,
Preference |
8,572,900 | 343,001,729 | ||||||
East African
Breweries Ltd. |
7,528,848 | 17,213,973 | ||||||
Fomento Economico
Mexicano SA de CV,
Sponsored ADR |
7,360,049 | 541,699,611 | ||||||
Fomento Economico
Mexicano SA de
CV, UBD |
55,070,344 | 404,969,363 | ||||||
Nigerian Breweries
plc |
154,127,052 | 89,019,048 | ||||||
SABMiller plc |
5,945,304 | 240,950,427 | ||||||
2,270,459,744 | ||||||||
Food & Staples Retailing9.5% |
||||||||
Almacenes Exito SA |
11,189,792 | 157,368,032 | ||||||
Almacenes Exito SA,
GDR3 |
11,250,373 | 156,273,306 |
Shares | Value | |||||||
Food & Staples Retailing Continued | ||||||||
BIM Birlesik
Magazalar AS |
4,500,831 | $ | 158,235,355 | |||||
Cencosud SA |
8,753,743 | 56,787,593 | ||||||
Companhia Brasileira
de Distribuicao Grupo
Pao de Acucar,
Sponsored ADR1 |
7,733,646 | 361,625,287 | ||||||
Dairy Farm International
Holdings Ltd. |
7,806,830 | 80,098,076 | ||||||
E-Mart Co. Ltd.1 |
1,448,896 | 351,628,205 | ||||||
Etablissements
Economiques du Casino
Guichard-Perrachon SA |
374,190 | 36,452,840 | ||||||
Magnit1 |
3,448,981 | 431,122,625 | ||||||
Magnit OJSC1,2 |
1,292,793 | 160,492,282 | ||||||
Magnit OJSC,
Sponsored GDR1 |
3,940,330 | 116,121,525 | ||||||
Sun Art Retail Group Ltd.2 |
1,852,000 | 2,465,889 | ||||||
Wal-Mart de Mexico
SAB de CV, Series V |
73,670,678 | 229,310,111 | ||||||
Wumart Stores, Inc. |
20,885,000 | 42,329,001 | ||||||
2,340,310,127 | ||||||||
Food Products2.1% |
||||||||
Tingyi Holding Corp. (Cayman Islands) |
98,634,000 | 290,915,783 | ||||||
Want Want China
Holdings Ltd. |
226,896,000 | 225,837,023 | ||||||
516,752,806 | ||||||||
Household Products1.3% | ||||||||
Hindustan
Unilever Ltd. |
26,647,320 | 206,719,263 | ||||||
Unilever Indonesia
Tbk |
59,343,000 | 126,188,565 | ||||||
332,907,828 | ||||||||
Personal Products2.4% | ||||||||
Colgate-Palmolive
(India) Ltd.1 |
7,059,706 | 151,039,680 | ||||||
Dabur India Ltd. |
30,849,134 | 65,245,801 | ||||||
Marico Ltd.1 |
30,906,283 | 99,195,232 | ||||||
Natura Cosmeticos
SA |
11,494,800 | 267,749,017 | ||||||
583,229,730 | ||||||||
Tobacco0.1% |
||||||||
Eastern
Tobacco Co. |
1,008,380 | 17,055,053 | ||||||
Energy9.3% |
||||||||
Energy Equipment & Services1.6% | ||||||||
Eurasia Drilling Co.
Ltd., GDR |
4,266,601 | 125,651,399 | ||||||
Tenaris SA, ADR |
7,234,242 | 279,820,481 | ||||||
405,471,880 | ||||||||
Oil, Gas & Consumable Fuels7.7% | ||||||||
BG Group plc |
1,534,520 | 37,045,946 | ||||||
Cairn Energy plc2 |
6,488,325 | 35,528,993 | ||||||
China Shenhua
Energy Co. Ltd. |
55,770,500 | 255,309,356 | ||||||
CNOOC Ltd. |
108,446,000 | 245,578,751 | ||||||
NovaTek OAO,
Sponsored GDR3,4 |
902,339 | 130,929,389 | ||||||
NovaTek OAO,
Sponsored GDR4 |
3,100,634 | 449,901,993 | ||||||
Petroleo Brasileiro
SA, Sponsored ADR |
10,806,309 | 307,871,743 | ||||||
Tullow Oil plc |
18,315,357 | 429,780,642 | ||||||
1,891,946,813 | ||||||||
Financials17.6% |
||||||||
Capital Markets0.2% |
||||||||
Egyptian Financial
Group-Hermes
Holding SAE2 |
22,592,870 | 55,482,387 | ||||||
Commercial Banks6.8% |
||||||||
Akbank TAS |
12,831,036 | 51,491,381 | ||||||
Banco Davivienda
SA1 |
8,250,984 | 94,082,342 | ||||||
Banco Santander
Chile SA |
951,207,861 | 75,049,973 | ||||||
Bancolombia SA,
Sponsored ADR |
1,898,295 | 121,301,051 |
Shares | Value | |||||||
Commercial Banks Continued | ||||||||
Commercial
International Bank |
20,266,818 | $ | 84,182,530 | |||||
Credicorp Ltd. |
1,080,100 | 132,733,489 | ||||||
Grupo Financiero
Inbursa SA de CV |
52,758,322 | 103,945,546 | ||||||
HDFC Bank Ltd.,
ADR |
10,657,063 | 366,070,114 | ||||||
ICICI Bank Ltd.,
Sponsored ADR |
7,197,240 | 261,259,812 | ||||||
PT Bank Central
Asia Tbk |
22,324,100 | 18,721,483 | ||||||
Siam Commercial
Bank Public Co. Ltd. |
36,625,400 | 156,360,749 | ||||||
Standard Bank
Group Ltd. |
8,542,028 | 125,177,077 | ||||||
Turkiye Garanti
Bankasi AS |
19,990,253 | 75,879,083 | ||||||
1,666,254,630 | ||||||||
Diversified Financial Services4.4% | ||||||||
BM&F
BOVESPA SA |
76,533,698 | 517,875,423 | ||||||
Haci Omer Sabanci
Holding AS |
77,072,675 | 333,087,191 | ||||||
Hong Kong Exchanges
& Clearing Ltd. |
12,111,000 | 223,397,459 | ||||||
1,074,360,073 | ||||||||
Insurance1.1% |
||||||||
AIA Group Ltd. |
70,492,800 | 267,204,084 | ||||||
Real Estate Management & Development3.4% | ||||||||
Hang Lung
Group Ltd. |
19,209,750 | 129,298,979 | ||||||
Hang Lung
Properties Ltd. |
50,153,881 | 189,023,021 | ||||||
Medinet Nasr for
Housing &
Development Co.2 |
1,118,820 | 3,498,892 | ||||||
Multiplan
Empreendimentos
Imobiliarios SA |
3,805,300 | 86,642,731 | ||||||
SM Prime
Holdings, Inc.1 |
1,146,966,358 | 438,881,291 | ||||||
847,344,914 | ||||||||
Thrifts & Mortgage Finance1.7% |
||||||||
Housing Development
Finance Corp. Ltd. |
31,153,408 | 418,463,148 | ||||||
Health Care1.3% |
||||||||
Health Care Providers & Services0.3% | ||||||||
Diagnosticos
da America |
7,825,200 | 72,681,287 | ||||||
