Top Ten Geographical Holdings | ||||
Brazil |
16.5 | % | ||
Russia |
13.5 | |||
Mexico |
10.0 | |||
South Africa |
9.1 | |||
Turkey |
8.9 | |||
Colombia |
5.2 | |||
Indonesia |
5.1 | |||
Peru |
4.6 | |||
Hungary |
3.8 | |||
Venezuela |
3.4 |
Credit Rating Breakdown | NRSRO Only Total | |||
AAA |
3.0 | % | ||
AA |
1.1 | |||
A |
23.5 | |||
BBB |
58.9 | |||
BB |
7.3 | |||
B |
6.0 | |||
Unrated |
0.2 | |||
Total |
100.0 | % |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
December 1, 2011 | May 31, 2012 | May 31, 2012 | ||||||||||
Actual |
||||||||||||
Class A |
$ | 1,000.00 | $ | 1,020.90 | $ | 6.54 | ||||||
Class C |
1,000.00 | 1,016.10 | 10.28 | |||||||||
Class N |
1,000.00 | 1,018.90 | 7.60 | |||||||||
Class Y |
1,000.00 | 1,022.50 | 4.92 | |||||||||
Hypothetical (5% return before expenses) |
||||||||||||
Class A |
1,000.00 | 1,018.55 | 6.53 | |||||||||
Class C |
1,000.00 | 1,014.85 | 10.28 | |||||||||
Class N |
1,000.00 | 1,017.50 | 7.59 | |||||||||
Class Y |
1,000.00 | 1,020.15 | 4.91 |
Class | Expense Ratios | |||
Class A |
1.29 | % | ||
Class C |
2.03 | |||
Class N |
1.50 | |||
Class Y |
0.97 |
Principal | ||||||||
Amount | Value | |||||||
U.S. Government Obligations0.3% |
||||||||
U.S. Treasury Bills, 0.068%, 6/7/121(Cost $199,998) |
$ | 200,000 | $ | 199,998 | ||||
Foreign Government Obligations62.7% |
||||||||
Argentina0.4% |
||||||||
Argentina (Republic of) Bonds: |
||||||||
2.50%, 12/31/382 |
360,000 | 102,600 | ||||||
6.976%, 10/3/15 |
180,000 | 134,777 | ||||||
Argentina (Republic of) Sr. Unsec. Bonds, Series X, 6.976%, 4/17/17 |
85,000 | 56,225 | ||||||
293,602 | ||||||||
Brazil11.3% |
||||||||
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.: |
||||||||
9.762%, 1/1/17 |
8,611,000 | BRR | 4,339,317 | |||||
9.762%, 1/1/21 |
3,314,000 | BRR | 1,638,409 | |||||
12.681%, 5/15/453 |
385,000 | BRR | 519,939 | |||||
Series NTNB, 12.205%, 8/15/503 |
330,000 | BRR | 452,153 | |||||
Series NTNB, 12.681%, 5/15/153 |
1,095,000 | BRR | 1,243,913 | |||||
8,193,731 | ||||||||
Colombia0.9% |
||||||||
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41 |
505,000 | 627,463 | ||||||
Croatia0.3% |
||||||||
Croatia (Republic of) Unsec. Nts., 6.25%, 4/27/174 |
200,000 | 193,439 | ||||||
Ghana0.3% |
||||||||
Ghana (Republic of) Bonds, 8.50%, 10/4/174 |
185,000 | 205,813 | ||||||
Hungary3.7% |
||||||||
Hungary (Republic of) Bonds: |
||||||||
4.75%, 2/3/15 |
105,000 | 98,884 | ||||||
6.75%, 11/24/17 |
58,000,000 | HUF | 218,488 | |||||
Series 14/D, 6.75%, 8/22/14 |
48,000,000 | HUF | 193,034 | |||||
Series 15/A, 8%, 2/12/15 |
22,000,000 | HUF | 89,591 | |||||
Series 16/C, 5.50%, 2/12/16 |
31,000,000 | HUF | 115,575 | |||||
Series 17/B, 6.75%, 2/24/17 |
70,000,000 | HUF | 266,841 | |||||
Series 19/A, 6.50%, 6/24/19 |
37,000,000 | HUF | 135,198 | |||||
Series 20/A, 7.50%, 11/12/20 |
46,000,000 | HUF | 175,440 | |||||
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41 |
80,000 | 71,800 | ||||||
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18 |
90,000 | EUR | 98,721 | |||||
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21 |
225,000 | 206,438 | ||||||
Hungary (Republic of) Treasury Bills, 7.173%, 6/27/125 |
250,000,000 | HUF | 1,026,560 | |||||
2,696,570 |
Principal | ||||||||
Amount | Value | |||||||
Indonesia1.8% |
||||||||
Indonesia (Republic of) Nts., 5.25%, 1/17/424 |
$ | 370,000 | $ | 367,688 | ||||
Indonesia (Republic of) Sr. Unsec. Bonds, 4.875%, 5/5/214 |
245,000 | 258,475 | ||||||
Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/384 |
160,000 | 210,400 | ||||||
Indonesia (Republic of) Unsec. Nts.: |
||||||||
3.75%, 4/25/224 |
280,000 | 271,600 | ||||||
8.50%, 10/12/354 |
115,000 | 160,713 | ||||||
1,268,876 | ||||||||
Israel0.4% |
||||||||
Israel (State of) Sr. Unsec. Bonds, 4%, 6/30/22 |
275,000 | 282,982 | ||||||
Latvia0.3% |
||||||||
Latvia (Republic of) Nts., 5.25%, 2/22/174 |
210,000 | 210,525 | ||||||
Lithuanua0.3% |
||||||||
Lithuania (Republic of) Sr. Unsec. Bonds, 6.625%, 2/1/224 |
190,000 | 206,863 | ||||||
Malaysia0.3% |
||||||||
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/214 |
195,000 | 216,449 | ||||||
Mexico8.2% |
||||||||
United Mexican States Bonds: |
||||||||
4.50%, 12/18/143 |
13,728,676 | MXN | 1,048,783 | |||||
Series M, 6.50%, 6/10/212 |
14,770,000 | MXN | 1,069,078 | |||||
Series M20, 7.50%, 6/3/272 |
19,070,000 | MXN | 1,427,240 | |||||
Series M10, 7.75%, 12/14/17 |
6,400,000 | MXN | 500,355 | |||||
Series M, 8%, 6/11/20 |
8,800,000 | MXN | 702,588 | |||||
Series M20, 10%, 12/5/242 |
5,530,000 | MXN | 509,610 | |||||
United Mexican States Treasury Bills: |
||||||||
4.551%, 10/18/125 |
5,000,000 | MXN | 342,434 | |||||
4.581%, 12/13/125 |
5,000,000 | MXN | 340,023 | |||||
5,940,111 | ||||||||
Nigeria0.5% |
||||||||
Nigeria (Federal Republic of) Treasury Bills: |
||||||||
15.149%, 3/7/135 |
12,000,000 | NGN | 66,864 | |||||
15.205%, 3/28/135 |
15,000,000 | NGN | 82,722 | |||||
Series 364, 15.455%, 2/21/135 |
26,000,000 | NGN | 145,615 | |||||
Series 364, 15.572%, 4/25/135 |
11,000,000 | NGN | 59,957 | |||||
355,158 | ||||||||
Panama0.6% |
||||||||
Panama (Republic of) Bonds: |
||||||||
6.70%, 1/26/36 |
115,000 | 149,213 | ||||||
8.875%, 9/30/27 |
90,000 | 137,475 | ||||||
9.375%, 4/1/29 |
90,000 | 144,450 | ||||||
431,138 |
Principal | ||||||||
Amount | Value | |||||||
Peru3.6% |
||||||||
Peru (Republic of) Bonds, 7.35%, 7/21/25 |
$ | 445,000 | $ | 612,988 | ||||
Peru (Republic of) Sr. Unsec. Bonds: |
||||||||
6.95%, 8/12/314 |
721,000 | PEN | 292,075 | |||||
8.20%, 8/12/266 |
1,020,000 | PEN | 472,112 | |||||
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/204 |
2,695,000 | PEN | 1,163,304 | |||||
Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 11/18/50 |
80,000 | 92,400 | ||||||
2,632,879 | ||||||||
Philippines0.6% |
||||||||
Philippines (Republic of the) Sr. Unsec. Bonds, 5%, 1/13/37 |
145,000 | 152,613 | ||||||
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34 |
255,000 | 314,288 | ||||||
466,901 | ||||||||
Poland2.6% |
||||||||
Poland (Republic of) Bonds: |
||||||||
5.25%, 10/25/20 |
1,620,000 | PLZ | 453,624 | |||||
Series WS0922, 5.75%, 9/23/22 |
1,380,000 | PLZ | 398,144 | |||||
Series 0416, 5%, 4/25/16 |
1,685,000 | PLZ | 477,213 | |||||
Series 1017, 5.25%, 10/25/17 |
1,240,000 | PLZ | 352,441 | |||||
Poland (Republic of) Sr. Unsec. Nts.: |
||||||||
5%, 3/23/22 |
70,000 | 73,570 | ||||||
5.125%, 4/21/21 |
135,000 | 143,276 | ||||||
1,898,268 | ||||||||
Qatar0.5% |
||||||||
Qatar (State of) Sr. Nts., 5.25%, 1/20/204 |
140,000 | 158,200 | ||||||
Qatar (State of) Sr. Unsec. Nts.: |
||||||||
5.75%, 1/20/424 |
155,000 | 173,600 | ||||||
6.40%, 1/20/404 |
40,000 | 48,800 | ||||||
380,600 | ||||||||
Romania0.6% |
||||||||
Romania Sr. Unsec. Bonds, 6.75%, 2/7/224 |
425,000 | 427,423 | ||||||
Russia5.0% |
||||||||
Russian Federation Bonds: |
||||||||
Series 5077, 7.35%, 1/20/16 |
30,000,000 | RUR | 889,880 | |||||
Series 5079, 7%, 6/3/15 |
32,600,000 | RUR | 962,127 | |||||
Series 6206, 7.40%, 6/14/17 |
47,000,000 | RUR | 1,365,954 | |||||
Russian Federation Unsec. Bonds: |
||||||||
4.50%, 4/4/224 |
140,000 | 143,010 | ||||||
5.625%, 4/4/424 |
280,000 | 290,234 | ||||||
3,651,205 |
Principal | ||||||||
Amount | Value | |||||||
Slovakia0.3% |
||||||||
Slovakia (Republic of) Bonds, 4.375%, 5/21/224 |
$ | 210,000 | $ | 201,600 | ||||
South Africa7.5% |
||||||||
South Africa (Republic of) Bonds: |
||||||||
Series R209, 6.25%, 3/31/36 |
7,000,000 | ZAR | 606,082 | |||||
Series R208, 6.75%, 3/31/21 |
8,690,000 | ZAR | 960,607 | |||||
Series R213, 7%, 2/28/31 |
8,865,000 | ZAR | 873,020 | |||||
Series R207, 7.25%, 1/15/20 |
12,880,000 | ZAR | 1,485,665 | |||||
Series R186, 10.50%, 12/21/26 |
10,910,000 | ZAR | 1,515,182 | |||||
5,440,556 | ||||||||
Sri Lanka0.4% |
||||||||
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.: |
||||||||
6.25%, 10/4/204 |
170,000 | 168,300 | ||||||
6.25% 7/27/214 |
115,000 | 113,215 | ||||||
281,515 | ||||||||
Turkey8.4% |
||||||||
Turkey (Republic of) Bonds: |
||||||||
6.875%, 3/17/36 |
285,000 | 314,569 | ||||||
7%, 3/11/19 |
120,000 | 136,050 | ||||||
9%, 3/5/14 |
1,510,000 | TRY | 810,408 | |||||
9%, 3/8/17 |
3,685,000 | TRY | 1,977,124 | |||||
9.50%, 1/12/222 |
640,000 | TRY | 355,222 | |||||
9.531%, 7/17/135 |
2,420,000 | TRY | 1,168,790 | |||||
10.50%, 1/15/202 |
100,000 | TRY | 57,957 | |||||
15.577%, 8/14/133 |
230,000 | TRY | 182,317 | |||||
Turkey (Republic of) Nts., 7.50%, 7/14/17 |
150,000 | 171,750 | ||||||
Turkey (Republic of) Unsec. Bonds, 6.25%, 9/26/22 |
375,000 | 402,188 | ||||||
Turkey (Republic of) Unsec. Nts.: |
||||||||
5.125%, 3/25/22 |
270,000 | 269,325 | ||||||
6%, 1/14/41 |
205,000 | 200,664 | ||||||
6,046,364 | ||||||||
Ukraine0.5% |
||||||||
Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/174 |
105,000 | 88,599 | ||||||
Ukraine (Republic of) Bonds, 7.75%, 9/23/204 |
60,000 | 52,181 | ||||||
Ukraine (Republic of) Sr. Unsec. Nts.: |
||||||||
6.75%, 11/14/174 |
200,000 | 174,014 | ||||||
7.95%, 2/23/214 |
60,000 | 52,800 | ||||||
367,594 |
Principal | ||||||||
Amount | Value | |||||||
Uruguay0.9% |
||||||||
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 |
$ | 265,000 | $ | 364,375 | ||||
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 |
227,500 | 310,538 | ||||||
674,913 | ||||||||
Venezuela2.5% |
||||||||
Venezuela (Republic of) Bonds: |
||||||||
9%, 5/7/23 |
560,000 | 422,800 | ||||||
11.95%, 8/5/31 |
215,000 | 184,900 | ||||||
13.625%, 8/15/18 |
315,000 | 324,450 | ||||||
Venezuela (Republic of) Nts., 8.25%, 10/13/24 |
225,000 | 153,563 | ||||||
Venezuela (Republic of) Sr. Unsec. Unsub. Nts.: |
||||||||
7.75%, 10/13/19 |
165,000 | 124,163 | ||||||
12.75%, 8/23/22 |
120,000 | 113,100 | ||||||
Venezuela (Republic of) Unsec. Bonds: |
||||||||
7%, 3/31/38 |
335,000 | 212,725 | ||||||
7.65%, 4/21/25 |
380,000 | 250,800 | ||||||
1,786,501 | ||||||||
Total Foreign Government Obligations (Cost $48,294,650) |
