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Mutual Funds

Myin Tracked Fundracker All Oppenheimer Funds
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Share Class:
Fund Name Ticker Class Incep.
Date
YTD as of 4/17/14 (%)ab 1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
Since
Incep. (%)
Gross/Net
Exp. Ratioc
Fiscal
Year End
expandedDomestic Equity
Capital Appreciation Fund 1  OPTFX A 1/22/81 -1.75 11.88 9.24 16.66 4.55 11.70 1.06/— 3/31/14       
Discovery Fund 2 d OPOCX A 9/11/86 -8.47 20.64 11.60 23.18 7.89 10.54 1.11/— 3/31/14       
Discovery Mid Cap Growth Fund 3 4  OEGAX A 11/1/00 -4.01 17.59 9.64 20.40 7.15 5.64 1.35/— 3/31/14       
Dividend Opportunity Fund 5 6  OSVAX A 11/26/02 0.15 6.86 3.05 15.40 4.80 7.62 1.13/— 3/31/14       
Equity Fund7 8  OEQAX A 10/2/47 -0.08 12.76 9.03 17.12 5.51 10.04 0.99/— 3/31/14       
Equity Income Fund 9 10  OAEIX A 2/13/87 0.97 13.83 10.23 21.03 8.36 11.40 1.03/— 3/31/14       
Main Street Fund® 11 12  MSIGX A 2/3/88 0.17 15.62 12.36 19.13 6.09 11.21 0.94/— 3/31/14       
Main Street Select Fund®13 14  OMSOX A 9/25/00 0.27 14.21 11.26 19.06 6.13 6.61 1.13/— 3/31/14       
Main Street Small Cap Fund® 15 16  OSCAX A 5/17/13 1.30 1.41/1.25 3/31/14       
Main Street Small- & Mid-Cap Fund®17 18  OPMSX A 8/2/99 1.37 16.98 11.47 23.83 8.07 10.79 1.10/— 3/31/14       
Rising Dividends Fund 19 20  OARDX A 4/30/80 -0.34 10.28 9.88 15.71 7.06 12.54 1.05/— 3/31/14       
Small- & Mid- Cap Value Fund 21  QVSCX A 1/3/89 1.78 18.04 8.57 19.55 7.45 10.09 1.17/— 3/31/14       
Value Fund 22  CGRWX A 9/16/85 1.53 13.60 8.55 17.20 5.98 9.76 0.95/— 3/31/14       
expandedGlobal Equity
Developing Markets Fund 23 e my tracker ODMAX A 11/18/96 -0.24 0.18 0.00 18.11 13.70 13.67 1.31/1.30 3/31/14       
Global Fund24  my tracker OPPAX A 12/22/69 -0.78 12.32 7.85 18.55 7.33 11.54 1.14/— 3/31/14       
Global Opportunities Fund 25  OPGIX A 10/22/90 -3.16 25.37 9.72 21.94 9.37 11.61 1.18/— 3/31/14       
Global Value Fund 26  GLVAX A 10/1/07 -4.65 19.33 10.37 28.81 5.82 1.31/— 3/31/14       
International Diversified Fund 27 28 29  OIDAX A 9/27/05 -1.48 10.20 5.79 17.84 6.85 1.27/— 3/31/14       
International Growth Fund 30  OIGAX A 3/25/96 0.24 12.33 8.96 18.06 8.69 8.89 1.15/— 3/31/14       
International Small Company Fund 31  OSMAX A 11/17/97 0.68 28.96 13.58 31.44 13.62 13.27 1.24/— 3/31/14       
International Value Fund32  QIVAX A 7/2/90 -5.43 8.40 2.69 17.01 4.48 6.75 1.29/— 3/31/14       
expandedDomestic Debt
Core Bond Fund 33  OPIGX A 4/15/88 3.30 -3.16 4.12 8.75 0.06 4.48 0.99/0.91 3/31/14       
Corporate Bond Fund 34  OFIAX A 8/2/10 3.84 -1.58 5.43 5.55 1.03/1.00 3/31/14       
Global High Yield Fund 35 36  OGYAX A 11/8/13 2.61 —/— —       
Limited-Term Bond Fund 37 38  OUSGX A 8/16/85 1.24 -0.79 3.13 5.07 3.74 6.23 0.90/0.82 3/31/14       
Limited-Term Government Fund 39 40  OPGVX A 3/10/86 0.52 -2.37 0.42 3.06 2.05 5.16 0.91/0.80 3/31/14       
Senior Floating Rate Fund 41  OOSAX A 9/8/99 0.85 1.30 3.96 12.82 4.77 4.98 1.18/1.17 3/31/14       
Senior Floating Rate Plus Fund 42 43  OSFAX A 8/23/13 1.22 —/— —       
expandedMunicipal Bond
Rochester® AMT-Free Municipal Fund 44 45  OPTAX A 10/27/76 7.65 -5.96 9.92 12.27 2.02 5.57 0.94/0.84 3/31/14       
Rochester® AMT-Free New York Municipal Fund 46 47 48 44  OPNYX A 8/16/84 7.11 -10.33 6.25 9.68 3.51 6.47 0.99/0.88 3/31/14       