Pharmaceuticals1.0% |
||||||||
Cipla Ltd. |
12,826,053 | 82,669,818 | ||||||
PT Kalbe Farma Tbk |
89,747,500 | 34,824,418 | ||||||
Sun Pharmaceutical
Industries Ltd. |
12,250,923 | 136,842,234 | ||||||
254,336,470 | ||||||||
Industrials4.1% |
||||||||
Aerospace & Defense1.1% | ||||||||
Embraer SA, ADR |
8,777,262 | 263,844,496 | ||||||
Industrial Conglomerates1.5% | ||||||||
Enka Insaat ve
Sanayi AS |
74,035,226 | 211,190,635 | ||||||
SM Investments
Corp. |
10,976,295 | 163,662,450 | ||||||
374,853,085 | ||||||||
Machinery0.7% | ||||||||
Shanghai Zhenhua Port Machinery Co. Ltd., B Shares1 |
46,991,029 | 21,709,855 | ||||||
Vallourec SA |
1,995,900 | 140,535,739 | ||||||
162,245,594 | ||||||||
Transportation Infrastructure0.8% | ||||||||
DP World Ltd.2 |
17,088,414 | 205,931,999 | ||||||
Information Technology16.8% | ||||||||
Communications Equipment1.8% | ||||||||
High Tech
Computer Corp. |
19,780,127 | 438,275,225 | ||||||
Electronic Equipment & Instruments0.8% | ||||||||
Synnex Technology
International Corp. |
71,816,174 | 181,305,738 | ||||||
Internet Software & Services7.6% | ||||||||
Baidu, Inc., ADR2 |
3,360,950 | 459,441,865 | ||||||
Mail.ru Group
Ltd., GDR2 |
626,600 | 24,782,030 |
Shares | Value | |||||||
Internet Software & Services Continued | ||||||||
NHN Corp.1 |
3,710,329 | $ | 774,418,934 | |||||
Tencent
Holdings Ltd. |
16,600,400 | 428,293,188 | ||||||
Yandex NV,
Cl. A1,2 |
7,546,468 | 160,739,768 | ||||||
Youku, Inc.,
Sponsored ADR2 |
1,052,500 | 26,459,850 | ||||||
1,874,135,635 | ||||||||
IT Services4.9% |
||||||||
Infosys Ltd. |
16,046,959 | 939,342,353 | ||||||
Tata Consultancy
Services Ltd. |
11,083,042 | 274,519,004 | ||||||
1,213,861,357 | ||||||||
Semiconductors & Semiconductor Equipment1.7% | ||||||||
Epistar Corp.1 |
66,499,000 | 173,214,560 | ||||||
Taiwan
Semiconductor
Manufacturing
Co. Ltd. |
88,781,429 | 243,915,321 | ||||||
417,129,881 | ||||||||
Materials5.1% |
||||||||
Chemicals0.5% |
||||||||
Asian Paints Ltd. |
1,784,067 | 115,414,683 | ||||||
Metals & Mining4.6% | ||||||||
Anglo American
Platinum Ltd. |
2,982,130 | 233,654,915 | ||||||
Anglo American plc |
7,723,913 | 325,567,271 | ||||||
Impala Platinum
Holdings Ltd. |
14,218,515 | 314,564,928 | ||||||
Vale SA, Sponsored
ADR, Preference |
11,121,280 | 273,361,062 | ||||||
1,147,148,176 | ||||||||
Telecommunication Services5.3% | ||||||||
Wireless Telecommunication Services5.3% | ||||||||
America Movil
SAB de CV,
ADR, Series L |
35,592,472 | 852,083,780 | ||||||
MTN Group Ltd. |
18,426,405 | 330,198,241 | ||||||
Philippine Long
Distance
Telephone Co. |
1,583,170 | 105,828,555 | ||||||
1,288,110,576 | ||||||||
Total Common Stocks (Cost $19,010,896,359) |
23,437,302,595 | |||||||
Structured Securities0.1% | ||||||||
UBS AG, Vietnam
Dairy Products JSC Equity Linked Nts.3 (Cost $21,799,675) |
5,295,496 | 23,029,397 | ||||||
Investment Company4.0% | ||||||||
Oppenheimer
Institutional Money Market Fund, Cl. E, 0.21%1,5 (Cost $996,363,064) |
996,363,064 | 996,363,064 | ||||||
Total Investments,
at Value (Cost $20,029,059,098) |
99.3 | % | 24,456,695,056 | |||||
Other Assets Net
of Liabilities |
0.7 | 174,280,299 | ||||||
Net Assets |
100.0 | % | $ | 24,630,975,355 | ||||
1. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended February 29, 2012, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows: |
Shares/ | Shares/ | |||||||||||||||
Principal Amount | Gross | Gross | Principal Amount | |||||||||||||
August 31, 2011 | Additions | Reductions | February 29, 2012 | |||||||||||||
B2W Companhia Global do Varejo |
15,109,458 | | 2,335,200 | 12,774,258 | ||||||||||||
Banco Davivienda SA |
2,098,070 | 6,152,914 | | 8,250,984 | ||||||||||||
Carlsberg AS, Cl. B |
5,294,683 | 813,930 | | 6,108,613 | ||||||||||||
CFAO |
3,877,554 | | | 3,877,554 | ||||||||||||
Colgate-Palmolive (India) Ltd. |
7,149,484 | 45,408 | 135,186 | 7,059,706 | ||||||||||||
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar, Sponsored ADR |
8,616,546 | | 882,900 | 7,733,646 | ||||||||||||
Ctrip. com International Ltd., ADR |
4,144,309 | 9,410,210 | | 13,554,519 | ||||||||||||
E-Mart Co. Ltd. |
1,453,022 | 173,012 | 177,138 | 1,448,896 | ||||||||||||
Epistar Corp. |
84,248,000 | | 17,749,000 | 66,499,000 | ||||||||||||
Estacio Participacoes SA |
10,866,000 | | | 10,866,000 | ||||||||||||
Home Inns & Hotels Management,
Inc., ADR |
1,882,915 | 1,529,418 | | 3,412,333 | ||||||||||||
Jollibee Foods Corp. |
55,136,213 | | | 55,136,213 | ||||||||||||
Kroton Educacional SAa |
4,379,100 | 2,979,000 | | 7,358,100 | ||||||||||||
Kroton Educacional SAa |
| 697,633 | | 697,633 | ||||||||||||
Kroton Educacional SAa |
| 122,473 | | 122,473 | ||||||||||||
Kroton Educacional SAa |
| 2,209,219 | | 2,209,219 | ||||||||||||
Li Ning Co. Ltd. |
66,944,500 | | 66,944,500 | | ||||||||||||
Lojas Americanas SA |
| 103,790 | 103,790 | | ||||||||||||
Lojas Americanas SA, 13.15% Cv. Sub.