45,379,039 | |||||||
Corporate Bonds and Notes26.9% |
||||||||
Consumer Staples0.6% |
||||||||
Food & Staples Retailing0.5% |
||||||||
Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/214 |
325,000 | 342,051 | ||||||
Food Products0.1% |
||||||||
MHP SA, 10.25% Sr. Unsec. Nts., 4/29/154 |
115,000 | 109,394 | ||||||
Energy10.0% |
||||||||
Oil, Gas & Consumable Fuels10.0% |
||||||||
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/154 |
100,000 | 100,550 | ||||||
Gaz Capital SA: |
||||||||
7.288% Sr. Sec. Nts., 8/16/374 |
805,000 | 898,783 | ||||||
8.146% Sr. Sec. Nts., 4/11/184 |
410,000 | 482,882 | ||||||
8.625% Sr. Sec. Nts., 4/28/344 |
260,000 | 327,837 | ||||||
9.25% Sr. Unsec. Unsub. Nts., 4/23/194 |
565,000 | 689,300 | ||||||
KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/214 |
145,000 | 153,978 | ||||||
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/184 |
355,000 | 426,444 | ||||||
Lukoil International Finance BV: |
||||||||
6.125% Sr. Unsec. Nts., 11/9/204 |
590,000 | 613,140 | ||||||
6.656% Sr. Unsec. Unsub. Bonds, 6/7/224 |
125,000 | 135,496 | ||||||
7.25% Sr. Unsec. Unsub. Nts., 11/5/194 |
95,000 | 105,331 |
Principal | ||||||||
Amount | Value | |||||||
Oil, Gas & Consumable Fuels Continued |
||||||||
Odebrecht Drilling Norbe VIII/IX Ltd.,
6.35% Sr. Sec. Nts., 6/30/214 |
$ | 196,000 | $ | 203,350 | ||||
Pemex Project Funding Master Trust: |
||||||||
6.625% Sr. Unsec. Unsub. Nts., 6/15/38 |
85,000 | 97,538 | ||||||
6.625% Unsec. Unsub. Bonds, 6/15/35 |
345,000 | 395,874 | ||||||
Pertamina Persero PT: |
||||||||
5.25% Nts., 5/23/214 |
330,000 | 328,350 | ||||||
6% Sr. Unsec. Nts., 5/3/424 |
205,000 | 192,700 | ||||||
6.50% Sr. Unsec. Nts., 5/27/414 |
55,000 | 55,000 | ||||||
Petrobras International Finance Co., 5.75% Sr. Unsec. Unsub. Nts., 1/20/20 |
195,000 | 213,519 | ||||||
Petroleos de Venezuela SA: |
||||||||
12.75% Sr. Unsec. Nts., 2/17/224 |
175,000 | 158,375 | ||||||
4.90% Sr. Unsec. Nts., Series 2014, 10/28/14 |
240,000 | 207,600 | ||||||
8.50% Sr. Nts., 11/2/174 |
365,000 | 289,263 | ||||||
Petroleos Mexicanos: |
||||||||
5.50% Sr. Unsec. Unsub. Nts., 1/21/21 |
225,000 | 248,625 | ||||||
6% Sr. Unsec. Unsub. Nts., 3/5/20 |
185,000 | 209,513 | ||||||
Petroleum Co. of Trinidad & Tobago Ltd., |
||||||||
9.75% Sr. Unsec. Nts., 8/14/194 |
225,000 | 277,313 | ||||||
PT Adaro Indonesia, 7.625% Nts., 10/22/194 |
85,000 | 90,738 | ||||||
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/224 |
255,000 | 250,538 | ||||||
Tengizchevroil LLP, 6.124% Nts., 11/15/144 |
71,545 | 73,781 | ||||||
7,225,818 | ||||||||
Financials6.9% |
||||||||
Capital Markets0.2% |
||||||||
Korea Development Bank (The), 3.875% Sr. Unsec. Nts., 5/4/17 |
115,000 | 120,054 | ||||||
Commercial Banks6.3% |
||||||||
Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/154 |
80,000 | 80,600 | ||||||
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/174 |
90,000 | 89,235 | ||||||
Banco BMG SA: |
||||||||
9.15% Nts., 1/15/164 |
48,000 | 44,640 | ||||||
9.95% Unsec. Unsub. Nts., 11/5/194 |
60,000 | 51,600 | ||||||
Banco de Credito del Peru, 5.375% Sr. Nts., 9/16/204 |
260,000 | 263,900 | ||||||
Banco de Credito del Peru/Panama, 6.875% Sub. Nts., 9/16/262,4 |
220,000 | 234,300 | ||||||
Banco del Estado de Chile, 3.875% Sr. Unsec. Nts., 2/8/224 |
130,000 | 133,448 | ||||||
Banco do Brasil SA, 5.875% Unsec. Sub. Nts., 1/26/224 |
130,000 | 130,000 | ||||||
Banco do Brasil SA (Cayman), 9.25% Perpetual Jr. Sub. Bonds4,7 |
200,000 | 216,500 | ||||||
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/224 |
105,000 | 108,413 | ||||||
Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/204 |
100,000 | 107,250 | ||||||
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/154 |
200,000 | 204,000 |
Principal | ||||||||
Amount | Value | |||||||
Commercial Banks Continued |
||||||||
Corp Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/224 |
$ | 150,000 | $ | 156,000 | ||||
Grupo Aval Ltd., 5.25% Sr. Unsec. Nts., 2/1/174 |
270,000 | 278,100 | ||||||
Halyk Savings Bank of Kazakhstan JSC: |
||||||||
7.25% Unsec. Unsub. Nts., 5/3/174 |
30,000 | 29,400 | ||||||
9.25% Sr. Nts., 10/16/134 |
425,000 | 449,141 | ||||||
ICICI Bank Ltd.: |
||||||||
5.50% Sr. Unsec. Nts., 3/25/154 |
370,000 | 376,788 | ||||||
6.375% Bonds, 4/30/222,4 |
175,000 | 158,813 | ||||||
Sberbank of Russia Via SB Capital SA: |
||||||||
5.40% Sr. Unsec. Nts., 3/24/17 |
395,000 | 402,292 | ||||||
6.125% Sr. Nts., 2/7/224 |
320,000 | 329,405 | ||||||
Turkiye Vakiflar Bankasi TAO, 5.75% Sr. Unsec. Nts., 4/24/174 |
65,000 | 64,513 | ||||||
VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/204 |
330,000 | 352,107 | ||||||
VTB Capital SA: |
||||||||
6.315% Nts., 2/22/184 |
135,000 | 135,506 | ||||||
6.465% Sr. Sec. Unsub. Nts., 3/4/154 |
80,000 | 83,400 | ||||||
Yapi ve Kredi Bankasi AS, 6.75% Sr. Unsec. Nts., 2/8/174 |
50,000 | 50,625 | ||||||
4,529,976 | ||||||||
Diversified Financial Services0.4% |
||||||||
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/266 |
112,389 | 108,433 | ||||||
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/194 |
70,000 | 69,860 | ||||||
Korea Development Bank (The), 4% Sr. Unsec. Unsub. Nts., 9/9/16 |
140,000 | 147,906 | ||||||
326,199 | ||||||||
Thrifts & Mortgage Finance0.0% |
||||||||
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/164 |
40,000 | 34,868 | ||||||
Industrials0.3% |
||||||||
Construction & Engineering0.2% |
||||||||
Odebrecht Finance Ltd., 7% Sr. Unsec. Nts., 4/21/204 |
115,000 | 125,925 | ||||||
Road & Rail0.1% |
||||||||
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/204 |
80,000 | 86,400 | ||||||
Materials1.6% |
||||||||
Chemicals0.7% |
||||||||
Braskem America Finance Co., 7.125% Sr. Unsec. Nts., 7/22/414 |
95,000 | 93,338 | ||||||
Braskem Finance Ltd.: |
||||||||
5.375% Sr. Unsec. Nts., 5/2/224 |
210,000 | 204,750 | ||||||
5.75% Sr. Unsec. Nts., 4/15/214 |
205,000 | 206,538 | ||||||
504,626 | ||||||||
Metals & Mining0.9% |
||||||||
Alrosa Co. Ltd., 8.25% Sr. Unsec. Nts., 6/23/152 |
1,620,000 | RUR | 48,661 | |||||
Alrosa Finance SA, 7.75% Nts., 11/3/204 |
90,000 | 93,600 |
Principal | ||||||||
Amount | Value | |||||||
Metals & Mining Continued |
||||||||
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/164 |
$ | 55,000 | $ | 43,725 | ||||
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/194 |
125,000 | 135,000 | ||||||
Evraz Group SA, 7.40% Nts., 4/24/174 |
85,000 | 83,113 | ||||||
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/164 |
75,000 | 67,125 | ||||||
JSC Severstal, 6.70% Nts., 10/25/174 |
160,000 | 157,486 | ||||||
628,710 | ||||||||
Telecommunication Services2.1% |
||||||||
Diversified Telecommunication Services1.2% |
||||||||
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/194 |
60,000 | 39,600 | ||||||
Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/164 |
360,000 | BRR | 186,529 | |||||
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/204 |
664,000 | 657,360 | ||||||
883,489 | ||||||||
Wireless Telecommunication Services0.9% |
||||||||
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/204 |
115,000 | 127,794 | ||||||
Sistema International Funding SA, 6.95% Unsec. Nts., 5/17/194 |
90,000 | 86,400 | ||||||
Vimpel Communications/VIP Finance Ireland Ltd. OJSC: |
||||||||
7.748% Sec. Nts., 2/2/214 |
70,000 | 65,575 | ||||||
9.125% Sr. Unsec. Nts., 4/30/184 |
230,000 | 239,200 | ||||||
VimpelCom Holdings BV, 7.504% Sr. Unsec. Unsub. Nts., 3/1/224 |
95,000 | 86,389 | ||||||
605,358 | ||||||||
Utilities5.4% |
||||||||
Electric Utilities4.2% |
||||||||
Centrais Eletricas Brasileiras SA: |
||||||||
5.75% Sr. Unsec. Unsub. Nts., 10/27/214 |
310,000 | 330,925 | ||||||
6.875% Sr. Unsec. Unsub. Nts., 7/30/194 |
140,000 | 160,475 | ||||||
Empresa Distribuidora y Comercializadora Norte SA,
9.75% Nts., 10/25/224 |
45,000 | 18,450 | ||||||
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/194 |
130,000 | 155,805 | ||||||
Eskom Holdings Ltd.: |
||||||||
10% Nts., Series ES23, 1/25/23 |
4,000,000 | ZAR | 527,288 | |||||
5.75% Sr. Unsec. Bonds, 1/26/214 |
150,000 | 157,500 | ||||||
7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26 |
3,000,000 | ZAR | 323,076 | |||||
Israel Electric Corp. Ltd.: |
||||||||
6.70% Sr. Unsec. Nts., 2/10/174 |
160,000 | 166,746 | ||||||
7.25% Nts., 1/15/194 |
700,000 | 718,627 | ||||||
Majapahit Holding BV: |
||||||||
7.75% Nts., 10/17/164 |
120,000 | 135,450 | ||||||
8% Sr. Unsec. Nts., 8/7/194 |
100,000 | 116,250 | ||||||
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/214 |
260,000 | 257,400 | ||||||
3,067,992 |
Principal | ||||||||
Amount | Value | |||||||
Energy Traders0.8% |
||||||||
Colbun SA, 6% Sr. Unsec. Nts., 1/21/204 |
$ | 270,000 | $ | 288,808 | ||||
Comision Federal de Electricidad, 4.875% Sr. Nts., 5/26/214 |
160,000 | 169,200 | ||||||
Instituto Costarricense de Electricidad, 6.95% Sr. Unsec. Nts., 11/10/214 |
125,000 | 130,000 | ||||||
588,008 | ||||||||
Gas Utilities0.3% |
||||||||
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. |
||||||||
Unsub. Nts., 11/10/214 |
125,000 | 129,688 | ||||||
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/224 |
80,000 | 82,000 | ||||||
211,688 | ||||||||
Water Utilities0.1% |
||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, 6.25%
Sr. Unsec. Nts., 12/16/204 |
55,000 | 58,438 | ||||||
Total Corporate Bonds and Notes (Cost $19,626,287) |
19,448,994 | |||||||
Structured Securities5.2% |
||||||||
Barclays Bank plc: |
||||||||
Indonesia (Republic of) Total Return
Linked Bonds, 7%, 5/19/27 |
1,390,000,000 | IDR | 149,351 | |||||
Indonesia (Republic of) Total Return Linked Bonds,
8.25%, 6/17/32 |
2,250,000,000 | IDR | 265,093 | |||||
Citigroup Global Markets Holdings, Inc.: |
||||||||
Colombia (Republic of) Credit Linked Nts.,
Series 2, 10%, 7/25/243,6 |
800,000,000 | COP | 535,708 | |||||
Colombia (Republic of) Credit Linked Nts.,
Series 2, 10%, 7/25/24 |
