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International Equity

The Strategy currently invests in four underlying products managed by the Oppenheimer Global and Emerging Markets Equity teams.
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Cumulative Total Returns

as of 8/31/17

Since Inception 9/27/05
111%
Performance & Distributions
×

International Equity

Gross Expense Ratio:
      2.08%
    Net Expense Ratio:   2.08%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • B

    Compare to Indices

    International Diversified Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 9/20/17
      2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • C
    International Diversified Fund 24.69 11.39 -44.40 48.33 16.69 -15.86 19.76 23.29 -6.91 -0.07 -0.15 26.16
    MSCI AC World ex USA 26.65 16.65 -45.53 41.45 11.15 -13.71 16.83 15.29 -3.87 -5.66 4.50

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • B

    as of 8/31/17

    as of 6/30/17

    • B
    YTD (as of 9/20/17)
    • C
    26.16%
    1 Year 18.57%
    3 Year 4.74%
    5 Year 9.27%
    10 Year 3.75%
    Since Inception 6.46%
    YTD (as of 9/20/17)
    • C
    26.16%
    1 Year 13.57%
    3 Year 3.83%
    5 Year 8.99%
    10 Year 3.75%
    Since Inception 6.46%
    YTD (as of 9/20/17)
    • C
    26.16%
    1 Year 19.32%
    3 Year 2.55%
    5 Year 9.14%
    10 Year 2.97%
    Since Inception 6.14%
    YTD (as of 9/20/17)
    • C
    26.16%
    1 Year 14.32%
    3 Year 1.59%
    5 Year 8.86%
    10 Year 2.97%
    Since Inception 6.14%
    Gross Expense Ratio
    2.08%
    NAV
    • D
    as of 9/20/17
    $17.12

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Holdings

    05/31/17

    Alibaba Group Holding Ltd,Spo...
    1.8%
    Tencent Holdings Ltd.
    1.4%
    Taiwan Semiconductor Manufact...
    1.4%
    SAP SE
    1.3%
    Housing Development Finance C...
    1.1%
    Lonza Group AG
    1.1%
    Kering
    1.0%
    Nippon Telegraph & Telephone
    1.0%
    Infineon Technologies AG
    0.9%
    Airbus Group SE
    0.9%
    Pernod Ricard SA
    0.9%
    Carnival Corp.
    0.7%
    Valeo SA
    0.7%
    Prudential plc
    0.7%
    Brenntag AG
    0.7%
    Sony Corp.
    0.7%
    AIA Group Ltd.
    0.7%
    Magnit PJSC
    0.7%
    LVMH Moet Hennessy Louis Vuit...
    0.7%
    Recruit Holdings Co. Ltd.
    0.6%
    ×
    • 1.8%
      Alibaba Group Holding Ltd,Sponsored ADR
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    ×
    • 1.4%
      Tencent Holdings Ltd.
    • Operates investment holding company with interest in internet, mobile, and telecommunications value-added services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    ×
    • 1.4%
      Taiwan Semiconductor Manufacturing
    • Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Taiwan
    EQUITY SECTOR Information Technology
    ×
    • 1.3%
      SAP SE
    • Provides e-business software solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    ×
    • 1.1%
      Housing Development Finance Corp.
    • Provides mortgage services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Financials
    ×
    • 1.1%
      Lonza Group AG
    • Engages in the supply of pharmaceutical, healthcare, and life science products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Health Care
    ×
    • 1.0%
      Kering
    • Operates luxury goods retail stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    ×
    • 1.0%
      Nippon Telegraph & Telephone
    • Operates as a holding company which interests in wired and wireless telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Telecommunication Services
    ×
    • 0.9%
      Infineon Technologies AG
    • Engaged in designing, developing, manufacturing, and marketing semiconductors and its related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    ×
    • 0.9%
      Airbus Group SE
    • Manufactures aerospace and defense equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    ×
    • 0.9%
      Pernod Ricard SA
    • Produces wines, spirits, and non-alcoholic beverages
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Staples
    ×
    • 0.7%
      Carnival Corp.
    • Operates luxury cruises ships
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.7%
      Valeo SA
    • Engages in the designing, production and marketing of automotive equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.7%
      Prudential plc
    • Operates as a holding company with interest in providing insurance and financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Financials
    ×
    • 0.7%
      Brenntag AG
    • Distributes chemicals and allied products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Industrials
    ×
    • 0.7%
      Sony Corp.
    • Engages in the development, design, manufacture and sale of electronic equipment, consumer & industrial electronics, game consoles & related software and others
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.7%
      AIA Group Ltd.
    • Provides general insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Financials
    ×
    • 0.7%
      Magnit PJSC
    • Owns and operates retail and convenience stores and hypermarkets
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Russia
    EQUITY SECTOR Consumer Staples
    ×
    • 0.7%
      LVMH Moet Hennessy Louis Vuitton
    • Operates as a holding company with interests in manufacturing beverages and other luxury goods
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.6%
      Recruit Holdings Co. Ltd.
    • Engages in the business of recruitment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Industrials
    Holdings Breakdown

