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ALTERNATIVE

Real Estate Fund 1 2 

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Focus: The Strategy typically invests in real estate securities, primarily real estate investment trusts (REITs)
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Management

Scott Westphal, CFA, CPA
Portfolio Manager
Managed fund since 3/02
David Wharmby, CFA
Portfolio Manager
Managed fund since 1/12
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Strategy

The portfolio managers combine extensive real estate expertise with rigorous securities analysis to invest in high quality real estate investment trusts (REITs). Top-down analysis is employed to determine geographic markets and property types the managers believe are most likely to outperform. This is combined with bottom-up analysis of each company's property portfolio, relative valuation, management strategy, and financial stability.
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Commentary

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Title
Content Type
Date
Real Estate Fund Commentary
Portfolio Commentary
04/15/2014
The Fund's portfolio managers are employed by its Sub-Sub-Adviser, Cornerstone Real Estate Advisers, LLC.
Special Risks: Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk, including loss in value due to poor management, lowered credit ratings and other factors. Smaller real estate companies may also be subject to liquidity risk. Small-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations and tend to have lower trading volumes than large-cap securities, creating potential for more erratic price movements. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. The Fund is classified as a "non-diversified" fund and may invest a greater portion of its assets in the securities of a single issuer.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008