Rochester® Arizona Municipal Fund 49 50  ORAZX A 10/10/06 6.40 -10.63 5.47 10.36 1.67 1.10/0.90 3/31/14       
Rochester® California Municipal Fund 49 47 51  OPCAX A 11/3/88 7.52 -5.14 9.05 12.56 3.02 5.39 0.91/0.82 3/31/14       
Rochester® Fund Municipals52 49 53  my tracker RMUNX A 5/15/86 6.62 -10.89 5.43 9.17 3.69 6.10 0.87/0.76 3/31/14       
Rochester® High Yield Municipal Fund 54 49 55 f my tracker ORNAX A 10/1/93 7.77 -6.94 8.44 13.15 1.51 3.90 0.99/0.74 3/31/14       
Rochester® Intermediate Term Municipal Fund 49 56  ORRWX A 12/6/10 3.98 -2.98 3.56 3.00 1.07/1.00 3/31/14       
Rochester® Limited Term California Municipal Fund 49 47 57  OLCAX A 2/25/04 3.72 -2.22 4.13 5.97 3.99 4.14 0.86/0.85 3/31/14       
Rochester® Limited Term Municipal Fund 49 58 59  OPITX A 11/11/86 3.62 -3.82 4.09 5.87 3.73 5.54 0.81/0.80 3/31/14       
Rochester® Limited Term New York Municipal Fund60 49 61  LTNYX A 9/18/91 3.50 -6.27 2.57 5.00 3.34 4.84 0.81/0.80 3/31/14       
Rochester® Maryland Municipal Fund 49 62  ORMDX A 10/10/06 7.26 -12.15 4.13 9.41 1.59 1.15/0.92 3/31/14       
Rochester® Massachusetts Municipal Fund 63 49  ORMAX A 7/18/06 6.19 -9.14 5.10 9.27 1.36 1.36/1.16 3/31/14       
Rochester® Michigan Municipal Fund 49 62  ORMIX A 6/21/06 5.53 -11.39 4.21 8.73 -0.27 1.13/0.91 3/31/14       
Rochester® Minnesota Municipal Fund 49 62  OPAMX A 11/7/06 6.44 -4.42 6.71 9.65 3.33 1.01/0.83 3/31/14       
Rochester® New Jersey Municipal Fund 49 47 64  ONJAX A 3/1/94 9.39 -7.11 5.73 10.35 3.62 4.49 0.97/0.91 3/31/14       
Rochester® North Carolina Municipal Fund 63 49  OPNCX A 10/10/06 6.73 -10.50 4.88 9.49 1.01 1.06/0.88 3/31/14       
Rochester® Ohio Municipal Fund 49 65  OROHX A 6/21/06 7.41 -6.35 5.60 9.85 2.06 1.40/1.25 3/31/14       
Rochester® Pennsylvania Municipal Fund 49 47 66  OPATX A 9/18/89 7.24 -9.07 4.83 10.02 3.38 5.37 0.96/0.85 3/31/14       
Rochester® Short Term Municipal Fund 67 49  ORSTX A 12/6/10 1.45 -1.47 1.93 1.94 0.86/— 3/31/14       
Rochester® Virginia Municipal Fund 49 62  ORVAX A 7/18/06 8.37 -13.19 4.75 8.89 0.28 1.08/0.85 3/31/14       
expandedGlobal Debt
Emerging Markets Local Debt Fund 68 69  OEMAX A 6/30/10 0.97 -13.20 -0.78 1.87 1.38/1.25 3/31/14       
Global Strategic Income Fund 70 71  OPSIX A 10/16/89 2.35 -4.45 2.60 10.36 5.55 7.47 1.02/0.99 3/31/14       
International Bond Fund 72  my tracker OIBAX A 6/15/95 1.79 -7.57 0.38 5.42 5.64 8.08 1.00/— 3/31/14       
expandedMoney Market
Cash Reserves 73  CRSXX A 1/3/89 0.00 0.01 0.01 0.01 1.40 3.02 0.91/0.65 3/31/14       
Money Market Fund 73  OMBXX A 4/17/74 0.00 0.01 0.01 0.02 1.56 3.58 0.64/— 3/31/14       
expandedAlternative
Commodity Strategy Total Return Fund 74  QRAAX A 3/31/97 7.72 -8.08 -8.11 3.26 -3.12 -0.99 1.73/1.44 3/31/14       
Currency Opportunities Fund 75  OCOAX A 6/30/10 1.09 -4.46 -4.17 -1.29 1.66/1.20 3/31/14       
Diversified Alternatives Fund 76 77  ODAAX A 12/28/12 5.06 -6.53 -3.35 1.17/— 3/31/14       
Diversified Alternatives Fund/VA 78 79  A 11/14/13 5.54 —/— —       
Flexible Strategies Fund80 81  QVOPX A 1/3/89 1.84 2.70 -0.32 4.66 3.48 8.70 2.12/2.05 3/31/14       
Global Multi Strategies Fund82  OARAX A 3/5/07 2.31 -3.52 -1.20 1.03 0.76 2.07/1.42 3/31/14       
Global Real Estate83 84 85  OGRAX A 3/20/13 4.54 -3.01 -1.69 1.50/1.45 3/31/14       
Gold & Special Minerals Fund 86  OPGSX A 7/19/83 6.57 -35.40 -28.56 -2.98 4.03 5.95 1.13/1.11 3/31/14       