2,261,000,000 | COP | 1,514,046 | |||||
Colombia (Republic of) Total Return Linked Bonds,
Series 2, 11%, 7/27/20 |
180,000,000 | COP | 122,273 | |||||
Deutsche Bank AG, JSC VTB Bank Credit Linked Nts.,
12%, 6/19/122,6 |
2,000,000 | UAH | 247,587 | |||||
HSBC Bank USA NA, Indonesia (Republic of)
Credit Linked Nts., 8.25%, 6/15/324 |
1,490,000,000 | IDR | 175,551 | |||||
JPMorgan Chase & Co.: |
||||||||
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/206 |
265,000,000 | COP | 179,991 | |||||
Colombia (Republic of) Credit Linked Nts., Series 2, 11%, 7/28/206 |
51,000,000 | COP | 34,640 | |||||
Indonesia (Republic of) Credit Linked Nts., 7%, 5/19/274 |
2,880,000,000 | IDR | 309,447 | |||||
UBS AG, Indonesia (Republic of) Total Return Linked Nts., 8.25%, 6/17/32 |
2,040,000,000 | IDR | 240,351 | |||||
Total Structured Securities (Cost $3,920,003) |
3,774,038 |
Expiration | Strike | |||||||||||||||
Date | Price | Contracts | Value | |||||||||||||
Options Purchased0.2% |
||||||||||||||||
Australian Dollar (AUD) Call8 |
8/23/12 | $ | 1.040 | 750,000 | $ | 2,284 | ||||||||||
Brazilian Real (BRR) Call8 |
10/18/12 | 1.820 | 1,310,000 | 1,681 | ||||||||||||
Brazilian Real (BRR) Call8 |
10/18/12 | 1.900 | 1,420,000 | 5,390 | ||||||||||||
Mexican Nuevo Peso (MXN) Call8 |
11/9/12 | 12.840 | 19,200,000 | 6,036 | ||||||||||||
Mexican Nuevo Peso (MXN) Call8 |
11/13/12 | 12.930 | 19,300,000 | 7,234 | ||||||||||||
Mexican Nuevo Peso (MXN) Call8 |
11/30/12 | 13.330 | 17,130,000 | 13,284 | ||||||||||||
Russian Ruble (RUR) Call8 |
11/29/12 | 31.250 | 31,100,000 | 3,995 | ||||||||||||
Standard & Poors 500 E-Mini Index (The) Futures, 6/15/12 Put8 |
6/18/12 | 1,330.000 | 92 | 146,280 | ||||||||||||
Total Options Purchased (Cost $198,049) |
186,184 |
Shares | ||||||||
Investment Company2.7% |
||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.21%9,10 (Cost $1,938,431) |
1,938,431 | 1,938,431 | ||||||
Total Investments, at Value (Cost $74,177,418) |
98.0 | % | 70,926,684 | |||||
Other Assets Net of Liabilities |
2.0 | 1,416,322 | ||||||
Net Assets |
100.0 | % | $ | 72,343,006 | ||||
BRR
|
Brazilian Real | |
COP
|
Colombian Peso | |
EUR
|
Euro | |
HUF
|
Hungarian Forint | |
IDR
|
Indonesia Rupiah | |
MXN
|
Mexican Nuevo Peso | |
NGN
|
Nigeria Naira | |
PEN
|
Peruvian New Sol | |
PLZ
|
Polish Zloty | |
RUR
|
Russian Ruble | |
TRY
|
New Turkish Lira | |
UAH
|
Ukraine Hryvnia | |
ZAR
|
South African Rand |
1. | All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $199,998. See Note 6 of the accompanying Notes. | |
2. | Represents the current interest rate for a variable or increasing rate security. | |
3. | Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index. | |
4. | 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 $22,732,933 or 31.42% of the Funds net assets as of May 31, 2012. | |
5. | Zero coupon bond reflects effective yield on the date of purchase. |
6. | Restricted security. The aggregate value of restricted securities as of May 31, 2012 was $1,578,471, which represents 2.18% of the Funds net assets. See Note 7 of the accompanying Notes. Information concerning restricted securities is as follows: |
Unrealized | ||||||||||||||||
Acquisition | Appreciation | |||||||||||||||
Security | Dates | Cost | Value | (Depreciation) | ||||||||||||
Autopistas del Nordeste Cayman Ltd., 9.39%
Nts., 1/15/26 |
1/10/12 | $ | 94,887 | $ | 108,433 | $ | 13,546 | |||||||||
Citigroup Global Markets Holdings, Inc.,
Colombia (Republic of) Credit Linked
Nts., Series 2, 10%, 7/25/24 |
3/28/12 | 564,809 | 535,708 | (29,101 | ) | |||||||||||
Deutsche Bank AG, JSC VTB Bank Credit Linked Nts.,
12%, 6/19/12 |
6/30/11 | 250,760 | 247,587 | (3,173 | ) | |||||||||||
JPMorgan Chase & Co., Colombia (Republic of)
Credit Linked Nts., 11%, 7/28/20 |
8/24/10 | 180,514 | 179,991 | (523 | ) | |||||||||||
JPMorgan Chase & Co., Colombia (Republic of)
Credit Linked Nts., Series 2, 11%, 7/28/20 |
10/6/10 | 35,210 | 34,640 | (570 | ) | |||||||||||
Peru (Republic of) Sr. Unsec. Bonds,
8.20%, 8/12/26 |
4/23/12-5/8/12 | 476,953 | 472,112 | (4,841 | ) | |||||||||||
$ | 1,603,133 | $ | 1,578,471 | $ | (24,662 | ) | ||||||||||
7. | This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. | |
8. | Non-income producing security. | |
9. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended May 31, 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 | Gross | Gross | Shares | |||||||||||||
May 31, 2011 | Additions | Reductions | May 31, 2012 | |||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E |
2,355,500 | 67,954,776 | 68,371,845 | 1,938,431 |
Value | Income | |||||||
Oppenheimer Institutional Money Market Fund, Cl. E $ |
1,938,431 | $ | 4,522 |
10. | Rate shown is the 7-day yield as of May 31, 2012. |
Geographic Holdings | Value | Percent | ||||||
Brazil |
$ | 11,685,890 | 16.5 | % | ||||
Russia |
9,592,682 | 13.5 | ||||||
Mexico |
7,127,015 | 10.0 | ||||||
South Africa |
6,448,420 | 9.1 | ||||||
Turkey |
6,311,962 | 8.9 | ||||||
Colombia |
3,659,714 | 5.2 | ||||||
Indonesia |
3,584,557 | 5.1 | ||||||
Peru |
3,287,079 | 4.6 | ||||||
Hungary |
2,696,570 | 3.8 | ||||||
Venezuela |
2,441,739 | 3.4 | ||||||
United States |
2,284,709 | 3.2 | ||||||
Poland |
1,898,268 | 2.7 | ||||||
Kazakhstan |
1,219,144 | 1.7 |
Geographic Holdings | Value | Percent | ||||||
Israel |
$ | 1,168,355 | 1.6 | % | ||||
Ukraine |
791,700 | 1.1 | ||||||
Chile |
764,307 | 1.1 | ||||||
Uruguay |
674,913 | 0.9 | ||||||
India |
535,601 | 0.8 | ||||||
Philippines |
466,901 | 0.7 | ||||||
Panama |
431,138 | 0.6 | ||||||
Romania |
427,423 | 0.6 | ||||||
Qatar |
380,600 | 0.5 | ||||||
Nigeria |
355,158 | 0.5 | ||||||
Argentina |
346,920 | 0.5 | ||||||
Sri Lanka |
281,515 | 0.4 | ||||||
Trinidad & Tobago |
277,313 | 0.4 | ||||||
Korea, Republic of South |
267,960 | 0.4 | ||||||
Malaysia |
216,449 | 0.3 | ||||||
Latvia |
210,525 | 0.3 | ||||||
Lithuanua |
206,863 | 0.3 | ||||||
Ghana |
205,813 | 0.3 | ||||||
Slovakia |
201,600 | 0.3 | ||||||
Croatia |
193,439 | 0.3 | ||||||
Costa Rica |
130,000 | 0.2 | ||||||
Dominican Republic |
108,433 | 0.1 | ||||||
Australia |
46,009 | 0.1 | ||||||
Total |
$ | 70,926,684 | 100.0 | % | ||||
Contract | ||||||||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Contract Description | Buy/Sell | (000s) | Dates | Value | Appreciation | Depreciation | ||||||||||||||||||
Bank of America: |
||||||||||||||||||||||||
Brazilian Real (BRR) |
Buy | 7,045 | BRR | 6/4/12 | $ | 3,489,963 | $ | | $ | | ||||||||||||||
Brazilian Real (BRR) |
Sell | 7,045 | BRR | 7/3/12 | 3,467,890 | 64,147 | | |||||||||||||||||
Colombian Peso (COP) |
Sell | 1,483,000 | COP | 8/24/12 | 802,035 | 563 | | |||||||||||||||||
Hungarian Forint (HUF) |
Buy | 140,000 | HUF | 6/12/12 | 574,830 | | 54,432 | |||||||||||||||||
Malaysian Ringgit (MYR) |
Buy | 8,360 | MYR | 6/26/12-8/27/12 | 2,629,105 | | 71,351 | |||||||||||||||||
New Turkish Lira (TRY) |
Sell | 995 | TRY | 6/25/12 | 530,174 | 19,840 | | |||||||||||||||||
Polish Zloty (PLZ) |
Buy | 130 | PLZ | 6/5/12 | 36,637 | | 3,786 | |||||||||||||||||
South African Rand (ZAR) |
Buy | 2,810 | ZAR | 7/20/12 | 328,435 | | 26,363 | |||||||||||||||||
South African Rand (ZAR) |
Sell | 20,300 | ZAR | 7/11/12 | 2,375,988 | 181,170 | | |||||||||||||||||
265,720 | 155,932 | |||||||||||||||||||||||
Barclays Capital: |
||||||||||||||||||||||||
Euro (EUR) |
Buy | 145 | EUR | 7/23/12 | 179,357 | | 10,105 | |||||||||||||||||
Hungarian Forint (HUF) |
Buy | 20,000 | HUF | 10/24/12 | 80,702 | | 4,835 | |||||||||||||||||
Hungarian Forint (HUF) |
Sell | 159,000 | HUF | 6/5/12 | 653,558 | 17,758 | | |||||||||||||||||
Mexican Nuevo Peso (MXN) |
Sell | 7,550 | MXN | 6/12/12-10/18/12 | 521,456 | 40,354 | | |||||||||||||||||
New Turkish Lira (TRY) |
Sell | 10 | TRY | 6/25/12 | 5,328 | 186 | | |||||||||||||||||
Peruvian New Sol (PEN) |
Sell | 1,380 | PEN | 7/10/12 | 508,350 | 8,117 | | |||||||||||||||||
Polish Zloty (PLZ) |
Sell | 490 | PLZ | 6/5/12 | 138,094 | 2,547 | |
Contract | ||||||||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Contract Description | Buy/Sell | (000s) | Dates | Value | Appreciation | Depreciation | ||||||||||||||||||
Barclays Capital: Continued |
||||||||||||||||||||||||
Russian Ruble (RUR) |
Sell | 17,400 | RUR | 7/19/12-11/30/12 | $ | 507,871 | $ | 26,891 | $ | | ||||||||||||||
South African Rand (ZAR) |
Sell | 18,180 | ZAR | 6/12/12-7/20/12 | 2,126,644 | 110,554 | | |||||||||||||||||
206,407 | 14,940 | |||||||||||||||||||||||
Citigroup: |
||||||||||||||||||||||||
Chilean Peso (CLP) |
Buy | 228,000 | CLP | 6/14/12 | 440,290 | | 25,415 | |||||||||||||||||
Colombian Peso (COP) |
Buy | 400,000 | COP | 6/12/12 | 218,461 | | 2,534 | |||||||||||||||||
Hungarian Forint (HUF) |
Buy | 140,000 | HUF | 6/12/12 | 574,830 | | 56,497 | |||||||||||||||||
Hungarian Forint (HUF) |
Sell | 530,000 | HUF | 6/12/12-6/27/12 | 2,173,732 | 377,060 | | |||||||||||||||||
Malaysian Ringgit (MYR) |
Sell | 2,160 | MYR | 8/27/12 | 677,734 | 37,401 | | |||||||||||||||||
Mexican Nuevo Peso (MXN) |
Buy | 5,500 | MXN | 6/12/12 | 382,740 | | 28,605 | |||||||||||||||||
Mexican Nuevo Peso (MXN) |
Sell | 5,370 | MXN | 6/12/12-10/18/12 | 373,653 | 23,552 | | |||||||||||||||||
Peruvian New Sol (PEN) |
Sell | 310 | PEN | 7/10/12 | 114,195 | 1,737 | | |||||||||||||||||
439,750 | 113,051 | |||||||||||||||||||||||
Credit Suisse: |
||||||||||||||||||||||||
New Turkish Lira (TRY) |
Buy | 440 | TRY | 6/25/12 | 234,449 | | 10,731 | |||||||||||||||||
Peruvian New Sol (PEN) |
Sell | 170 | PEN | 7/10/12 | 62,623 | 1,407 | | |||||||||||||||||
1,407 | 10,731 | |||||||||||||||||||||||
Deutsche Bank Securities, Inc.: |
||||||||||||||||||||||||
Hungarian Forint (HUF) |
Buy | 33,000 | HUF | 6/5/12 | 135,644 | | 7,964 | |||||||||||||||||
Malaysian Ringgit (MYR) |
Buy | 5,890 | MYR | 8/10/12 | 1,849,345 | | 78,389 | |||||||||||||||||
New Turkish Lira (TRY) |
Sell | 330 | TRY | 6/25/12 | 175,837 | 6,756 | | |||||||||||||||||
Polish Zloty (PLZ) |
