Historical Prices

The above table and line graph present information about the differences between the daily closing price for shares of the fund and the fund's net asset value (NAV). The closing prices are determined by the fund's listing exchange. The vertical axis of the line graph shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium/discount occurred. The table shows the number of trading days in which the fund traded at a premium, discount or at NAV.

Close of trading times: The NAV of funds normally is calculated using prices as of 4:00 p.m. eastern time. Each fund normally trades on its respective stock exchange until 4:00 p.m. eastern time.

Time of last trade: Trading generally takes place throughout the normal trading hours for funds on the listing exchange on which it is listed (generally 9:30 a.m. - 4:00 p.m. eastern time). At times, many trades are placed in rapid succession. At other times, little or no trading activity is taking place. It is important to note that the date/time of the last trade (which is recorded as the closing price) may not take place at exactly 4:00 p.m. eastern time when the funds normally calculate NAV. The date/time of the last trade sometimes may occur before 4:00 p.m. eastern time. Thus, ongoing price discovery may result in a deviation between the price recorded as the closing price and the NAV of the fund shares calculated at 4:00 p.m. eastern time.

Note on international funds: The premiums and discounts shown for international funds may be less accurate due to the differences in closing times between U.S. and international markets. NAVs for most international funds are calculated by using closing securities prices from local markets and the Reuters/WM FX rates at 4:00 p.m. London Time. Therefore, during parts or all of the U.S. trading day, the NAVs for most international funds are frozen, yet the market prices for these funds continue to fluctuate to reflect new information. As a result, for most international funds, the traditional measure of premium/discount (closing price/NAV) may be more reflective of different market hours than true trading premium/discounts.

Shareholders may pay more than NAV when buying fund shares and receive less than NAV when selling fund shares, because shares are bought and sold at current market prices.