Real Estate Fund 84 87  OREAX A 3/4/02 11.56 -0.92 7.45 26.32 7.73 10.62 1.47/1.37 3/31/14       
SteelPath MLP Alpha Fund 88  MLPAX A 3/31/10 6.32 6.05 9.29 11.06 7.13/1.50 6/28/13       
SteelPath MLP Alpha Plus Fund 89  MLPLX A 2/6/12 8.31 9.34 14.46 13.06/2.00 6/28/13       
SteelPath MLP Income Fund 90  MLPDX A 3/31/10 1.75 1.67 4.50 8.07 3.53/1.35 6/28/13       
SteelPath MLP Select 40 Fund 91  MLPFX A 3/31/10 5.99 4.71 8.09 10.73 5.28/1.10 6/28/13       
expandedMulti Asset
Capital Income Fund 92 93 94  OPPEX A 12/1/70 2.20 1.49 5.31 11.60 2.36 10.87 1.06/1.01 3/31/14       
Global Allocation Fund 95 96  QVGIX A 11/1/91 -0.61 5.75 3.30 13.11 3.08 8.27 1.35/1.27 3/31/14       
Portfolio Series: Active Allocation Fund 29 97  OAAAX A 4/5/05 -0.08 8.52 6.12 14.74 3.82 1.23/1.19 3/31/14       
Portfolio Series: Conservative Investor Fund 98 29  OACIX A 4/5/05 1.59 -1.13 2.84 9.27 1.03 1.08/0.98 3/31/14       
Portfolio Series: Equity Investor Fund 29 99  OAAIX A 4/5/05 -0.87 12.03 7.82 18.11 6.15 1.19/— 3/31/14       
Portfolio Series: Moderate Investor Fund 29 97  OAMIX A 4/5/05 0.67 4.79 5.33 12.63 2.64 1.11/1.04 3/31/14       

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. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Investments in securities of growth and technology companies may be especially volatile. Diversification does not guarantee profit or protect against loss.
Special Risks: 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. Investments in securities of growth companies may be volatile. Diversification does not guarantee profit or protect against loss.
Prior to June 28, 2013, the Fund's name was Oppenheimer Small- & Mid-Cap Growth Fund. The Fund will primarily invest in equity securities of "mid-cap" issuers. There will be no change to the Fund's investment objective.
Special Risks:  Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Investments in securities of growth companies may be volatile. 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. Diversification does not guarantee profit or protect against loss.
Prior to 12/11/13, the Fund's name was Oppenheimer Select Value Fund. Effective on that date, the Fund will mainly invest in dividend paying stocks that the portfolio manager believes are undervalued. Performance prior to 12/11/13 is not indicative of performance for any subsequent periods.
Special Risks:  There is no guarantee that the issuers of stocks held by mutual funds will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Value investing involves the risk that undervalued securities may not appreciate as anticipated. 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. 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.
Prior to 3/28/13, the Fund's name was Oppenheimer Equity Fund, Inc.
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. Emerging and developing market investments may be especially 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, 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 mid-sized company, if any gain is realized at all. Investments in securities of growth companies may be volatile. Diversification does not guarantee profit or protect against loss.
The Fund's investment objective changed from "seeks capital appreciation" to "seeks total return" on 8/1/07. Performance prior to 8/1/07 is not indicative of performance for any subsequent periods.
