For each fund with a 3-year history, a Morningstar Rating® is calculated based on risk-adjusted returns that account for variations in a fund’s monthly performance (excluding sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The fund was rated against the following numbers of U.S.-domiciled Commodities Broad Basket funds over the following time periods: 110 in the last 3 years and 87 in the last 5 years. With respect to these Commodities Broad Basket funds, the fund received a Morningstar Rating of 5 and 5 stars for the 3-and 5-year periods, respectively. Other classes may have different performance characteristics.
Key Risks: The fund is actively managed and its characteristics will vary. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Futures trading can lead to large losses. Trading losses can sharply reduce the value of an interest in the fund. The fund may trade foreign futures contracts. Transactions on markets outside the United States may be subject to regulations that offer different or diminished protection. Commodity futures exposure is achieved through investments in, but not limited to, commodity-linked notes, swap agreements, commodity options, futures and options on futures. Investments in emerging markets may be considered speculative and are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. In addition, many emerging securities markets have lower trading volumes and less liquidity. Investing in long/short strategies presents the opportunity for significant losses, including the loss of your total investment. Such strategies have the potential for heightened volatility and in general, are not suitable for all investors. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. Investments in natural resources industries can be affected by variations in commodities markets, weather, disease, embargoes, political and economic developments, taxes and other government regulations. Investing in commodity- linked derivatives and commodity-related companies may increase volatility. Price movements are outside of the funds control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic events, interest rates, currency and exchange rates, government regulation and taxation.