Sell | 2,630 | PLZ | 6/5/12 | 741,198 | 18,338 | | |||||||||||||||||
Russian Ruble (RUR) |
Buy | 22,250 | RUR | 7/19/12 | 660,433 | | 87,670 | |||||||||||||||||
Russian Ruble (RUR) |
Sell | 5,400 | RUR | 7/19/12 | 160,285 | 20,377 | | |||||||||||||||||
South African Rand (ZAR) |
Buy | 845 | ZAR | 6/12/12 | 99,345 | | 11,379 | |||||||||||||||||
South Korean Won (KRW) |
Buy | 2,292,000 | KRW | 6/19/12 | 1,939,309 | | 76,610 | |||||||||||||||||
45,471 | 262,012 | |||||||||||||||||||||||
Goldman Sachs & Co.: |
||||||||||||||||||||||||
Brazilian Real (BRR) |
Sell | 1,740 | BRR | 10/22/12 | 842,172 | 58,584 | | |||||||||||||||||
Mexican Nuevo Peso (MXN) |
Buy | 11,900 | MXN | 6/12/12 | 828,110 | | 45,136 | |||||||||||||||||
Mexican Nuevo Peso (MXN) |
Sell | 26,000 | MXN | 6/12/12-12/13/12 | 1,785,652 | 64,383 | | |||||||||||||||||
New Turkish Lira (TRY) |
Buy | 110 | TRY | 6/25/12 | 58,612 | | 3,252 | |||||||||||||||||
122,967 | 48,388 | |||||||||||||||||||||||
JP Morgan Chase: |
||||||||||||||||||||||||
Chinese Renminbi (Yuan) (CNY) |
Buy | 760 | CNY | 9/28/12 | 119,093 | | 178 | |||||||||||||||||
Chinese Renminbi (Yuan) (CNY) |
Sell | 760 | CNY | 9/28/12 | 119,093 | | 529 | |||||||||||||||||
Euro (EUR) |
Sell | 235 | EUR | 7/23/12 | 290,682 | 15,727 | | |||||||||||||||||
Hungarian Forint (HUF) |
Sell | 62,000 | HUF | 6/5/12-10/24/12 | 253,340 | 28,641 | | |||||||||||||||||
Indonesia Rupiah (IDR) |
Buy | 4,391,000 | IDR | 7/9/12 | 465,020 | | 6,067 | |||||||||||||||||
Mexican Nuevo Peso (MXN) |
Buy | 2,420 | MXN | 6/12/12 | 168,405 | | 15,337 | |||||||||||||||||
Mexican Nuevo Peso (MXN) |
Sell | 2,600 | MXN | 11/9/12 | 178,556 | 6,743 | | |||||||||||||||||
Russian Ruble (RUR) |
Sell | 12,600 | RUR | 7/19/12 | 373,998 | 40,612 | | |||||||||||||||||
Singapore Dollar (SGD) |
Buy | 2,630 | SGD | 7/17/12 | 2,041,153 | | 68,586 | |||||||||||||||||
91,723 | 90,697 |
Contract | ||||||||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Contract Description | Buy/Sell | (000s) | Dates | Value | Appreciation | Depreciation | ||||||||||||||||||
Morgan Stanley & Co., Inc.: |
||||||||||||||||||||||||
Singapore Dollar (SGD) |
Buy | 100 | SGD | 7/17/12 | $ | 77,610 | $ | | $ | 2,489 | ||||||||||||||
South Korean Won (KRW) |
Sell | 109,000 | KRW | 7/17/12 | 92,048 | 3,131 | | |||||||||||||||||
3,131 | 2,489 | |||||||||||||||||||||||
Nomura Securities |
||||||||||||||||||||||||
Indonesia Rupiah (IDR) |
Buy | 2,057,000 | IDR | 7/9/12 | 217,842 | | 5,332 | |||||||||||||||||
Standard Chartered Bank |
||||||||||||||||||||||||
Malaysian Ringgit (MYR) |
Buy | 5,885 | MYR | 7/9/12 | 1,850,793 | | 77,767 | |||||||||||||||||
State Street |
||||||||||||||||||||||||
Polish Zloty (PLZ) |
Buy | 600 | PLZ | 6/5/12 | 169,095 | | 17,821 | |||||||||||||||||
UBS Investment Bank |
||||||||||||||||||||||||
Indonesia Rupiah (IDR) |
Buy | 2,842,000 | IDR | 7/9/12 | 300,976 | | 5,873 | |||||||||||||||||
Total unrealized appreciation and
depreciation |
$ | 1,176,576 | $ | 805,033 | ||||||||||||||||||||
Number of | Expiration | Unrealized | ||||||||||||||||||
Contract Description | Buy/Sell | Contracts | Date | Value | Depreciation | |||||||||||||||
U.S. Treasury Long Bonds |
Sell | 36 | 9/19/12 | $ | 5,389,875 | $ | 93,134 |
Number of | Exercise | Expiration | Premiums | Unrealized | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | Depreciation | |||||||||||||||||||||
Brazilian Real (BRR) |
Put | 1,510,000 | 1USD per 2.10 BRR | 10/18/12 | $ | 15,582 | $ | (24,190 | ) | $ | 8,608 | |||||||||||||||||
Brazilian Real (BRR) |
Put | 2,050,000 | 1USD per 2.20 BRR | 10/18/12 | 17,872 | (20,742 | ) | 2,870 | ||||||||||||||||||||
Mexican Nuevo Peso (MXN) |
Put | 22,300,000 | 1USD per 14.940 MXN | 11/13/12 | 28,360 | (50,913 | ) | 22,553 | ||||||||||||||||||||
Mexican Nuevo Peso (MXN) |
Put | 21,140,000 | 1USD per 16.455 MXN | 11/30/12 | 21,519 | (21,519 | ) | | ||||||||||||||||||||
Mexican Nuevo Peso (MXN) |
Put | 22,100,000 | 1USD per 14.800 MXN | 11/9/12 | 28,088 | (54,565 | ) | 26,477 | ||||||||||||||||||||
Russian Ruble (RUR) |
Put | 37,800,000 | 1USD per 38 RUR | 11/29/12 | 16,712 | (17,285 | ) | 573 | ||||||||||||||||||||
Standard & Poors 500 |
||||||||||||||||||||||||||||
E-Mini Index (The) Futures |
Put | 92 | 1,200.000 | 8/20/12 | 83,847 | (110,860 | ) | 27,013 | ||||||||||||||||||||
$ | 211,980 | $ | (300,074 | ) | $ | 88,094 | ||||||||||||||||||||||
Pay/ | Upfront | |||||||||||||||||||||||||||
Buy/Sell | Notional | Receive | Payment | |||||||||||||||||||||||||
Reference Entity/ | Credit | Amount | Fixed | Termination | Received/ | Unrealized | ||||||||||||||||||||||
Swap Counterparty | Protection | (000s) | Rate | Date | (Paid) | Value | Depreciation | |||||||||||||||||||||
Brazil (Federative Republic of) |
||||||||||||||||||||||||||||
Deutsche Bank AG |
Sell | $ | 340 | 1 | % | 6/20/17 | $ | 3,029 | $ | (11,092 | ) | $ | (8,063 | ) | ||||||||||||||
Total | 340 | 3,029 | (11,092 | ) | (8,063 | ) | ||||||||||||||||||||||
Hungary (Republic of): |
||||||||||||||||||||||||||||
HSBC Bank USA NA |
Sell | 170 | 1 | 6/20/17 | 30,460 | (35,771 | ) | (5,311 | ) | |||||||||||||||||||
UBS AG |
Sell | 170 | 1 | 6/20/17 | 31,088 | (35,771 | ) | (4,683 | ) | |||||||||||||||||||
Total | 340 | 61,548 | (71,542 | ) | (9,994 | ) | ||||||||||||||||||||||
Russian Federation |
||||||||||||||||||||||||||||
Goldman Sachs International |
Buy | 190 | 1 | 6/20/17 | (7,161 | ) | 14,443 | 7,282 | ||||||||||||||||||||
Total | 190 | (7,161 | ) | 14,443 | 7,282 | |||||||||||||||||||||||
Turkey (Republic of) |
||||||||||||||||||||||||||||
Goldman Sachs International |
Sell | 190 | 1 | 6/20/17 | 10,617 | (16,252 | ) | (5,635 | ) | |||||||||||||||||||
Total | 190 | 10,617 | (16,252 | ) | (5,635 | ) | ||||||||||||||||||||||
United Mexican States |
||||||||||||||||||||||||||||
HSBC Bank USA NA |
Sell | 90 | 1 | 6/20/17 | 446 | (2,528 | ) | (2,082 | ) | |||||||||||||||||||
Total | 90 | 446 | (2,528 | ) | (2,082 | ) | ||||||||||||||||||||||
Grand Total Buys |
(7,161 | ) | 14,443 | 7,282 | ||||||||||||||||||||||||
Grand Total Sells |
75,640 | (101,414 | ) | (25,774 | ) | |||||||||||||||||||||||
Total Credit Default Swaps |
$ | 68,479 | $ | (86,971 | ) | $ | (18,492 | ) | ||||||||||||||||||||
Total Maximum | ||||||||||||
Type of Reference | Potential Payments | Reference | ||||||||||
Asset on which | for Selling Credit | Asset Rating | ||||||||||
the Fund Sold | Protection | Amount | Range | |||||||||
Protection | (Undiscounted) | Recoverable* | (Unaudited)** | |||||||||
Investment Grade
Sovereign Debt |
$ | 430,000 | $ | | BBB | |||||||
Non-Investment Grade
Sovereign Debt |
530,000 | | BB+ to BB | |||||||||
Total |
$ | 960,000 | $ | | ||||||||
* | The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. | |
** | The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poors rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. |
Notional | ||||||||||||||||||||
Interest Rate/ | Amount | Paid by | Received by | Termination | ||||||||||||||||
Swap Counterparty | (000s) | the Fund | the Fund | Date | Value | |||||||||||||||
BZDI: |
||||||||||||||||||||
Bank of America NA |
1,040 | BRR | BZDI | 9.020 | % | 1/2/15 | $ | 2,865 | ||||||||||||
Citibank NA |
810 | BRR | BZDI | 9.490 | 1/2/14 | 6,353 | ||||||||||||||
Credit Suisse International |
740 | BRR | BZDI | 9.010 | 1/2/15 | 454 | ||||||||||||||
Deutsche Bank AG |
1,050 | BRR | BZDI | 9.050 | 1/2/15 | 2,681 | ||||||||||||||
Goldman Sachs International |
1,200 | BRR | BZDI | 8.840 | 1/2/15 | 641 | ||||||||||||||
Goldman Sachs International |
3,560 | BRR | BZDI | 9.440 | 1/2/17 | (3,908 | ) | |||||||||||||
Goldman Sachs International |
2,180 | BRR | BZDI | 8.330 | 1/2/14 | 1,125 | ||||||||||||||
Total |
10,580 | BRR | 10,211 | |||||||||||||||||
MXN TIIE BANXICO: |
||||||||||||||||||||
Credit Suisse International |
1,400 | MXN | BANXICO | 7.010 | 7/24/31 | (5,028 | ) | |||||||||||||
Merrill Lynch Capital |
||||||||||||||||||||
Services, Inc. |
620 | MXN | BANXICO | 6.990 | 7/24/31 | (2,319 | ) | |||||||||||||
Total |
2,020 | MXN | (7,347 | ) | ||||||||||||||||
Total Interest Rate Swaps | $ | 2,864 | ||||||||||||||||||
BRR
|
Brazilian Real | |
MXN
|
Mexican Nuevo Peso |
BANXICO
|
Banco de Mexico | |
BZDI
|
Brazil Interbank Deposit Rate | |
TIIE
|
Interbank Equilibrium Interest Rate |
Notional | ||||||||||||
Swap Type from | Amount | |||||||||||
Swap Counterparty | Fund Perspective | (000s) | Value | |||||||||
Bank of America NA |
Interest Rate | 1,040 | BRR | $ | 2,865 | |||||||
Citibank NA |
Interest Rate | 810 | BRR | 6,353 | ||||||||
Credit Suisse International: |
||||||||||||
Interest Rate | 740 | BRR | 454 | |||||||||
Interest Rate | 1,400 | MXN | (5,028 | ) | ||||||||
(4,574 | ) | |||||||||||
Deutsche Bank AG: |
||||||||||||
Credit Default Sell Protection | 340 | (11,092 | ) | |||||||||
Interest Rate | 1,050 | BRR | 2,681 | |||||||||
(8,411 | ) |
Notional | ||||||||||||
Swap Type from | Amount | |||||||||||
Swap Counterparty | Fund Perspective | (000s) | Value | |||||||||
Goldman Sachs International: |
||||||||||||
Credit Default Buy Protection | $ | 190 | $ | 14,443 | ||||||||
Credit Default Sell Protection | 190 | (16,252 | ) | |||||||||
Interest Rate | 6,940 | BRR | (2,142 | ) | ||||||||
(3,951 | ) | |||||||||||
HSBC Bank USA NA |
Credit Default Sell Protection | 260 | (38,299 | ) | ||||||||
Merrill Lynch Capital Services, Inc. |
Interest Rate | 620 | MXN | (2,319 | ) | |||||||
UBS AG |
Credit Default Sell Protection | 170 | (35,771 | ) | ||||||||
Total Swaps | $ | (84,107 | ) | |||||||||
BRR | Brazilian Real |
MXN | Mexican Nuevo Peso |
Underlying | ||||||||||||||||||||||||||||
Swap Type | Notional | Swaption | ||||||||||||||||||||||||||
Reference Entity/ | Swaption | From Fund | Amount | Expiration | Premium | Unrealized | ||||||||||||||||||||||
Swaption Counterparty | Description | Perspective | (000s) | Date | Received | Value | Appreciation | |||||||||||||||||||||
