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ALTERNATIVE

Global Multi Strategies Fund1 

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Focus: The Strategy primarily invests in alternative strategies.
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Top Holdings 2  as of 3/31/14
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  % Net Assets
1 U.S. Treasury Bills, ZCN%, 7/24/14 18.4
2 (Cayman) Opp. Global Multi Strategies Fund Ltd. 5.0
3 Opp. Master Loan Fund, LLC 4.8
4 PowerShares Senior Loan Portfolio 4.7
5 U.S. Treasury Bills, ZCN%, 9/4/14 4.6
6 CSN Resources SA 1.0
7 Barclays Bank plc, Computer Sciences Corp., Credit 1.0
8 Banco BMG SA 0.7
9 Governo do Estado do Rio Grand 0.7
10 Atlas Ix Capital Ltd. Catastrophe Linked Nts., FLT 0.7
  Total 41.6
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Special Risks Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. 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. The Fund invests in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Event-linked securities are fixed income securities for which the return of principal and interest payment is contingent on the non-occurrence of a trigger event that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal and additional interest. 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. Short selling may increase volatility and risk of loss and is considered a speculative investment practice. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. 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. Investments in securities of real estate companies may be especially volatile. Because they do not have an active trading market, shares of Real Estate Investment Trusts (REITs) may be illiquid. The lack of an active trading market may make it difficult to value or sell shares of REITs promptly at an acceptable price.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.
Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.

*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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