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. 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. Convertible bonds are subject to the additional risk that the market value of the equity or other securities into which they are convertible will never be sufficient to justify conversion, rendering the conversion value of the bonds worthless. Preferred shares are subject to interest rate risk; when interest rates rise, the value of the preferred stock having a fixed dividend rate tends to fall. Preferred shares do not represent a liability of the issuer and, although generally ranking ahead of common stock in a bankruptcy or insolvency, would generally rank behind liabilities of the issuer. There is no guarantee that the issuers of stocks held by mutual funds will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Diversification does not guarantee profit or protect against loss.
Special Risks: May invest no more than 10% in below-investment-grade non-convertible debt securities, but up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. 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. Diversification does not guarantee profit or protect against loss.
The Fund's investment objective changed from "seeks high total return" to "seeks capital appreciation" on 12/28/12.
Effective 11/1/10, the number of issuers held by the Fund was reduced to 35 or fewer names, potentially increasing Fund volatility.
Special Risks:  Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. The Fund may invest a significant portion of assets in a particular industry or sector which may increase volatility and exposure to risks associated with that particular industry or sector. 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. Diversification does not guarantee profit or protect against loss.
Special Risks 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. Diversification does not guarantee profit or protect against loss.
This is a new Fund with limited operating history and an inception date of 5/17/13.
Effective 6/30/14, the Fund's name will change to Oppenheimer Main Street Mid Cap Fund and its primary benchmark will be the Russell Midcap Index.
Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. 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. Diversification does not guarantee profit or protect against loss.
The Fund's investment objective changed from "seeks capital appreciation" to "seeks total return" on 8/1/07. Performance prior to 8/1/07 is not indicative of performance for any subsequent periods.
Special Risks:  Investments in securities of growth companies may be volatile. There is no guarantee that the issuers of stocks held by mutual funds will declare dividends in the future, or that dividends will remain at their current levels or increase over time. 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. Diversification does not guarantee profit or protect against loss.
Special Risks: 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. 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. Diversification does not guarantee profit or protect against loss.
Special Risks: 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. Diversification does not guarantee profit or protect against loss.
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. Investments in securities of growth companies may be volatile. 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. The Fund may invest a significant portion of assets in a particular region, which may increase volatility and exposure to risks associated with that particular region.
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. Investments in securities of growth companies may be volatile. 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 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 mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.
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. Investments in securities of growth companies may be volatile. 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. 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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Diversification does not guarantee profit or protect against loss.
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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. 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. Diversification does not guarantee profit or protect against loss.
Special Risks: Underlying funds may invest in foreign securities, which may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and political and economic uncertainties.  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. 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. 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 manager is a fiduciary to each portfolio and is 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.
Effective January 2, 2014, the Oppenheimer International Diversified Fund will be a pure equity portfolio and will no longer invest in Oppenheimer International Bond Fund
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. While the Fund may be appropriate for a portion of a retirement plan investment, it is not a complete investment program. See the prospectus for additional risks of investing in the Fund.
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. Investments in securities of growth companies may be volatile. 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. Diversification does not guarantee profit or protect against loss.
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. Investments in securities of growth companies may be volatile. 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. The Fund may invest a significant portion of assets in a particular region, which may increase volatility and exposure to risks associated with that particular region.
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. 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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Investments in securities of growth companies may be volatile. 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.
Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. May invest up to 20% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Mortgage-backed securities are subject to prepayment risk. Asset-backed securities are subject to prepayment risk. 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. 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.
Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. 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. Mortgage-backed securities are subject to prepayment risk. 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. 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.
This is a new Fund with a limited operating history and an inception date of 11/8/13.
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. May invest up to 80% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. May invest up to 30% in foreign government securities, which entail special risks, including currency fluctuations, foreign taxes and geopolitical risks, and may have higher expenses and volatility. Emerging and developing market investments may be especially volatile. 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
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. May invest up to 35% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Asset-backed securities are subject to prepayment risk. Mortgage-backed securities are subject to prepayment risk. Mortgage bonds are susceptible to risks such as default and prepayment of principal and are taxable at the state and federal levels. The timely payment of interest and principal on U.S. Treasury securities is guaranteed by the U.S. Government and interest in those securities is only taxable at the federal level. The government guarantee does not eliminate market risk, however, because it does not cover any decrease in the market value of U.S. treasury securities. It is important to note that longer maturity bonds have greater volatility and risk when compared to shorter maturity bonds. 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. 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.
As of August 1, 2013, the Fund's name has been changed from Oppenheimer U.S. Government Trust and the maximum front-end sales charge for Class A shares was reduced to 2.25%.