Three-Month ZAR JIBAR SAFEX: |
||||||||||||||||||||||||||||
Interest Rate | ||||||||||||||||||||||||||||
Swaption | ||||||||||||||||||||||||||||
(European); Swap | ||||||||||||||||||||||||||||
Terms: Paid: 7%, | ||||||||||||||||||||||||||||
Received: Three-Month | ||||||||||||||||||||||||||||
ZAR JIBAR SAFEX; | Interest | |||||||||||||||||||||||||||
Termination Date: | Rate Pay | |||||||||||||||||||||||||||
Barclays Bank plc |
11/14/22 | Fixed | 1,800 | ZAR | 11/13/12 | $ | 2,330 | $ | (2,065 | ) | $ | 265 | ||||||||||||||||
Interest Rate | ||||||||||||||||||||||||||||
Swaption | ||||||||||||||||||||||||||||
(European); Swap | ||||||||||||||||||||||||||||
Terms: Paid: 7%; | ||||||||||||||||||||||||||||
Received: Three-Month | ||||||||||||||||||||||||||||
ZAR JIBAR SAFEX; | Interest | |||||||||||||||||||||||||||
Termination Date: | Rate Pay | |||||||||||||||||||||||||||
JPMorgan Chase Bank NA |
11/19/22 | Fixed | 1,760 | ZAR | 11/20/12 | 2,319 | (2,092 | ) | 227 | |||||||||||||||||||
Total Written Swaptions |
$ | 4,649 | $ | (4,157 | ) | $ | 492 | |||||||||||||||||||||
ZAR | South African Rand |
JIBAR | South Africa Johannesburg Interbank Agreed Rate |
SAFEX | South African Futures Exchange |
Assets |
||||
Investments, at valuesee accompanying statement of investments: |
||||
Unaffiliated companies (cost $72,238,987) |
$ | 68,988,253 | ||
Affiliated companies (cost $1,938,431) |
1,938,431 | |||
70,926,684 | ||||
Cash |
56,957 | |||
Unrealized appreciation on foreign currency exchange contracts |
1,176,576 | |||
Appreciated swaps, at value (upfront payments paid $7,161) |
28,562 | |||
Receivables and other assets: |
||||
Investments sold |
3,397,780 | |||
Interest and dividends |
1,507,967 | |||
Shares of beneficial interest sold |
322,231 | |||
Closed foreign currency contracts |
262,245 | |||
Other |
6,472 | |||
Total assets |
77,685,474 | |||
Liabilities |
||||
Options written, at value (premiums received $21,519) |
21,519 | |||
Depreciated options written, at value (premiums received $190,461) |
278,555 | |||
Appreciated swaptions written, at value (premiums received $4,649) |
4,157 | |||
Unrealized depreciation on foreign currency exchange contracts |
805,033 | |||
Depreciated swaps, at value (upfront payments received $75,640) |
112,669 | |||
Payables and other liabilities: |
||||
Investments purchased |
3,472,015 | |||
Shares of beneficial interest redeemed |
237,861 | |||
Closed foreign currency contracts |
190,032 | |||
Dividends |
108,832 | |||
Futures margins |
22,500 | |||
Shareholder communications |
14,928 | |||
Distribution and service plan fees |
14,100 | |||
Transfer and shareholder servicing agent fees |
10,006 | |||
Foreign capital gains tax |
2,685 | |||
Trustees compensation |
1,860 | |||
Other |
45,716 | |||
Total liabilities |
5,342,468 | |||
Net Assets |
$ | 72,343,006 | ||
Composition of Net Assets |
||||
Par value of shares of beneficial interest |
$ | 7,435 | ||
Additional paid-in capital |
76,530,022 | |||
Accumulated net investment loss |
(647,580 | ) | ||
Accumulated net realized loss on investments and foreign currency transactions |
(388,550 | ) | ||
Net unrealized depreciation on investments and translation of assets and liabilities
denominated in foreign currencies |
(3,158,321 | ) | ||
Net Assets |
$ | 72,343,006 | ||
Net Asset Value Per Share |
||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets of $51,318,706
and 5,274,634 shares of beneficial interest outstanding) |
$ | 9.73 | ||
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) |
$ | 10.22 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $12,070,549 and 1,240,185 shares of
beneficial interest outstanding) |
$ | 9.73 | ||
Class N Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,451,796 and 149,196 shares of
beneficial interest outstanding) |
$ | 9.73 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets
of $7,501,955 and 771,275 shares of beneficial interest outstanding) |
$ | 9.73 |
Investment Income |
||||
Interest |
$ | 4,363,721 | ||
Dividends from affiliated companies |
4,522 | |||
Other income |
12 | |||
Total investment income |
4,368,255 | |||
Expenses |
||||
Management fees |
487,609 | |||
Distribution and service plan fees: |
||||
Class A |
59,121 | |||
Class C |
98,141 | |||
Class N |
5,733 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
68,497 | |||
Class C |
29,023 | |||
Class N |
2,468 | |||
Class Y |
12,794 | |||
Shareholder communications: |
||||
Class A |
32,759 | |||
Class C |
13,467 | |||
Class N |
546 | |||
Class Y |
5,057 | |||
Legal, auditing and other professional fees |
48,172 | |||
Custodian fees and expenses |
42,892 | |||
Trustees compensation |
9,119 | |||
Administration service fees |
1,500 | |||
Other |
13,707 | |||
Total expenses |
930,605 | |||
Less waivers and reimbursements of expenses |
(66,939 | ) | ||
Net expenses |
863,666 | |||
Net Investment Income |
3,504,589 |
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) on: |
||||
Investments from unaffiliated companies (including premiums on options exercised) |
$ | 811,070 | ||
Closing and expiration of option contracts written |
104,615 | |||
Closing and expiration of futures contracts |
(1,066,035 | ) | ||
Foreign currency transactions |
(2,355,301 | ) | ||
Swap contracts |
705,395 | |||
Net realized loss |
(1,800,256 | ) | ||
Net change in unrealized appreciation/depreciation on: |
||||
Investments (net of foreign capital gains tax of $2,685) |
298,479 | |||
Translation of assets and liabilities denominated in foreign currencies |
(5,249,814 | ) | ||
Futures contracts |
(15,040 | ) | ||
Option contracts written |
(88,094 | ) | ||
Swaption contracts |
492 | |||
Swap contracts |
(15,248 | ) | ||
Net change in unrealized appreciation/depreciation |
(5,069,225 | ) | ||
Net Decrease in Net Assets Resulting from Operations |
$ | (3,364,892 | ) | |
Year Ended | Year Ended | |||||||
May 31, 2012 | May 31, 20111 | |||||||
Operations |
||||||||
Net investment income |
$ | 3,504,589 | $ | 1,980,241 | ||||
Net realized loss |
(1,800,256 | ) | (149,830 | ) | ||||
Net change in unrealized appreciation/depreciation |
(5,069,225 | ) | 1,910,904 | |||||
Net increase (decrease) in net assets resulting from operations |
(3,364,892 | ) | 3,741,315 | |||||
Dividends and/or Distributions to Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class A |
(1,905,567 | ) | (1,761,441 | ) | ||||
Class C |
(341,838 | ) | (166,259 | ) | ||||
Class N |
(44,799 | ) | (14,028 | ) | ||||
Class Y |
(237,666 | ) | (46,030 | ) | ||||
(2,529,870 | ) | (1,987,758 | ) | |||||
Tax return of capital distribution: |
||||||||
Class A |
(984,001 | ) | | |||||
Class C |
(176,519 | ) | | |||||
Class N |
(23,134 | ) | | |||||
Class Y |
(122,727 | ) | | |||||
(1,306,381 | ) | | ||||||
Distributions from net realized gain: |
||||||||
Class A |
| (63,566 | ) | |||||
Class C |
| (7,926 | ) | |||||
Class N |
| (569 | ) | |||||
Class Y |
| (1,451 | ) | |||||
| (73,512 | ) | ||||||
Beneficial Interest Transactions |
||||||||
Net increase in net assets resulting from beneficial interest transactions: |
||||||||
Class A |
12,549,989 | 42,223,068 | ||||||
Class C |
5,915,186 | 7,190,505 | ||||||
Class N |
1,041,324 | 523,354 | ||||||
Class Y |
5,832,818 | 2,487,860 | ||||||
25,339,317 | 52,424,787 | |||||||
Net Assets |
||||||||
Total increase |
18,138,174 | 54,104,832 | ||||||
Beginning of period |
54,204,832 | 100,000 | 2 | |||||
End of period (including accumulated net investment income (loss) of
$(647,580) and $226,582, respectively) |
$ | 72,343,006 | $ | 54,204,832 | ||||
1. | For the period from June 30, 2010 (commencement of operations) to May 31, 2011. | |
2. | Reflects the value of the Managers initial seed money invested on April 26, 2010. |
Class A Year Ended May 31, | 2012 | 20111 | ||||||
Per Share Operating Data |
||||||||
Net asset value, beginning of period |
$ | 10.73 | $ | 10.00 | ||||
Income (loss) from investment operations: |
||||||||
Net investment income2 |
.56 | .52 | ||||||
Net realized and unrealized gain (loss) |
(.94 | ) | .75 | |||||
Total from investment operations |
(.38 | ) | 1.27 | |||||
Dividends and/or distributions to shareholders: |
||||||||
Dividends from net investment income |
(.41 | ) | (.52 | ) | ||||
Tax return of capital distribution |
(.21 | ) | | |||||
Distributions from net realized gain |
| (.02 | ) | |||||
Total dividends and/or distributions to shareholders |
(.62 | ) | (.54 | ) | ||||
Net asset value, end of period |
$ | 9.73 | $ | 10.73 | ||||
Total Return, at Net Asset Value3 |
(3.67 | )% | 12.85 | % | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (in thousands) |
$ | 51,319 | $ | 43,912 | ||||
Average net assets (in thousands) |
$ | 48,137 | $ | 35,869 | ||||
Ratios to average net assets:4 |
||||||||
Net investment income |
5.49 | % | 5.31 | % | ||||
Total expenses5 |
1.26 | % | 1.26 | % | ||||
Expenses after payments, waivers and/or reimbursements and
reduction to custodian expenses |
1.23 | % | 1.24 | % | ||||
Portfolio turnover rate |
93 | % | 80 | % |
1. | For the period from June 30, 2010 (commencement of operations) to May 31, 2011. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | 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. 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. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended May 31, 2012 |
1.26 | % | ||
Period Ended May 31, 2011 |
1.26 | % |
Class C Year Ended May 31, | 2012 | 20111 | ||||||
Per Share Operating Data |
||||||||
Net asset value, beginning of period |
$ | 10.73 | $ | 10.00 | ||||
Income (loss) from investment operations: |
||||||||
Net investment income2 |
.48 | .44 | ||||||
Net realized and unrealized gain (loss) |
(.94 | ) | .75 | |||||
Total from investment operations |
(.46 | ) | 1.19 | |||||
Dividends and/or distributions to shareholders: |
||||||||
Dividends from net investment income |
(.36 | ) | (.44 | ) | ||||
Tax return of capital distribution |