Nts., 9/15/17 |
| 5,732 | b | 5,732 | b | | ||||||||||
Lojas Americanas SA, Preference |
25,092,684 | 9,234,700 | | 34,327,384 | ||||||||||||
Magnit |
3,448,981 | | | 3,448,981 | ||||||||||||
Magnit OJSC |
| 1,292,793 | | 1,292,793 | ||||||||||||
Magnit OJSC, Sponsored GDR |
1,041,270 | 3,702,760 | 803,700 | 3,940,330 | ||||||||||||
Marico Ltd. |
30,123,895 | 782,388 | | 30,906,283 | ||||||||||||
MegaStudy Co. Ltd. |
499,330 | | | 499,330 | ||||||||||||
NHN Corp. |
3,987,501 | | 277,172 | 3,710,329 | ||||||||||||
Oppenheimer Institutional
Money Market Fund, Cl. E |
303,088,396 | 2,273,441,919 | 1,580,167,251 | 996,363,064 | ||||||||||||
Shanghai Zhenhua Port
Machinery Co. Ltd., B Shares |
46,991,029 | | | 46,991,029 | ||||||||||||
Shinsegae Co. Ltd. |
455,107 | 89,038 | | 544,145 | ||||||||||||
SM Prime Holdings, Inc. |
1,178,547,358 | | 31,581,000 | 1,146,966,358 | ||||||||||||
Yandex NV, Cl. A |
1,361,620 | 6,184,848 | | 7,546,468 | ||||||||||||
Zee Entertainment Enterprises Ltd. |
75,735,589 | 291,374 | | 76,026,963 | ||||||||||||
Realized | ||||||||||||||||
Value | Income | Gain (Loss) | ||||||||||||||
B2W Companhia
Global do Varejo |
$ | 82,198,603 | $ | | $ | (33,263,089 | ) | |||||||||
Banco Davivienda SA |
94,082,342 | 241,032 | | |||||||||||||
Carlsberg AS, Cl. B |
478,879,087 | | | |||||||||||||
CFAO |
152,399,269 | | | |||||||||||||
Colgate-Palmolive (India) Ltd. |
151,039,680 | 1,193,923 | 83,440 | |||||||||||||
Companhia Brasileira de Distribuicao Grupo
Pao de Acucar, Sponsored ADR |
361,625,287 | 354,493 | (5,029,789 | ) |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Ctrip. com International Ltd., ADR |
$ | 370,987,185 | $ | | $ | | ||||||
E-Mart Co. Ltd. |
351,628,205 | 725,404 | 8,744,079 | |||||||||
Epistar Corp. |
173,214,560 | | (15,456,484 | ) | ||||||||
Estacio Participacoes SA |
131,929,597 | | | |||||||||
Home Inns & Hotels Management, Inc., ADR |
104,724,500 | | | |||||||||
Jollibee Foods Corp. |
126,379,345 | 506,956 | | |||||||||
Kroton Educacional SAa |
| c | | | ||||||||
Kroton Educacional SAa |
| c | | | ||||||||
Kroton Educacional SAa |
| c | | | ||||||||
Kroton Educacional SAa |
| c | | | ||||||||
Li Ning Co. Ltd. |
| 1,165,065 | (72,247,497 | ) | ||||||||
Lojas Americanas SA |
| 1,936 | 66,345 | |||||||||
Lojas Americanas SA, 13.15% Cv. Sub. Nts., 9/15/17 |
| | | |||||||||
Lojas Americanas SA, Preference |
365,412,479 | 548,498 | | |||||||||
Magnit |
431,122,625 | | | |||||||||
Magnit OJSC |
160,492,282 | | | |||||||||
Magnit OJSC, Sponsored GDR |
116,121,525 | | 4,786,430 | |||||||||
Marico Ltd. |
99,195,232 | 184,773 | | |||||||||
MegaStudy Co. Ltd. |
51,462,825 | 1,477,039 | | |||||||||
NHN Corp. |
774,418,934 | 1,488,455 | 3,948,514 | |||||||||
Oppenheimer Institutional Money Market Fund, Cl. E |
996,363,064 | 562,107 | | |||||||||
Shanghai Zhenhua Port Machinery Co. Ltd., B Shares |
21,709,855 | | | |||||||||
Shinsegae Co. Ltd. |
127,679,334 | 299,684 | | |||||||||
SM Prime Holdings, Inc. |
438,881,291 | | 2,476,405 | |||||||||
Yandex NV, Cl. A |
160,739,768 | | | |||||||||
Zee Entertainment Enterprises Ltd. |
196,125,568 | | | |||||||||
$ | 6,518,812,442 | $ | 8,749,365 | $ | (105,891,646 | ) | ||||||
a. | No longer an affiliate as of February 29, 2012. | |
b. | Gross Addition and Gross Reduction to Principal Amount are reported in Brazilian Real. | |
c. | The security is no longer an affiliate, therefore, the value has been excluded from this table. | |
2. | Non-income producing security. | |
3. | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $310,232,092 or 1.26% of the Funds net assets as of February 29, 2012. | |
4. | The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. | |
5. | Rate shown is the 7-day yield as of February 29, 2012. |
Level 3 | ||||||||||||||||
Level 1 | Level 2 | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Common Stocks |
||||||||||||||||
Consumer Discretionary |
$ | 1,947,698,429 | $ | 793,086,747 | $ | | $ | 2,740,785,176 | ||||||||
Consumer Staples |
4,940,746,857 | 1,119,968,431 | | 6,060,715,288 | ||||||||||||
Energy |
1,796,530,586 | 500,888,107 | | 2,297,418,693 | ||||||||||||
Financials |
3,068,667,320 | 1,260,441,916 | | 4,329,109,236 | ||||||||||||
Health Care |
107,505,705 | 219,512,052 | | 327,017,757 | ||||||||||||
Industrials |
1,006,875,174 | | | 1,006,875,174 | ||||||||||||
Information Technology |
1,445,842,447 | 2,678,865,389 | | 4,124,707,836 | ||||||||||||
Materials |
714,343,016 | 548,219,843 | | 1,262,562,859 | ||||||||||||
Telecommunication Services |
957,912,335 | 330,198,241 | | 1,288,110,576 | ||||||||||||
Structured Securities |
23,029,397 | | | 23,029,397 | ||||||||||||
Investment Company |
996,363,064 | | | 996,363,064 | ||||||||||||
Total Investments, at Value |
17,005,514,330 | 7,451,180,726 | | 24,456,695,056 | ||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
| 21,606 | | 21,606 | ||||||||||||
Total Assets |
$ | 17,005,514,330 | $ | 7,451,202,332 | $ | | $ | 24,456,716,662 | ||||||||
Liabilities Table |
||||||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
$ | | $ | (32,688 | ) | $ | | $ | (32,688 | ) | ||||||
Total Liabilities |
$ | | $ | (32,688 | ) | $ | | $ | (32,688 | ) | ||||||
Transfers | Transfers | |||||||||||||||
Transfers | out of | Transfers | out of | |||||||||||||
into Level 1* | Level 1** | into Level 2** | Level 2* | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Common Stocks |
||||||||||||||||
Consumer Discretionary |
$ | 66,609,372 | $ | (225,331,634 | ) | $ | 225,331,634 | $ | (66,609,372 | ) | ||||||
Consumer Staples |
1,154,051,019 | (647,297,298 | ) | 647,297,298 | (1,154,051,019 | ) | ||||||||||
Energy |
| (258,586,416 | ) | 258,586,416 | | |||||||||||
Financials |
499,365,961 | (267,324,285 | ) | 267,324,285 | (499,365,961 | ) | ||||||||||
Health Care |
37,752,150 | | | (37,752,150 | ) | |||||||||||
Industrials |
87,111,020 | | | (87,111,020 | ) | |||||||||||
Information Technology |
780,292,346 | (350,413,670 | ) | 350,413,670 | (780,292,346 | ) | ||||||||||
Materials |
87,021,706 | (284,750,664 | ) | 284,750,664 | (87,021,706 | ) | ||||||||||
Telecommunication Services |
138,739,988 | (431,556,593 | ) | 431,556,593 | (138,739,988 | ) | ||||||||||
Total Assets |
$ | 2,850,943,562 | $ | (2,465,260,560 | ) | $ | 2,465,260,560 | $ | (2,850,943,562 | ) | ||||||
* | Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent of a readily available unadjusted quoted market price due to a significant event occurring before the Funds assets were valued but after the close of the securities respective exchanges. | |
** | Transferred from Level 1 to Level 2 because of the absence of a readily available unadjusted quoted market price due to a significant event occurring before the Funds assets were valued but after the close of the securities respective exchanges. |
Geographic Holdings | Value | Percent | ||||||
India |
$ | 3,321,522,932 | 13.6 | % | ||||
Brazil |
3,206,483,202 | 13.1 | ||||||
Mexico |
2,346,256,593 | 9.6 | ||||||
China |
1,587,582,951 | 6.5 | ||||||
Russia |
1,439,001,243 | 5.9 | ||||||
Korea, Republic of South |
1,305,189,298 | 5.3 | ||||||
Hong Kong |
1,176,691,886 | 4.8 | ||||||
United Kingdom |
1,068,873,279 | 4.4 | ||||||
Taiwan |
1,036,710,844 | 4.2 | ||||||
South Africa |
1,003,595,161 | 4.1 | ||||||
United States |
996,363,064 | 4.1 | ||||||
Turkey |
984,610,151 | 4.0 | ||||||
Philippines |
834,751,641 | 3.4 | ||||||
Cayman Islands |
719,208,971 | 2.9 | ||||||
Colombia |
529,024,731 | 2.2 | ||||||
Denmark |
478,879,087 | 2.0 | ||||||
Indonesia |
386,229,929 | 1.6 | ||||||
France |
329,387,848 | 1.4 | ||||||
Luxembourg |
279,820,481 | 1.1 | ||||||
United Arab Emirates |
205,931,999 | 0.8 | ||||||
Italy |
196,970,941 | 0.8 | ||||||
The Netherlands |
160,739,768 | 0.7 | ||||||
Egypt |
160,218,862 | 0.7 | ||||||
Thailand |
156,360,749 | 0.6 | ||||||
Peru |
132,733,489 | 0.5 | ||||||
Chile |
131,837,566 | 0.5 | ||||||
Nigeria |
89,019,048 | 0.4 | ||||||
Bermuda |
80,098,076 | 0.3 | ||||||
Malaysia |
72,357,896 | 0.3 | ||||||
Vietnam |
23,029,397 | 0.1 | ||||||
Kenya |
17,213,973 | 0.1 | ||||||
Total |
$ | 24,456,695,056 | 100.0 | % | ||||
Contract | |||||||||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | Unrealized | |||||||||||||||||||||
Contract Description | Buy/Sell | (000s) | Dates | Value | Appreciation | Depreciation | |||||||||||||||||||
Bank of America |
|||||||||||||||||||||||||
New Turkish Lira (TRY) |
Buy | 960,646 | TRY | 3/2/12 | $ | 549,160 | $ | | $ | 149 | |||||||||||||||
Chase Manhattan Bank: |
|||||||||||||||||||||||||
Brazilian Real (BRR) |
Sell | 5,164,009 | BRR | 3/1/12-3/5/12 | 3,007,139 | 12,176 | | ||||||||||||||||||
Chilean Peso (CLP) |
Sell | 587,743,462 | CLP | 3/1/12 | 1,224,848 | | 1,911 | ||||||||||||||||||
12,176 | 1,911 | ||||||||||||||||||||||||
Mellon Bank N.A.: |
|||||||||||||||||||||||||
Brazilian Real (BRR) |
Sell | 1,475,817 | BRR | 3/2/12 | 859,407 | 7,955 | | ||||||||||||||||||
New Taiwan Dollar (TWD) |
Sell | 1,059,559,132 | TWD | 3/2/12 | 36,044,330 | | 30,628 | ||||||||||||||||||
7,955 | 30,628 | ||||||||||||||||||||||||
State Street |
|||||||||||||||||||||||||
New Turkish Lira (TRY) |
Buy | 574 | TRY | 3/1/12 | 327,880 | 1,475 | | ||||||||||||||||||
Total unrealized appreciation and depreciation | $ | 21,606 | $ | 32,688 | |||||||||||||||||||||
Assets |
||||
Investments, at valuesee accompanying statement of investments: |
||||
Unaffiliated companies (cost $14,213,153,032) |
$ | 17,937,882,614 | ||
Affiliated companies (cost $5,815,906,066) |
6,518,812,442 | |||
24,456,695,056 | ||||
Cash |
37,837,849 | |||
Cashforeign currencies (cost $8,126,523) |
6,073,933 | |||
Unrealized appreciation on foreign currency exchange contracts |
21,606 | |||
Receivables and other assets: |
||||
Shares of beneficial interest sold |
110,126,953 | |||
Investments sold |
63,589,809 | |||
Dividends |
16,252,130 | |||
Other |
1,264,822 | |||
Total assets |
24,691,862,158 | |||
Liabilities |
||||
Unrealized depreciation on foreign currency exchange contracts |
32,688 | |||
Payables and other liabilities: |
||||
Shares of beneficial interest redeemed |
42,332,750 | |||
Foreign capital gains tax |
7,398,837 | |||
Transfer and shareholder servicing agent fees |
3,457,388 | |||
Distribution and service plan fees |
2,705,494 | |||
Trustees compensation |
1,239,591 | |||
Investments purchased |
877,040 | |||
Shareholder communications |
468,029 | |||
Other |
2,374,986 | |||
Total liabilities |
60,886,803 | |||
Net Assets |
$ | 24,630,975,355 | ||
Composition of Net Assets |
||||
Paid-in capital |
$ | 21,046,530,099 | ||
Accumulated net investment loss |
(49,273,528 | ) | ||
Accumulated net realized loss on investments and foreign currency transactions |
(784,683,090 | ) | ||
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies |
4,418,401,874 | |||
Net Assets |
$ | 24,630,975,355 | ||
Net Asset Value Per Share |
||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets
of $11,043,640,390 and 327,032,739 shares of beneficial interest outstanding) |
$ | 33.77 | ||
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) |
$ | 35.83 | ||
Class B Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $199,869,368 and
5,999,131 shares of beneficial interest outstanding) |
$ | 33.32 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $2,119,352,730 and 65,335,596
shares of beneficial interest outstanding) |
$ | 32.44 | ||
Class I Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets of
$45,244,163 and 1,354,684 shares of beneficial interest outstanding) |
$ | 33.40 | ||
Class N Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $694,579,716 and 21,280,029 shares of
beneficial interest outstanding) |
$ | 32.64 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets
of $10,528,288,988 and 315,341,176 shares of beneficial interest outstanding) |
$ | 33.39 |
Investment Income |
||||
Dividends: |
||||
Unaffiliated companies (net of foreign withholding taxes of $4,154,330) |
$ | 142,442,295 | ||
Affiliated companies (net of foreign withholding taxes of $1,102,960) |
8,749,365 | |||
Interest |
316,191 | |||
Other income |
22,915 | |||
Total investment income |
151,530,766 | |||
Expenses |
||||
Management fees |
84,343,302 | |||
Distribution and service plan fees: |
||||
Class A |
12,223,171 | |||
Class B |
973,213 | |||
Class C |
9,559,173 | |||
Class N |
1,438,448 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
12,768,979 | |||
Class B |
375,450 | |||
Class C |
1,854,477 | |||
Class I |
319 | |||
Class N |
1,540,936 | |||
Class Y |
7,577,334 | |||
Shareholder communications: |
||||
Class A |
219,764 | |||
Class B |
22,699 | |||
Class C |
65,367 | |||
Class N |
23,118 | |||
Class Y |
163,322 | |||
Custodian fees and expenses |