    as of 05/31/17

    13.5%

    Japan

    11.8%

    France

    11.4%

    United Kingdom

    7.2%

    China

    6.7%

    Switzerland

    6.6%

    Germany

    4.9%

    India

    2.9%

    Netherlands

    No Holding
    in
    Netherlands
    2.6%

    Hong Kong

    2.3%

    Denmark

    No Holding
    in
    Denmark
    2.1%

    United States

    2.0%

    Spain

    No Holding
    in
    Spain
    1.9%

    South Korea

    No Holding
    in
    South Korea
    1.9%

    Russia

    1.9%

    Canada

    No Holding
    in
    Canada
    1.5%

    Sweden

    No Holding
    in
    Sweden
    1.4%

    Taiwan

    1.4%

    Australia

    No Holding
    in
    Australia
    1.3%

    Brazil

    No Holding
    in
    Brazil
    1.1%

    Mexico

    No Holding
    in
    Mexico
    Developed Markets 5
    Emerging Markets 5
    48.2%

    Europe

    No Holding
    in
    Europe
    17.8%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    4.0%

    Americas

    No Holding
    in
    Americas
    0.7%

    Middle East

    No Holding
    in
    Middle East
    17.8%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    2.9%

    Americas

    No Holding
    in
    Americas
    2.5%

    Europe

    No Holding
    in
    Europe
    0.8%

    Africa

    No Holding
    in
    Africa
    0.5%

    Middle East

    No Holding
    in
    Middle East
    19.1%

    Consumer Discretionary

    18.0%

    Information Technology

    15.8%

    Industrials

    11.4%

    Health Care

    11.1%

    Financials

    10.0%

    Consumer Staples

    3.8%

    Materials

    No Holding
    in
    Materials
    3.8%

    Telecommunication Services

    1.3%

    Energy

    No Holding
    in
    Energy
    1.1%

    Real Estate

    No Holding
    in
    Real Estate
    95.2%

    Morningstar

    as of 8/31/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 327
    Category Foreign Large Growth
    Risk Measurements

    as of 08/31/17

    Alpha 2.55%
    Beta 0.87
    R-Squared
    91.09
    Sharpe Ratio
    0.44
    Standard Deviation
    11.45%
    Sortino Ratio
    0.20
    Information Ratio
    0.63
    Equity Style
    • E
    Total Assets (all classes)
    as of 8/31/17
    $3.4 BN
    Morningstar Analyst Rating

    as of 6/28/2017

    Bronze
    Portfolio Statistics

    as of 8/31/17

    Avg Market Cap (weighted) 49.1 BN
    Median Market Cap (weighted) 16.8 BN
    P/E (next 12 months) 18.57
    P/E Operating (LTM) 23.46
    Price/Book Value (LTM) 2.96
    Turnover Ratio
    16.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • F
    Est Frequency Annual
    Last Pay Date 12/31/12
    Per Share ($) 0.0904
    Top Holdings

    05/31/17

    Alibaba Group H...
    1.8%
    Tencent Holding...
    1.4%
    Taiwan Semicond...
    1.4%
    SAP SE
    1.3%
    Housing Develop...
    1.1%
    Lonza Group AG
    1.1%
    Kering
    1.0%
    Nippon Telegrap...
    1.0%
    Infineon Techno...
    0.9%
    Airbus Group SE...
    0.9%
    Pernod Ricard S...
    0.9%
    Carnival Corp.
    0.7%
    Valeo SA
    0.7%
    Prudential plc
    0.7%
    Brenntag AG
    0.7%
    Sony Corp.
    0.7%
    AIA Group Ltd.
    0.7%
    Magnit PJSC
    0.7%
    LVMH Moet Henne...
    0.7%
    Recruit Holding...
    0.6%
    Holdings Breakdown

    as of 05/31/17

    Reset
    13.5%

    Japan

    11.8%

    France

    11.4%

    United Kingdom

    7.2%

    China

    6.7%

    Switzerland

    6.6%

    Germany

    4.9%

    India

    2.9%

    Netherlands

    No Holding
    in
    Netherlands
    2.6%

    Hong Kong

    2.3%

    Denmark

    No Holding
    in
    Denmark
    2.1%

    United States

    2.0%

    Spain

    No Holding
    in
    Spain
    1.9%

    South Korea

    No Holding
    in
    South Korea
    1.9%

    Russia

    1.9%

    Canada

    No Holding
    in
    Canada
    1.5%

    Sweden

    No Holding
    in
    Sweden
    1.4%

    Taiwan

    1.4%

    Australia

    No Holding
    in
    Australia
    1.3%

    Brazil

    No Holding
    in
    Brazil
    1.1%

    Mexico

    No Holding
    in
    Mexico
    48.2%

    Europe

    No Holding
    in
    Europe
    17.8%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    4.0%