(.18 | ) | | |||||
Distributions from net realized gain |
| (.02 | ) | |||||
Total dividends and/or distributions to shareholders |
(.54 | ) | (.46 | ) | ||||
Net asset value, end of period |
$ | 9.73 | $ | 10.73 | ||||
Total Return, at Net Asset Value3 |
(4.40 | )% | 12.05 | % | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (in thousands) |
$ | 12,070 | $ | 7,241 | ||||
Average net assets (in thousands) |
$ | 9,819 | $ | 3,962 | ||||
Ratios to average net assets:4 |
||||||||
Net investment income |
4.73 | % | 4.56 | % | ||||
Total expenses5 |
2.36 | % | 2.46 | % | ||||
Expenses after payments, waivers and/or reimbursements and
reduction to custodian expenses |
2.00 | % | 2.00 | % | ||||
Portfolio turnover rate |
93 | % | 80 | % |
1. | For the period from June 30, 2010 (commencement of operations) to May 31, 2011. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | 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. 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. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended May 31, 2012 |
2.36 | % | ||
Period Ended May 31, 2011 |
2.46 | % |
Class N Year Ended May 31, | 2012 | 20111 | ||||||
Per Share Operating Data |
||||||||
Net asset value, beginning of period |
$ | 10.73 | $ | 10.00 | ||||
Income (loss) from investment operations: |
||||||||
Net investment income2 |
.53 | .49 | ||||||
Net realized and unrealized gain (loss) |
(.94 | ) | .75 | |||||
Total from investment operations |
(.41 | ) | 1.24 | |||||
Dividends and/or distributions to shareholders: |
||||||||
Dividends from net investment income |
(.39 | ) | (.49 | ) | ||||
Tax return capital of distribution |
(.20 | ) | | |||||
Distributions from net realized gain |
| (.02 | ) | |||||
Total dividends and/or distributions to shareholders |
(.59 | ) | (.51 | ) | ||||
Net asset value, end of period |
$ | 9.73 | $ | 10.73 | ||||
Total Return, at Net Asset Value3 |
(3.90 | )% | 12.59 | % | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (in thousands) |
$ | 1,452 | $ | 538 | ||||
Average net assets (in thousands) |
$ | 1,154 | $ | 300 | ||||
Ratios to average net assets:4 |
||||||||
Net investment income |
5.23 | % | 5.06 | % | ||||
Total expenses5 |
1.69 | % | 2.07 | % | ||||
Expenses after payments, waivers and/or reimbursements and
reduction to custodian expenses |
1.50 | % | 1.50 | % | ||||
Portfolio turnover rate |
93 | % | 80 | % |
1. | For the period from June 30, 2010 (commencement of operations) to May 31, 2011. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | 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. 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. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended May 31, 2012 |
1.69 | % | ||
Period Ended May 31, 2011 |
2.07 | % |
Class Y Year Ended May 31, | 2012 | 20111 | ||||||
Per Share Operating Data |
||||||||
Net asset value, beginning of period |
$ | 10.73 | $ | 10.00 | ||||
Income (loss) from investment operations: |
||||||||
Net investment income2 |
.59 | .55 | ||||||
Net realized and unrealized gain (loss) |
(.94 | ) | .74 | |||||
Total from investment operations |
(.35 | ) | 1.29 | |||||
Dividends and/or distributions to shareholders: |
||||||||
Dividends from net investment income |
(.43 | ) | (.54 | ) | ||||
Tax return of capital distribution |
(.22 | ) | | |||||
Distributions from net realized gain |
| (.02 | ) | |||||
Total dividends and/or distributions to shareholders |
(.65 | ) | (.56 | ) | ||||
Net asset value, end of period |
$ | 9.73 | $ | 10.73 | ||||
Total Return, at Net Asset Value3 |
(3.37 | )% | 13.11 | % | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (in thousands) |
$ | 7,502 | $ | 2,514 | ||||
Average net assets (in thousands) |
$ | 5,855 | $ | 883 | ||||
Ratios to average net assets:4 |
||||||||
Net investment income |
5.74 | % | 5.66 | % | ||||
Total expenses5 |
1.23 | % | 1.33 | % | ||||
Expenses after payments, waivers and/or reimbursements and
reduction to custodian expenses |
0.95 | % | 0.95 | % | ||||
Portfolio turnover rate |
93 | % | 80 | % |
1. | For the period from June 30, 2010 (commencement of operations) to May 31, 2011. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | 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. 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. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended May 31, 2012 |
1.23 | % | ||
Period Ended May 31, 2011 |
1.33 | % |
Net Unrealized | |||||||||||||||
Depreciation | |||||||||||||||
Based on | |||||||||||||||
Cost of Securities and | |||||||||||||||
Undistributed | Undistributed | Accumulated | Other Investments | ||||||||||||
Net Investment | Long-Term | Loss | for Federal Income | ||||||||||||
Income | Gain | Carryforward1,2,3 | Tax Purposes | ||||||||||||
$ | | $ | | $ | 455,692 | $ | 3,736,898 |
1. | As of May 31, 2012, the Fund had $455,692 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates. |
Expiring | ||||
No expiration |
$ | 455,692 |
2. | During the fiscal year ended May 31, 2012, the Fund did not utilize any capital loss carryforward. | |
3. | During the fiscal year ended May 31, 2011, the Fund did not utilize any capital loss carryforward. |
Increase to | Reduction to | |||||||||||||||
Accumulated | Accumulated | |||||||||||||||
Reduction to | Net Investment | Net Realized Loss | ||||||||||||||
Paid-in Capital | Loss | on Investments | ||||||||||||||
$ | 1,306,381 | $ | 542,500 | $ | 1,848,881 |
Year Ended | Period Ended | |||||||
May 31, 2012 | May 31, 2011 | |||||||
Distributions paid from: |
||||||||
Ordinary income |
$ | 2,529,870 | $ | 2,061,269 | ||||
Return of capital |
1,306,381 | 4 | | |||||
Total |
$ | 3,836,251 | $ | 2,061,269 | ||||
4. | The Fund experienced a return of capital during the fiscal year ended May 31, 2012 due to the tax treatment of foreign currency losses. |
Federal tax cost of securities |
$ | 74,199,246 | ||
Federal tax cost of other investments |
(8,833,834 | ) | ||
Total federal tax cost |
$ | 65,365,412 | ||
Gross unrealized appreciation |
$ | 525,469 | ||
Gross unrealized depreciation |
(4,262,367 | ) | ||
Net unrealized depreciation |
$ | (3,736,898 | ) | |
Standard inputs generally considered | ||
Security Type | by third-party pricing vendors | |
Corporate debt, government
debt, municipal, mortgage-backed
and asset-backed securities
|
Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors. | |
Loans
|
Information obtained from market participants regarding reported trade data and broker-dealer price quotations. | |
Event-linked bonds
|
Information obtained from market participants regarding reported trade data and broker-dealer price quotations. | |
Structured securities
|
Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events. | |
Swaps
|
Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates. |
2. | Securities Valuation Continued |
1) | Level 1unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3significant unobservable inputs (including the Managers own judgments about assumptions that market participants would use in pricing the asset or liability). |
Level 3 | ||||||||||||||||
Level 1 | Level 2 | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
U.S. Government Obligations |
$ | | $ | 199,998 | $ | | $ | 199,998 | ||||||||
Foreign Government Obligations |
| 45,379,039 | | 45,379,039 | ||||||||||||
Corporate Bonds and Notes |
| 19,448,994 | | 19,448,994 | ||||||||||||
Structured Securities |
| 3,774,038 | | 3,774,038 | ||||||||||||
Options Purchased |
146,280 | 39,904 | | 186,184 | ||||||||||||
Investment Company |
1,938,431 | | | 1,938,431 | ||||||||||||
Total Investments, at Value |
2,084,711 | 68,841,973 | | 70,926,684 | ||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
| 1,176,576 | | 1,176,576 | ||||||||||||
Appreciated swaps, at value |
| 28,562 | | 28,562 | ||||||||||||
Total Assets |
$ | 2,084,711 | $ | 70,047,111 | $ | | $ | 72,131,822 | ||||||||
Liabilities Table |
||||||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
$ | | $ | (805,033 | ) | $ | | $ | (805,033 | ) | ||||||
Futures margins |
(22,500 | ) | | | (22,500 | ) | ||||||||||
Depreciated swaps, at value |
| (112,669 | ) | | (112,669 | ) | ||||||||||
Options written, at value |
| (21,519 | ) | | (21,519 | ) | ||||||||||
Depreciated options written, at value |
(110,860 | ) | (167,695 | ) | | (278,555 | ) | |||||||||
Appreciated swaptions written, at value |
| (4,157 | ) | | (4,157 | ) | ||||||||||
Total Liabilities |
$ | (133,360 | ) | $ | (1,111,073 | ) | $ | | $ | (1,244,433 | ) | |||||
Year Ended May 31, 2012 | Period Ended May 31, 2011 | |||||||||||||||
Shares | Amount | Shares | Amount1,2 | |||||||||||||
Class A |
||||||||||||||||
Sold |
2,692,216 | $ | 27,822,066 | 4,989,079 | $ | 51,737,879 | ||||||||||
Dividends and/or
distributions reinvested |
151,570 | 1,536,703 | 63,550 | 671,632 | ||||||||||||
Redeemed |
(1,661,951 | ) | (16,808,780 | ) | (966,830 | ) | (10,186,443 | ) | ||||||||
Net increase |
1,181,835 | $ | 12,549,989 | 4,085,799 | $ | 42,223,068 | ||||||||||
Class C |
||||||||||||||||
Sold |
947,461 | $ | 9,784,713 | 797,747 | $ | 8,495,690 | ||||||||||
Dividends and/or
distributions reinvested |
47,024 | 475,971 | 14,627 | 154,951 | ||||||||||||
Redeemed |
(428,796 | ) | (4,345,498 | ) | (138,878 | ) | (1,460,136 | ) | ||||||||
Net increase |
565,689 | $ | 5,915,186 | 673,496 | $ | 7,190,505 | ||||||||||
Class N |
||||||||||||||||
Sold |
150,204 | $ | 1,559,656 | 74,608 | $ | 788,847 | ||||||||||
Dividends and/or distributions reinvested |
6,324 | 63,700 | 1,035 | 10,980 | ||||||||||||
Redeemed |
(57,482 | ) | (582,032 | ) | (26,493 | ) | (276,473 | ) | ||||||||
Net increase |
99,046 | $ | 1,041,324 | 49,150 | $ | 523,354 | ||||||||||
Class Y |
||||||||||||||||
Sold |
1,121,786 | $ | 11,652,045 | 260,449 | $ | 2,772,717 | ||||||||||
Dividends and/or distributions reinvested |
28,892 | 292,314 | 4,329 | 45,915 | ||||||||||||