4,261,977 | |||
Trustees compensation |
189,027 | |||
Administration service fees |
750 | |||
Other |
534,376 | |||
Total expenses |
138,135,202 | |||
Less waivers and reimbursements of expenses |
(876,373 | ) | ||
Net expenses |
137,258,829 | |||
Net Investment Income |
14,271,937 |
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) on: |
||||
Investments from: |
||||
Unaffiliated companies (net of foreign capital gains tax of $581,596) |
$ | (128,364,046 | ) | |
Affiliated companies |
(105,891,646 | ) | ||
Foreign currency transactions |
(89,549,344 | ) | ||
Increase from payment by affiliate |
212,163 | |||
Net realized loss |
(323,592,873 | ) | ||
Net change in unrealized appreciation/depreciation on: |
||||
Investments (net of foreign capital gains tax of $3,375,795) |
1,672,980,220 | |||
Translation of assets and liabilities denominated in foreign currencies |
(460,023,203 | ) | ||
Net change in unrealized appreciation/depreciation |
1,212,957,017 | |||
Net Increase in Net Assets Resulting from Operations |
$ | 903,636,081 | ||
Six Months | Year | |||||||
Ended | Ended | |||||||
February 29, 2012 | August 31, | |||||||
(Unaudited) | 2011 | |||||||
Operations |
||||||||
Net investment income |
$ | 14,271,937 | $ | 429,947,691 | ||||
Net realized gain (loss) |
(323,592,873 | ) | 705,752,059 | |||||
Net change in unrealized
appreciation/depreciation |
1,212,957,017 | 113,968,621 | ||||||
Net increase in net assets resulting
from operations |
903,636,081 | 1,249,668,371 | ||||||
Dividends and/or Distributions to
Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class A |
(179,982,899 | ) | (15,166,515 | ) | ||||
Class B |
(1,405,084 | ) | | |||||
Class C |
(22,156,509 | ) | | |||||
Class I |
| | ||||||
Class N |
(8,818,276 | ) | | |||||
Class Y |
(188,402,503 | ) | (28,204,660 | ) | ||||
(400,765,271 | ) | (43,371,175 | ) | |||||
Beneficial Interest Transactions |
||||||||
Net increase (decrease) in net
assets resulting from
beneficial interest transactions: |
||||||||
Class A |
71,253,009 | 1,821,445,656 | ||||||
Class B |
(31,134,600 | ) | (7,640,832 | ) | ||||
Class C |
16,258,443 | 577,810,493 | ||||||
Class I |
44,680,549 | | ||||||
Class N |
79,707,955 | 174,660,187 | ||||||
Class Y |
1,779,717,564 | 4,187,778,424 | ||||||
1,960,482,920 | 6,754,053,928 | |||||||
Net Assets |
||||||||
Total increase |
2,463,353,730 | 7,960,351,124 | ||||||
Beginning of period |
22,167,621,625 | 14,207,270,501 | ||||||
End of period (including accumulated
net investment income (loss) of
$(49,273,528) and $337,219,806,
respectively) |
$ | 24,630,975,355 | $ | 22,167,621,625 | ||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class A | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 33.15 | $ | 29.83 | $ | 24.38 | $ | 41.13 | $ | 48.37 | $ | 38.23 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income1 |
.01 | 2 | .68 | 3 | .13 | .21 | .55 | .35 | ||||||||||||||||
Net realized and unrealized gain (loss) |
1.17 | 2.69 | 5.44 | (8.08 | ) | (1.11 | ) | 13.94 | ||||||||||||||||
Total from investment operations |
1.18 | 3.37 | 5.57 | (7.87 | ) | (.56 | ) | 14.29 | ||||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
(.56 | ) | (.05 | ) | (.12 | ) | (.56 | ) | (.45 | ) | (.50 | ) | ||||||||||||
Distributions from net realized gain |
| | | (8.32 | ) | (6.23 | ) | (3.65 | ) | |||||||||||||||
Total dividends and/or distributions
to shareholders |
(.56 | ) | (.05 | ) | (.12 | ) | (8.88 | ) | (6.68 | ) | (4.15 | ) | ||||||||||||
Net asset value, end of period |
$ | 33.77 | $ | 33.15 | $ | 29.83 | $ | 24.38 | $ | 41.13 | $ | 48.37 | ||||||||||||
Total Return, at Net Asset Value4 |
3.78 | % | 11.28 | % | 22.85 | % | (5.68 | )% | (3.59 | )% | 39.63 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 11,043,640 | $ | 10,802,874 | $ | 8,184,698 | $ | 5,388,513 | $ | 7,109,601 | $ | 8,577,017 | ||||||||||||
Average net assets (in thousands) |
$ | 10,003,381 | $ | 11,015,700 | $ | 7,065,585 | $ | 3,900,019 | $ | 8,667,934 | $ | 8,202,261 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income |
0.08 | %2 | 1.94 | %3 | 0.47 | % | 0.97 | % | 1.16 | % | 0.80 | % | ||||||||||||
Total expenses6 |
1.35 | % | 1.30 | % | 1.35 | % | 1.43 | % | 1.27 | % | 1.32 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
1.35 | % | 1.30 | % | 1.35 | % | 1.43 | % | 1.27 | % | 1.32 | % | ||||||||||||
Portfolio turnover rate |
11 | % | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.06 and 0.39%, respectively, resulting from a special dividend from Cairn Energy plc in February 2012. | |
3. | Net investment income per share and the net investment income ratio include $0.47 and 1.35%, respectively, resulting from a special dividend from E-Mart Co. Ltd. in June 2011. | |
4. | 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 29, 2012 |
1.35 | % | ||
Year Ended August 31, 2011 |
1.30 | % | ||
Year Ended August 31, 2010 |
1.35 | % | ||
Year Ended August 31, 2009 |
1.43 | % | ||
Year Ended August 31, 2008 |
1.27 | % | ||
Year Ended August 31, 2007 |
1.32 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class B | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 32.48 | $ | 29.43 | $ | 24.17 | $ | 40.56 | $ | 47.75 | $ | 37.75 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)1 |
(.12 | )2 | .34 | 3 | (.12 | ) | .03 | .17 | .02 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.18 | 2.71 | 5.38 | (7.88 | ) | (1.09 | ) | 13.80 | ||||||||||||||||
Total from investment operations |
1.06 | 3.05 | 5.26 | (7.85 | ) | (.92 | ) | 13.82 | ||||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
(.22 | ) | | | (.22 | ) | (.04 | ) | (.17 | ) | ||||||||||||||
Distributions from net realized gain |
| | | (8.32 | ) | (6.23 | ) | (3.65 | ) | |||||||||||||||
Total dividends and/or distributions
to shareholders |
(.22 | ) | | | (8.54 | ) | (6.27 | ) | (3.82 | ) | ||||||||||||||
Net asset value, end of period |
$ | 33.32 | $ | 32.48 | $ | 29.43 | $ | 24.17 | $ | 40.56 | $ | 47.75 | ||||||||||||
Total Return, at Net Asset Value4 |
3.36 | % | 10.36 | % | 21.76 | % | (6.43 | )% | (4.30 | )% | 38.62 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 199,869 | $ | 228,170 | $ | 212,590 | $ | 181,249 | $ | 235,659 | $ | 329,278 | ||||||||||||
Average net assets (in thousands) |
$ | 195,728 | $ | 259,240 | $ | 205,371 | $ | 137,455 | $ | 307,320 | $ | 327,758 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income (loss) |
