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ALTERNATIVE

Flexible Strategies Fund1 2 

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Focus: This Fund typically invests in equities, fixed income securities and alternative or non-traditional investments.
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Top Holdings 3  as of 3/31/14
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  % Net Assets
1 Opp. Master Loan Fund, LLC 14.1
2 (Cayman) Opp. Flexible Strategies Fund Ltd. 2.7
3 Airspeed Ltd., Airplane Rcvbls. 2.7
4 Blade Engine Securitization Lt. 2.7
5 Quanta Services, Inc. 1.9
6 Actavis plc 1.8
7 Structured Asset Securities Corp., Mtg. LN A.B. Ce 1.8
8 Starwood Property Trust, Inc. 1.8
9 Lukoil Intl Finance BV 1.8
10 RAMP Series 2006-NC3 Trust, Mtg. Asset-Backed Pass 1.6
  Total 32.9
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Portfolio Statistics a as of 3/31/14 ——
Weighted Avg Market Cap Weighted Median Market Cap P/E EPS
(next 12 months)
P/E Operating (LTM) Price/Book Value (LTM) Turnover
Ratio
120.3 billion 81.0 billion 14.34 15.34 2.51 76.0%
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Top Sectors 4 3  as of 3/31/14
  % Net Assets
1 Equity 33.5
2 Fixed Income 33.4
3 Cash & Equivalents 29.8
4 Other 3.4
  Total 100.0
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Top Regions 3  as of 3/31/14
  % Net Assets
1 Americas - Developed 66.2
2 Europe - Developed 3.9
3 Europe - Emerging 1.8
4 Supranational - Developed 0.3
5 Middle East - Emerging -0.1
6 Americas - Emerging -0.9
7 Asia Pacific - Developed -1.0
  Total 70.2
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Top Countries 3  as of 3/31/14
  % Net Assets
1 United States 61.8
2 Cayman Islands 2.7
3 Switzerland 1.9
4 Russia 1.8
5 Canada 1.7
6 Sweden 0.8
7 Netherlands 0.7
8 United Kingdom 0.5
9 Supranational (non-iso) 0.3
10 Italy 0.1
  Total 72.3
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Effective 12/2/13, The Fund will limit the market value of its total short positions to not more than 40% of its net assets at the time a short sale is entered into.
Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. May invest up to 25% in short sales, which profit when prices decline, but may increase volatility and risk of loss. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Small and mid-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. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.
The Equity allocation in the Sector Allocation table is net of short positions.
P/E ratio: The price of a stock divided by its earnings per share. The higher the P/E, the more investors pay, the more return they may expect and the riskier the stock may be.

P/B ratio: Abbreviation for price to book value ratio. It's the market value of a company's stock divided by its book value.

Earnings Growth: Revenue, minus cost and expenses, for a certain period.

Turnover ratio: A measure of the strategy's trading activity, which is computed by taking the lesser of purchases or sales during the strategy's latest fiscal year, divided by the total net asset value (NAV).

*SEC Form N-MFP is available 60 days after the end of the month.

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.

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