Redeemed |
(613,738 | ) | (6,111,541 | ) | (31,443 | ) | (330,772 | ) | ||||||||
Net increase |
536,940 | $ | 5,832,818 | 233,335 | $ | 2,487,860 | ||||||||||
1. | For the period from June 30, 2010 (commencement of operations) to May 31, 2011. | |
2. | The Fund sold 7,000 shares of Class A at a value of $70,000 and 1,000 shares each of Class C, Class N and Class Y at a value of $10,000, respectively, to the Manager upon seeding of the Fund on April 26, 2010. These amounts are not reflected in the table above. |
Purchases | Sales | |||||||
Investment securities |
$ | 69,755,082 | $ | 44,479,351 |
Fee Schedule | ||||
Up to $500 million |
0.75 | % | ||
Next $500 million |
0.70 | |||
Next $4 billion |
0.65 | |||
Over $5 billion |
0.60 |
Class C |
$ | 104,245 | ||
Class N |
10,465 |
Class A | Class C | Class N | ||||||||||||||
Class A | Contingent | Contingent | Contingent | |||||||||||||
Front-End | Deferred | Deferred | Deferred | |||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | |||||||||||||
Retained by | Retained by | Retained by | Retained by | |||||||||||||
Year Ended | Distributor | Distributor | Distributor | Distributor | ||||||||||||
May 31, 2012 |
$ | 36,964 | $ | 1,284 | $ | 3,463 | $ | 514 |
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 | ||||||||
Credit contracts |
Appreciated swaps,at value | $ | 14,443 | Depreciated swaps, at value | $ | 101,414 | ||||||
Interest rate contracts |
Appreciated swaps, at value | 14,119 | Depreciated swaps, at value | 11,255 | ||||||||
Interest rate contracts |
Futures margins | 22,500 | * | |||||||||
Foreign exchange contracts |
Unrealized appreciation on foreign currency exchange contracts | 1,176,576 | Unrealized depreciation on foreign currency exchange contracts | 805,033 | ||||||||
Equity contracts |
Investments, at value | 146,280 | ** | Depreciated options written, at value | 110,860 |
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 | ||||||||
Foreign exchange contracts |
Investments, at value | $ | 39,904 | ** | Options written, at value | $ | 21,519 | |||||
Foreign exchange contracts |
Depreciated options written, at value | 167,695 | ||||||||||
Interest rate contracts |
Appreciated swaptions written, at value | 4,157 | ||||||||||
Total |
$ | 1,391,322 | $ | 1,244,433 | ||||||||
* | Includes only the current days variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment. | |
** | Amounts relate to purchased options. |
Investments from | ||||||||||||||||||||||||
unaffiliated | Closing | |||||||||||||||||||||||
companies | and | Closing | ||||||||||||||||||||||
Derivatives | (including | expiration | and | |||||||||||||||||||||
Not Accounted | premiums | of option | expiration | Foreign | ||||||||||||||||||||
for as Hedging | on options | contracts | of futures | currency | Swap | |||||||||||||||||||
Instruments | exercised)* | written | contracts | transactions | contracts | Total | ||||||||||||||||||
Credit contracts |
$ | | $ | | $ | | $ | | $ | 20,368 | $ | 20,368 | ||||||||||||
Equity contracts |
1,137 | 906 | | | | 2,043 | ||||||||||||||||||
Foreign exchange
contracts |
(145,154 | ) | 103,709 | | 832,568 | 1,603 | 792,726 | |||||||||||||||||
Interest rate contracts |
| | (1,066,035 | ) | | 683,424 | (382,611 | ) | ||||||||||||||||
Total |
$ | (144,017 | ) | $ | 104,615 | $ | (1,066,035 | ) | $ | 832,568 | $ | 705,395 | $ | 432,526 | ||||||||||
* | Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any. |
Translation of | ||||||||||||||||||||||||||||
assets and | ||||||||||||||||||||||||||||
Derivatives | liabilities | |||||||||||||||||||||||||||
Not Accounted | Option | Swaption | denominated | |||||||||||||||||||||||||
for as Hedging | contracts | contracts | Futures | in foreign | Swap | |||||||||||||||||||||||
Instruments | Investments* | written | written | contracts | currencies | contracts | Total | |||||||||||||||||||||
Credit contracts |
$ | | $ | | $ | | $ | | $ | | $ | (38,438 | ) | $ | (38,438 | ) | ||||||||||||
Equity contracts |
31,177 | (27,013 | ) | | | | | 4,164 | ||||||||||||||||||||
Foreign exchange contracts |
(36,856 | ) | (61,081 | ) | | | 271,327 | | 173,390 | |||||||||||||||||||
Interest rate contracts |
| | 492 | (15,040 | ) | | 23,190 | 8,642 | ||||||||||||||||||||
Total |
$ | (5,679 | ) | $ | (88,094 | ) | $ | 492 | $ | (15,040 | ) | $ | 271,327 | $ | (15,248 | ) | $ | 147,758 | ||||||||||
* | Includes purchased option contracts and purchased swaption contracts, if any. |
Call Options | Put Options | |||||||||||||||
Number of | Amount of | Number of | Amount of | |||||||||||||
Contracts | Premiums | Contracts | Premiums | |||||||||||||
Options outstanding as of
May 31, 2011 |
| $ | | | $ | | ||||||||||
Options written |
13,661,390,000 | 72,615 | 15,829,065,192 | 345,536 | ||||||||||||
Options closed or expired |
(13,661,390,000 | ) | (72,615 | ) | (15,721,495,100 | ) | (130,206 | ) | ||||||||
Options exercised |
| | (670,000 | ) | (3,350 | ) | ||||||||||
Options outstanding as of
May 31, 2012 |
| $ | | 106,900,092 | $ | 211,980 | ||||||||||
Call Swaptions | ||||||||
Number of | Amount of | |||||||
Contracts | Premiums | |||||||
Swaptions outstanding as of
May 31, 2011 |
| $ | | |||||
Swaptions written |
3,560,000 | 4,649 | ||||||
Swaptions outstanding as of
May 31, 2012 |
3,560,000 | $ | 4,649 |
On February 29, 2012, a shareholder meeting of Oppenheimer Emerging Markets Debt Fund (the Fund) was held at which the twelve Trustees identified below were elected (Proposal No. 1). At the meeting the sub-proposals in (Proposal No. 2) and (Proposal No. 3) were approved as described in the Funds proxy statement for that meeting. The following is a report of the votes cast: |
Nominee/Proposal | For | Withheld | ||||||
Trustees |
||||||||
William L. Armstrong |
5,202,389 | 187,930 | ||||||
Edward L. Cameron |
5,202,389 | 187,930 | ||||||
Jon S. Fossel |
5,202,389 | 187,930 | ||||||
Sam Freedman |
5,201,397 | 188,922 | ||||||
Richard F. Grabish |
5,203,047 | 187,273 | ||||||
Beverly L. Hamilton |
5,202,389 | 187,930 | ||||||
Robert J. Malone |
5,202,389 | 187,930 | ||||||
F. William Marshall, Jr. |
5,202,389 | 187,930 | ||||||
Victoria J. Herget |
5,203,047 | 187,273 | ||||||
Karen L. Stuckey |
5,203,047 | 187,273 | ||||||
James D. Vaughn |
5,202,389 | 187,930 | ||||||
William F. Glavin, Jr. |
5,203,047 | 187,273 |
For | Against | Abstain | Broker Non Vote | ||||||||||
3,128,950
|
94,122 | 52,538 | 2,114,709 |
For | Against | Abstain | Broker Non Vote | ||||||||||
3,149,421
|
70,158 | 56,031 | 2,114,709 |
For | Against | Abstain | Broker Non Vote | ||||||||||
3,136,027
|
94,122 | 45,461 | 2,114,709 |
For | Against | Abstain | Broker Non Vote | ||||||||||
3,136,027
|
94,122 | 45,461 | 2,114,709 |
For | Against | Abstain | Broker Non Vote | ||||||||||
3,136,027
|
94,122 | 45,461 | 2,114,709 |
For | Against | Abstain | Broker Non Vote | ||||||||||
3,139,520
|
90,629 | 45,461 | 2,114,709 |
For | Against | Abstain | Broker Non Vote | ||||||||||
3,133,950
|
72,926 | 68,735 | 2,114,709 |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Funds, Length of Service, Age | Held; Number of Portfolios in the Funds Complex Currently Overseen | |
INDEPENDENT TRUSTEES
|
The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. | |
William L. Armstrong, Chairman of the Board of Trustees and Trustee (since 2010) Age: 75 |
President, Colorado Christian University (since 2006); Chairman, Cherry Creek Mortgage Company (since 1991), Chairman, Centennial State Mortgage Company (since 1994), Chairman, The El Paso Mortgage Company (since 1993); Chairman, Ambassador Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), former Director of Campus Crusade for Christ (non-profit) (1991-2008); former Director, The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former Chairman of: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: | |
UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992-1997); U.S. Senator (January 1979-January 1991). Oversees 37 portfolios in the OppenheimerFunds complex. Mr. Armstrong has served on the Boards of certain Oppenheimer funds since 1999, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | ||
Edward L. Cameron, Trustee (since 2010) Age: 73 |
Member of The Life Guard of Mount Vernon (George Washington historical site) (June 2000 June 2006); Partner of PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (accounting firm) (July 1994-June 1998). Oversees 37 portfolios in the OppenheimerFunds complex. Mr. Cameron has served on the Boards of certain Oppenheimer funds since 1999, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Jon S. Fossel, Trustee (since 2010) Age: 70 |
Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (OAC) (parent holding company of the Manager), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 37 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Funds, Length of Service, Age | Held; Number of Portfolios in the Funds Complex Currently Overseen | |
Sam Freedman, Trustee (since 2010) Age: 71 |
Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Manager and with subsidiary or affiliated companies of the Manager (until October 1994). Oversees 37 portfolios in the OppenheimerFunds complex. Mr. Freedman has served on the Boards of certain Oppenheimer funds since 1996, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Richard F. Grabish, Trustee (since 2010) Age: 63 |
Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 37 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during the course of which he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Beverly L. Hamilton, Trustee (since 2010) Age: 65 |
Trustee of Monterey Institute for International Studies (educational organization) (since February 2000); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Chairman (since 2010) of American Funds Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005); Vice Chairman (2006-2009) of American Funds Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Bostons Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 37 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Victoria J. Herget, Trustee (since 2012) Age: 60 |
Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (and its predecessor firms); Board Chair (2008-Present) and Director (2004-Present), United Educators (insurance company); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee (since 2000) and Chair (since 2010), Newberry Library; Trustee, Mather LifeWays (since 2001); Trustee, BoardSource (2006-2009) and Chicago City Day School (1994-2005). Oversees 37 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Funds, Length of Service, Age | Held; Number of Portfolios in the Funds Complex Currently Overseen | |
Robert J. Malone, Trustee (since 2010) Age: 67 |
Board of Directors of Opera Colorado Foundation (non-profit organization) (since March 2008); Director of Jones Knowledge, Inc. (2006-2010); Director of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank & Trust (commercial banking) (since August 2003); Director of Colorado UpLIFT (charitable organization) (1986-2010); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Trustee (1984-1999) of Young Presidents Organization. Oversees 37 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
F. William Marshall, Jr.,
Trustee (since 2010) Age: 70 |
Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996) and MML Series Investment Fund (investment company) (since 1996) and Mass Mutual Premier Funds (investment company) (since January 2012); President and Treasurer of the SIS Funds (private charitable fund) (January 1999 March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 41 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Karen L. Stuckey, Trustee (since 2012) Age: 59 |
Partner (1990-2012) of PricewaterhouseCoopers LLP (held various positions 1975-1990); Trustee (1992-2006) and member of Executive, Nominating and Audit Committees and Chair of Finance Committee of Lehigh University; and member, Womens Investment Management Forum since inception. Oversees 37 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
James D. Vaughn, Trustee (since 2012) Age: 67 |
Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (since 2003); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee, Audit Committee member and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Executive Committee Member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 37 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Funds, Length of Service, Age | Held; Number of Portfolios in the Funds Complex Currently Overseen | |
INTERESTED TRUSTEE AND OFFICER |
The address of Mr. Glavin is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Glavin serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin is an Interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates. | |
William F. Glavin, Jr., Trustee, President and Principal Executive Officer (since 2010) Age: 53 |
Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (OAC) (the Managers parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007- February 2009) of Massachusetts Mutual Life Insurance Company (OACs parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007- July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005- March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008- June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 63 portfolios as a Trustee/Director and 95 portfolios as an officer in the OppenheimerFunds complex. | |
OTHER OFFICERS OF THE FUND |
The addresses of the Officers in the chart below are as follows: for Mr. Gabinet and Mss. Zervos and Nasta, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. | |
Sara J. Zervos, Ph.D., Vice President (since 2010) Age: 43 |
Head of the Global Debt Team (since October 2010); Director of International Research for the Global Debt Team (since October 2010); Senior Vice President of the Manager (since January 2011); Vice President of the Manager (April 2008- December 2010). Prior to joining the Manager, a portfolio manager with Sailfish Capital Management (May 2007-February 2008) and a portfolio manager for emerging market debt at Dillon Read Capital Management and OTA Asset Management (June 2004-April 2007). A portfolio manager and officer of 4 portfolios in the OppenheimerFunds complex. | |
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Age: 54 |
Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Funds, Length of Service, Age | Held; Number of Portfolios in the Funds Complex Currently Overseen | |
Arthur S. Gabinet,
Continued |
Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 95 portfolios in the OppenheimerFunds complex. | |
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 39 |
Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 95 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2010) Age: 61 |
Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 95 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2010) Age: 52 |
Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999-June 2008). An officer of 95 portfolios in the OppenheimerFunds complex. |
Manager
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OppenheimerFunds, Inc. | |
Distributor
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OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder
Servicing Agent
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OppenheimerFunds Services | |
Independent Registered Public Accounting Firm |
KPMG llp | |
Counsel
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K&L Gates LLP |
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(a) | Audit Fees |
(e) | (1) During its regularly scheduled periodic meetings, the registrants audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. |
(f) | Not applicable as less than 50%. | |
(g) | The principal accountant for the audit of the registrants annual financial statements billed $595,082 in fiscal 2012 and $175,000 in fiscal 2011 to the registrant and the registrants investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non- |
audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. | ||
(h) | The registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. No such services were rendered. |
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) Exhibit attached hereto. |
(b) | Exhibit attached hereto. |
By:
|
/s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date:
|
7/10/2012 |
By:
|
/s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date:
|
7/10/2012 | |||
By:
|
/s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date:
|
7/10/2012 |
| honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; | ||
| full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (SEC) and in other public communications made by the Fund; | ||
| compliance with applicable governmental laws, rules and regulations; | ||
| the prompt internal reporting of violations of this Code to the Code Administrator identified below; and | ||
| accountability for adherence to this Code. |
1 | The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. |
(i) | employ any device, scheme or artifice to defraud a Fund or its shareholders; | ||
(ii) | intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; | ||
(iii) | engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; | ||
(iv) | engage in any manipulative practice with respect to any Fund; | ||
(v) | use his or her personal influence or personal relationships to influence any |
business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; | |||
(vi) | intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; | ||
(vii) | intentionally mislead or omit to provide material information to the Funds independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; | ||
(viii) | fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; | ||
(ix) | retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or | ||
(x) | fails to acknowledge or certify compliance with this Code if requested to do so. |
(i) | is prohibited by this Code; | ||
(ii) | is consistent with honest and ethical conduct; and | ||
(iii) | will result in a conflict of interest between the Covered Officers personal and professional obligations to a Fund. |
(i) | Continuous maintenance of a current list of the names of all Covered Officers; | ||
(ii) | Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; | ||
(v) | Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. |
2 | An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI. |
(a) | A copy of any Code which has been in effect during the period; | ||
(b) | A record of any violation of any such Code and of any action taken as a result of such violation, during the period; | ||
(c) | A copy of each annual report pursuant to the Code made by a Covered Officer during the period; | ||
(d) | A copy of each report made by the Code Administrator pursuant to this Code during the period; | ||
(e) | A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; | ||
(f) | A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and | ||
(g) | A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. |
Dated as of: June 25, 2003, as revised August 30, 2006 and further revised as of March 5, 2010. |
* | There are no other positions with the Funds or OFI who perform similar functions to those listed above. |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Emerging Markets Debt 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 Emerging Markets Debt 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 5/31/2012 (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 Emerging Markets Debt Fund
|
Oppenheimer Emerging Markets Debt Fund | |||||
/s/ William F. Glavin, Jr.
|
/s/ Brian W. Wixted
|
|||||
William F. Glavin, Jr.
|
Brian W. Wixted | |||||
Date: 7/10/2012
|
Date: 7/10/2012 |
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