(0.79 | )%2 | 0.98 | %3 | (0.43 | )% | 0.14 | % | 0.35 | % | 0.04 | % | ||||||||||||
Total expenses6 |
2.25 | % | 2.14 | % | 2.21 | % | 2.23 | % | 2.02 | % | 2.06 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
2.21 | % | 2.14 | % | 2.21 | % | 2.22 | % | 2.02 | % | 2.06 | % | ||||||||||||
Portfolio turnover rate |
11 | % | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.06 and 0.39%, respectively, resulting from a special dividend from Cairn Energy plc in February 2012. | |
3. | Net investment income per share and the net investment income ratio include $0.47 and 1.35%, respectively, resulting from a special dividend from E-Mart Co. Ltd. in June 2011. | |
4. | 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 29, 2012 |
2.25 | % | ||
Year Ended August 31, 2011 |
2.14 | % | ||
Year Ended August 31, 2010 |
2.21 | % | ||
Year Ended August 31, 2009 |
2.23 | % | ||
Year Ended August 31, 2008 |
2.02 | % | ||
Year Ended August 31, 2007 |
2.06 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class C | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 31.74 | $ | 28.72 | $ | 23.56 | $ | 39.91 | $ | 47.11 | $ | 37.33 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)1 |
(.09 | )2 | .43 | 3 | (.06 | ) | .05 | .20 | .04 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.13 | 2.59 | 5.23 | (7.85 | ) | (1.08 | ) | 13.62 | ||||||||||||||||
Total from investment operations |
1.04 | 3.02 | 5.17 | (7.80 | ) | (.88 | ) | 13.66 | ||||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
(.34 | ) | | (.01 | ) | (.23 | ) | (.09 | ) | (.23 | ) | |||||||||||||
Distributions from net realized gain |
| | | (8.32 | ) | (6.23 | ) | (3.65 | ) | |||||||||||||||
Total dividends and/or distributions
to shareholders |
(.34 | ) | | (.01 | ) | (8.55 | ) | (6.32 | ) | (3.88 | ) | |||||||||||||
Net asset value, end of period |
$ | 32.44 | $ | 31.74 | $ | 28.72 | $ | 23.56 | $ | 39.91 | $ | 47.11 | ||||||||||||
Total Return, at Net Asset Value4 |
3.43 | % | 10.52 | % | 21.95 | % | (6.36 | )% | (4.28 | )% | 38.67 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 2,119,353 | $ | 2,060,954 | $ | 1,374,711 | $ | 768,598 | $ | 923,115 | $ | 1,124,129 | ||||||||||||
Average net assets (in thousands) |
$ | 1,919,345 | $ | 2,014,543 | $ | 1,127,812 | $ | 532,652 | $ | 1,126,359 | $ | 1,072,232 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income (loss) |
(0.61 | )%2 | 1.30 | %3 | (0.20 | )% | 0.25 | % | 0.43 | % | 0.09 | % | ||||||||||||
Total expenses6 |
2.04 | % | 2.01 | % | 2.07 | % | 2.13 | % | 1.99 | % | 2.03 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
2.04 | % | 2.01 | % | 2.07 | % | 2.13 | % | 1.99 | % | 2.03 | % | ||||||||||||
Portfolio turnover rate |
11 | % | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.06 and 0.39%, respectively, resulting from a special dividend from Cairn Energy plc in February 2012. | |
3. | Net investment income per share and the net investment income ratio include $0.47 and 1.35%, respectively, resulting from a special dividend from E-Mart Co. Ltd. in June 2011. | |
4. | 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 29, 2012 |
2.04 | % | ||
Year Ended August 31, 2011 |
2.01 | % | ||
Year Ended August 31, 2010 |
2.07 | % | ||
Year Ended August 31, 2009 |
2.13 | % | ||
Year Ended August 31, 2008 |
1.99 | % | ||
Year Ended August 31, 2007 |
2.03 | % |
Period Ended | ||||
February 29, 2012 | ||||
Class I | (Unaudited)1 | |||
Per Share Operating Data |
||||
Net asset value, beginning of period |
$ | 28.91 | ||
Income (loss) from investment operations: |
||||
Net investment income2 |
.02 | 3 | ||
Net realized and unrealized gain |
4.47 | |||
Total from investment operations |
4.49 | |||
Dividends and/or distributions to shareholders: |
||||
Dividends from net investment income |
| |||
Distributions from net realized gain |
| |||
Total dividends and/or distributions to shareholders |
| |||
Net asset value, end of period |
$ | 33.40 | ||
Total Return, at Net Asset Value4 |
15.53 | % | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (in thousands) |
$ | 45,244 | ||
Average net assets (in thousands) |
$ | 6,898 | ||
Ratios to average net assets:5 |
||||
Net investment income |
0.35 | %3 | ||
Total expenses6 |
0.82 | % | ||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
0.82 | % | ||
Portfolio turnover rate |
11 | % |
1. | For the period from December 29, 2011 (inception of offering) to February 29, 2012. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $0.06 and 0.39%, respectively, resulting from a special dividend from Cairn Energy plc in February 2012. | |
4. | 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: | |
Period Ended February 29, 2012 0.82% |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class N | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 32.00 | $ | 28.87 | $ | 23.64 | $ | 40.21 | $ | 47.44 | $ | 37.59 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)1 |
(.04 | )2 | .55 | 3 | .03 | .12 | .36 | .17 | ||||||||||||||||
Net realized and unrealized gain (loss) |
1.14 | 2.58 | 5.26 | (7.95 | ) | (1.09 | ) | 13.71 | ||||||||||||||||
Total from investment operations |
1.10 | 3.13 | 5.29 | (7.83 | ) | (.73 | ) | 13.88 | ||||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
(.46 | ) | | (.06 | ) | (.42 | ) | (.27 | ) | (.38 | ) | |||||||||||||
Distributions from net realized gain |
| | | (8.32 | ) | (6.23 | ) | (3.65 | ) | |||||||||||||||
Total dividends and/or distributions
to shareholders |
(.46 | ) | | (.06 | ) | (8.74 | ) | (6.50 | ) | (4.03 | ) | |||||||||||||
Net asset value, end of period |
$ | 32.64 | $ | 32.00 | $ | 28.87 | $ | 23.64 | $ | 40.21 | $ | 47.44 | ||||||||||||
Total Return, at Net Asset Value4 |
3.62 | % | 10.84 | % | 22.39 | % | (6.00 | )% | (3.98 | )% | 39.09 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 694,580 | $ | 595,681 | $ | 388,942 | $ | 257,960 | $ | 282,921 | $ | 333,271 | ||||||||||||
Average net assets (in thousands) |
$ | 581,980 | $ | 571,562 | $ | 337,841 | $ | 174,883 | $ | 365,943 | $ | 294,086 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income (loss) |
(0.26 | )%2 | 1.63 | %3 | 0.12 | % | 0.60 | % | 0.77 | % | 0.40 | % | ||||||||||||
Total expenses6 |
1.88 | % | 1.77 | % | 1.83 | % | 2.07 | % | 1.69 | % | 1.75 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