    Americas

    No Holding
    in
    Americas
    0.7%

    Middle East

    No Holding
    in
    Middle East
    17.8%

    Asia Pacific

    No Holding
    in
    Asia Pacific
    2.9%

    Americas

    No Holding
    in
    Americas
    2.5%

    Europe

    No Holding
    in
    Europe
    0.8%

    Africa

    No Holding
    in
    Africa
    0.5%

    Middle East

    No Holding
    in
    Middle East
    19.1%

    Consumer Discretionary

    18.0%

    Information Technology

    15.8%

    Industrials

    11.4%

    Health Care

    11.1%

    Financials

    10.0%

    Consumer Staples

    3.8%

    Materials

    No Holding
    in
    Materials
    3.8%

    Telecommunication Services

    1.3%

    Energy

    No Holding
    in
    Energy
    1.1%

    Real Estate

    No Holding
    in
    Real Estate
    95.2%

    ×
    • 1.8%
      Alibaba Group Holding Ltd,Sponsored ADR
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    ×
    • 1.4%
      Tencent Holdings Ltd.
    • Operates investment holding company with interest in internet, mobile, and telecommunications value-added services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    ×
    • 1.4%
      Taiwan Semiconductor Manufacturing
    • Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Taiwan
    EQUITY SECTOR Information Technology
    ×
    • 1.3%
      SAP SE
    • Provides e-business software solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    ×
    • 1.1%
      Housing Development Finance Corp.
    • Provides mortgage services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Financials
    ×
    • 1.1%
      Lonza Group AG
    • Engages in the supply of pharmaceutical, healthcare, and life science products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Health Care
    ×
    • 1.0%
      Kering
    • Operates luxury goods retail stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    ×
    • 1.0%
      Nippon Telegraph & Telephone
    • Operates as a holding company which interests in wired and wireless telecommunication services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Telecommunication Services
    ×
    • 0.9%
      Infineon Technologies AG
    • Engaged in designing, developing, manufacturing, and marketing semiconductors and its related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    ×
    • 0.9%
      Airbus Group SE
    • Manufactures aerospace and defense equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    ×
    • 0.9%
      Pernod Ricard SA
    • Produces wines, spirits, and non-alcoholic beverages
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Staples
    ×
    • 0.7%
      Carnival Corp.
    • Operates luxury cruises ships
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.7%
      Valeo SA
    • Engages in the designing, production and marketing of automotive equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.7%
      Prudential plc
    • Operates as a holding company with interest in providing insurance and financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Financials
    ×
    • 0.7%
      Brenntag AG
    • Distributes chemicals and allied products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Industrials
    ×
    • 0.7%
      Sony Corp.
    • Engages in the development, design, manufacture and sale of electronic equipment, consumer & industrial electronics, game consoles & related software and others
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.7%
      AIA Group Ltd.
    • Provides general insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Financials
    ×
    • 0.7%
      Magnit PJSC
    • Owns and operates retail and convenience stores and hypermarkets
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Russia
    EQUITY SECTOR Consumer Staples
    ×
    • 0.7%
      LVMH Moet Hennessy Louis Vuitton
    • Operates as a holding company with interests in manufacturing beverages and other luxury goods
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    ×
    • 0.6%
      Recruit Holdings Co. Ltd.
    • Engages in the business of recruitment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Industrials

    Management

    George R. Evans, CFA

    Managed Fund since 9/05

    Investment Approach

    The portfolio manager seeks to create a well diversified international portfolio by allocating assets across as many as four underlying Oppenheimer strategies. By allocating international assets across a wide range of market capitalizations, styles, and countries, the Strategy seeks to provide a more attractive balance between risk and reward than any single international strategy can provide on its own.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×
    1. 1. In managing the portfolio, the Manager will have the authority to select and substitute certain underlying Oppenheimer funds, as designated in the prospectus, and may be subject to potential conflicts of interest because the fees paid to it by some underlying funds are higher than the fees paid by others. However, the Manager is obligated to act in each portfolio's best interests when selecting underlying funds. Each of the underlying funds in which the portfolio invests has its own investment risks, and those risks can affect the value of each portfolio's shares and investment. In addition, there is no guarantee that the underlying funds will achieve their investment objectives. The underlying funds may change their investment objectives or policies without the approval of the portfolio, and a portfolio may be forced to sell its shares of underlying funds at a disadvantageous time.
    2. 2. Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Investments in securities of growth companies may be volatile. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. While the Fund may be appropriate for a portion of a retirement plan investment, it is not a complete investment program. Portfolio managers will have the authority to select and substitute certain underlying Oppenheimer funds, as designated in the prospectus, and may be subject to potential conflicts of interest because the fees paid to it by some underlying funds are higher than the fees paid by others. However, the managers are fiduciaries to each portfolio and are obligated to act in its best interests when selecting funds. Each of the funds in which the portfolios invest has its own investment risks, and those risks can affect the value of each portfolio's share and investments. There is no guarantee that the underlying funds will achieve their investment objectives. The underlying funds may change their investment objectives or policies without the approval of the portfolio, and a portfolio may be forced to sell its shares of the underlying funds at a disadvantageous time. Diversification does not guarantee profit or protect against loss.
    3. 3. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
    4. 4. Access index definitions.
    5. 5. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    6. 6. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar's current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar's expectations not to occur or to differ significantly.
    7. A. Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.
    8. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, respectively, where with sales charge is indicated. Class B shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    9. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    10. D. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
    11. E. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    12. F. There is no guarantee of the payment of any dividend or other distributions at any level.
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