1.69 | % | 1.70 | % | 1.71 | % | 1.77 | % | 1.68 | % | 1.74 | % | ||||||||||||
Portfolio turnover rate |
11 | % | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.06 and 0.39%, respectively, resulting from a special dividend from Cairn Energy plc in February 2012. | |
3. | Net investment income per share and the net investment income ratio include $0.47 and 1.35%, respectively, resulting from a special dividend from E-Mart Co. Ltd. in June 2011. | |
4. | 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 29, 2012 |
1.88 | % | ||
Year Ended August 31, 2011 |
1.77 | % | ||
Year Ended August 31, 2010 |
1.83 | % | ||
Year Ended August 31, 2009 |
2.07 | % | ||
Year Ended August 31, 2008 |
1.69 | % | ||
Year Ended August 31, 2007 |
1.75 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class Y | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 32.85 | $ | 29.55 | $ | 24.13 | $ | 41.18 | $ | 48.43 | $ | 38.28 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income1 |
.06 | 2 | .84 | 3 | .25 | .27 | .76 | .54 | ||||||||||||||||
Net realized and unrealized gain (loss) |
1.16 | 2.60 | 5.35 | (8.21 | ) | (1.16 | ) | 13.93 | ||||||||||||||||
Total from investment operations |
1.22 | 3.44 | 5.60 | (7.94 | ) | (.40 | ) | 14.47 | ||||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
(.68 | ) | (.14 | ) | (.18 | ) | (.79 | ) | (.62 | ) | (.67 | ) | ||||||||||||
Distributions from net realized gain |
| | | (8.32 | ) | (6.23 | ) | (3.65 | ) | |||||||||||||||
Total dividends and/or distributions to shareholders |
(.68 | ) | (.14 | ) | (.18 | ) | (9.11 | ) | (6.85 | ) | (4.32 | ) | ||||||||||||
Net asset value, end of period |
$ | 33.39 | $ | 32.85 | $ | 29.55 | $ | 24.13 | $ | 41.18 | $ | 48.43 | ||||||||||||
Total Return, at Net Asset Value4 |
3.96 | % | 11.62 | % | 23.22 | % | (5.45 | )% | (3.29 | )% | 40.17 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 10,528,289 | $ | 8,479,943 | $ | 4,046,330 | $ | 1,788,541 | $ | 761,817 | $ | 518,186 | ||||||||||||
Average net assets (in thousands) |
$ | 8,635,420 | $ | 7,355,168 | $ | 2,838,047 | $ | 1,073,863 | $ | 699,864 | $ | 416,051 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income |
0.41 | %2 | 2.42 | %3 | 0.89 | % | 1.37 | % | 1.63 | % | 1.24 | % | ||||||||||||
Total expenses6 |
1.02 | % | 1.00 | % | 1.04 | % | 1.08 | % | 0.95 | % | 0.94 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses |
1.02 | % | 1.00 | % | 1.04 | % | 1.08 | % | 0.95 | % | 0.94 | % | ||||||||||||
Portfolio turnover rate |
11 | % | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.06 and 0.39%, respectively, resulting from a special dividend from Cairn Energy plc in February 2012. | |
3. | Net investment income per share and the net investment income ratio include $0.47 and 1.35%, respectively, resulting from a special dividend from E-Mart Co. Ltd. in June 2011. | |
4. | 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 29, 2012 |
1.02 | % | ||
Year Ended August 31, 2011 |
1.00 | % | ||
Year Ended August 31, 2010 |
1.04 | % | ||
Year Ended August 31, 2009 |
1.08 | % | ||
Year Ended August 31, 2008 |
0.95 | % | ||
Year Ended August 31, 2007 |
0.94 | % |
1. | Significant Accounting Policies Continued |
Expiring | ||||
2015 |
$ | 13,912,245 | ||
2016 |
3,478,061 | |||
2018 |
397,683,597 | |||
No expiration |
323,805,036 | |||
Total |
$ | 738,878,939 | ||
Federal tax cost of securities |
$ | 20,072,841,959 | ||
Federal tax cost of other investments |
8,126,522 | |||
Total federal tax cost |
$ | 20,080,968,481 | ||
Gross unrealized appreciation |
$ | 5,194,462,145 | ||
Gross unrealized depreciation |
(819,994,722 | ) | ||
Net unrealized appreciation |
$ | 4,374,467,423 | ||
Projected Benefit Obligations Increased |
$ | 15,624 | ||
Payments Made to Retired Trustees |
88,268 | |||
Accumulated Liability as of February 29, 2012 |
593,124 |
Six Months Ended February 29, 20121 | Year Ended August 31, 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A |
||||||||||||||||
Sold |
59,657,273 | $ | 1,861,241,120 | 166,461,173 | $ | 5,807,838,793 | ||||||||||
Dividends and/or distributions reinvested |
5,575,689 | 166,883,083 | 388,240 | 13,747,601 | ||||||||||||
Redeemed |
(64,077,935 | ) | (1,956,871,194 | ) | (115,373,222 | ) | (4,000,140,738 | ) | ||||||||
Net increase |
1,155,027 | $ | 71,253,009 | 51,476,191 | $ | 1,821,445,656 | ||||||||||
Class B |
||||||||||||||||
Sold |
669,250 | $ | 20,560,464 | 2,792,119 | $ | 95,912,291 | ||||||||||
Dividends and/or distributions reinvested |
42,362 | 1,252,650 | | | ||||||||||||
Redeemed |
(1,736,824 | ) | (52,947,714 | ) | (2,990,728 | ) | (103,553,123 | ) | ||||||||
Net decrease |
(1,025,212 | ) | $ | (31,134,600 | ) | (198,609 | ) | $ | (7,640,832 | ) | ||||||
Class C |
||||||||||||||||
Sold |
7,491,688 | $ | 225,012,806 | 29,349,957 | $ | 985,481,824 | ||||||||||
Dividends and/or distributions reinvested |
599,958 | 17,266,780 | | | ||||||||||||
Redeemed |
(7,685,674 | ) | (226,021,143 | ) | (12,281,248 | ) | (407,671,331 | ) | ||||||||
Net increase |
405,972 | $ | 16,258,443 | 17,068,709 | $ | 577,810,493 | ||||||||||
Class I |
||||||||||||||||
Sold |
1,354,965 | $ | 44,689,917 | | $ | | ||||||||||
Dividends and/or distributions reinvested |
| | | | ||||||||||||
Redeemed |
(281 | ) | (9,368 | ) | | | ||||||||||
Net increase |
1,354,684 | $ | 44,680,549 | | $ | | ||||||||||
Class N |
||||||||||||||||
Sold |
5,515,164 | $ | 165,712,877 | 12,157,742 | $ | 411,777,303 | ||||||||||
Dividends and/or distributions reinvested |
281,100 | 8,135,043 | | | ||||||||||||
Redeemed |
(3,129,106 | ) | (94,139,965 | ) | (7,017,028 | ) | (237,117,116 | ) | ||||||||
Net increase |
2,667,158 | $ | 79,707,955 | 5,140,714 | $ | 174,660,187 | ||||||||||
Class Y |
||||||||||||||||
Sold |
95,846,272 | $ | 2,953,169,787 | 184,804,634 | $ | 6,367,640,129 | ||||||||||
Dividends and/or distributions reinvested |
4,860,731 | 143,924,559 | 606,528 | 21,240,598 | ||||||||||||
Redeemed |
(43,474,619 | ) | (1,317,376,782 | ) | (64,236,700 | ) | (2,201,102,303 | ) | ||||||||
Net increase |
57,232,384 | $ | 1,779,717,564 | 121,174,462 | $ | 4,187,778,424 | ||||||||||
1. | For the six months ended February 29, 2012, for Class A, Class B, Class C, Class N and Class Y shares, and for the period from December 29, 2011 (inception of offering) to February 29, 2012, for Class I shares. |
Purchases | Sales | |||||||
Investment securities |
$ | 3,045,101,816 | $ | 2,269,045,300 |
Fee Schedule | ||||
Up to $250 million |
1.00 | % | ||
Next $250 million |
0.95 | |||
Next $500 million |
0.90 | |||
Next $6 billion |
0.85 | |||
Next $3 billion |
0.80 | |||
Next $20 billion |
0.75 | |||
Over $30 billion |
0.74 | |||
Fee Schedule Prior to October 1, 2011 | ||||
Up to $250 million |
1.00 | % | ||
Next $250 million |
0.95 | |||
Next $500 million |
0.90 | |||
Next $6 billion |
0.85 | |||
Next $3 billion |
0.80 | |||
Over $10 billion |
0.75 |
Class C |
$ | 23,609,428 | ||
Class N |
8,289,296 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Retained by | Retained by | Retained by | Retained by | Retained by | ||||||||||||||||
Six Months Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
February 29, 2012 |
$ | 913,162 | $ | 81,130 | $ | 254,981 | $ | 324,931 | $ | 3,687 |
Class B |
$ | 35,578 | ||
Class N |
557,689 |
Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. | ||
Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. | ||
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. | ||
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. |
The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. |
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. 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. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. |
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instruments price over a defined time period. Large increases or decreases in a financial instruments price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. |
Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Funds derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to |
enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of February 29, 2012, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $21,606, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. |
Credit Related Contingent Features. The Funds agreements with derivative counterparties have several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Funds net assets and or a percentage decrease in the Funds Net Asset Value or NAV. The contingent features are established within the Funds International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty. |
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives Not | Statement of | Statement of | ||||||||||
Accounted for as | Assets and | Assets and | ||||||||||
Hedging Instruments | Liabilities Location | Value | Liabilities Location | Value | ||||||||
Unrealized | Unrealized | |||||||||||
appreciation on | depreciation on | |||||||||||
Foreign exchange |
foreign currency | foreign currency | ||||||||||
contracts |
exchange contracts | $ | 21,606 | exchange contracts | $ | 32,688 |
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||
Derivatives Not | Foreign | |||
Accounted for as | currency | |||
Hedging Instruments | transactions | |||
Foreign exchange contracts |
$ | 3,791,887 |
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||
Derivatives Not | Translation of assets and | |||
Accounted for as | liabilities denominated | |||
Hedging Instruments | in foreign currencies | |||
Foreign exchange contracts |
$ | (89,559 | ) |
5. | Risk Exposures and the Use of Derivative Instruments Continued |
6. | Pending Litigation |
6. | Pending Litigation Continued |
Trustees and Officers
|
Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
Justin Leverenz, Vice President | ||
Arthur S. Gabinet, Secretary and Chief Legal Officer | ||
Christina M. Nasta, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Manager
|
OppenheimerFunds, Inc. | |
Distributor
|
OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent |
OppenheimerFunds Services | |
Independent Registered Public Accounting Firm |
KPMG llp | |
Legal Counsel
|
Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
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1. | The Funds Governance Committee (the Committee) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds investment manager and its affiliates in making the selection. |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individuals background, skills, and experience; whether the individual is an interested person as defined in the Investment Company Act of 1940; and whether the individual would be deemed an audit committee financial expert within the meaning of applicable SEC rules. The Committee also considers whether the individuals background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
| the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
| a statement concerning whether the person is an interested person as defined in the Investment Company Act of 1940; | ||
| any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
| the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. |
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds investment adviser) would be deemed an interested person under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds outside legal counsel may cause a person to be deemed an interested person. |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a)
|
(1) Not applicable to semiannual reports. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b)
|
Exhibit attached hereto. |
By:
|
/s/ William F. Glavin, Jr.
|
|||
Principal Executive Officer | ||||
Date:
|
4/10/2012 |
By:
|
/s/ William F. Glavin, Jr.
|
|||
Principal Executive Officer | ||||
Date:
|
4/10/2012 | |||
By:
|
/s/ Brian W. Wixted
|
|||
Principal Financial Officer | ||||
Date:
|
4/10/2012 |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Developing Markets Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ William F. Glavin, Jr.
|
||
Principal Executive Officer |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Developing Markets Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ Brian W. Wixted
|
||
Principal Financial Officer |
1. | The Registrants periodic report on Form N-CSR for the period ended 2/29/2012 (the Form N-CSR) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |
Principal Executive Officer
|
Principal Financial Officer | |||
Oppenheimer Developing Markets Fund
|
Oppenheimer Developing Markets Fund | |||
/s/ William F. Glavin, Jr.
|
/s/ Brian W. Wixted
|
|||
Date: 4/10/2012
|
Date: 4/10/2012 |
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