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. Mortgage-backed securities are subject to prepayment risk. The timely payment of interest and principal on U.S. Treasury securities is guaranteed by the U.S. Government and interest in those securities is only taxable at the federal level. The government guarantee does not eliminate market risk, however, because it does not cover any decrease in the market value of U.S. treasury securities. It is important to note that longer maturity bonds have greater volatility and risk when compared to shorter maturity bonds. May invest up to 20% in non-U.S. Government securities, which carry greater credit risk. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. 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.
The Fund's investment objective changed from "seeks high current return and safety of principal" to "seeks income" on 12/28/12.
Special Risks: Senior loans are typically lower-rated and may be illiquid investments (which may not have a ready market) The Fund may invest without limit in lower-rated securities. The Fund may invest a variable amount in debt rated below "B." The Fund may invest without limit in lower rated securities. The Fund may invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. 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. 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. 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. The Fund may use leverage (borrowing) which involves transaction and interest costs on amounts the Fund borrows, which may reduce performance.
This is a new Fund with a limited operating history and an inception date of 8/23/13.
Special Risks: Senior loans are typically lower-rated and may be illiquid investments (which may not have a ready market) The Fund may invest without limit in below-investment-grade securities. The Fund may invest a variable amount in debt rated below "B." The Fund may invest without limit in lower rated securities. The Fund may invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. 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. 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. 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. The Fund may use leverage (borrowing) which involves transaction and interest costs on amounts the Fund borrows, which may reduce performance.
A portion of the Fund's distributions may be subject to tax.  Capital gains distributions are taxable as capital gains.  Tax treatments of the Fund's distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. *Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. *Restrictions applied at time of purchase and includes unrated securities internally rated by OppenheimerFunds, Inc. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
Available to investors only in certain states.
Prior to 1/28/13, the Fund's name was Oppenheimer AMT-Free New York Municipals.
A portion of the Fund's distributions may be subject to tax and may increase taxes for investors subject to Alternative Minimum Tax (AMT).  Capital gains distributions are taxable as capital gains. Tax treatments of the Fund's distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk.* Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. *Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. *Restrictions applied at time of purchase and includes unrated securities internally rated by OppenheimerFunds, Inc. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
Prior to 3/28/13, the Fund's name was Rochester Fund Municipals.
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. May invest without limit in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities.
Prior to 11/27/13, the Fund's name was Oppenheimer Rochester National Municipals.
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. May invest up to 5% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk.* May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time. The Fund will not invest more than 10% of its total assets in unrated securities. However, this limitation does not apply to unrated debt that has similar characteristics and is comparable to NRSRO rated debt issued by the same issuer or guaranteed by the same guarantor.
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. May invest up to 5% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk.* Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
Prior to 1/28/13, the Fund's name was Oppenheimer Limited Term Municipal Fund.
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. May invest up to 5% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. * Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
Prior to 3/28/13, the Fund's name was Limited Term New York Municipal Fund.
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. May invest up to 5% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk.* Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. *Restrictions applied at time of purchase and includes unrated securities internally rated by OppenheimerFunds, Inc. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. *Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO"). The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield. Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating. Under certain market conditions, some unrated securities may trade less actively than rated securities. *Restrictions applied at time of purchase and includes unrated securities internally rated by OppenheimerFunds, Inc. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. *Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. *Restrictions applied at time of purchase and includes unrated securities internally rated by OppenheimerFunds, Inc. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. *Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. *Restrictions applied at time of purchase and includes unrated securities internally rated by OppenheimerFunds, Inc. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk.* Large sector holdings (such as tobacco) may expose investors to greater volatility and special risks associated with that sector. May invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
Special Risks Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. May invest up to 5% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. May invest substantially in U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization ("NRSRO").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time. The Fund will not invest more than 5% of its total assets in unrated securities. However, this limitation does not apply to unrated debt that has similar characteristics and is comparable to NRSRO rated debt issued by the same issuer or guaranteed by the same guarantor.
Special Risks Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. The Fund typically invests at least 80% of its net assets in debt securities that are economically tied to emerging market countries and denominated in local (non-U.S.) currencies. 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. The Fund may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer. 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.
Prior to 2/4/14, The Fund's name was Oppenheimer Emerging Markets Debt Fund.
Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. 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. The Fund invests in Gold ETFs, which involve additional fees and risks. 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.
The Fund's investment objective changed from "seeks high current income to "seeks total return" on 6/4/12.
Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. 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. Currency derivative investments may be particularly volatile and involve significant risks. 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. Diversification does not guarantee profit or protect against loss.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
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. May invest up to 10% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. 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. 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.
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. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. 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. Currency derivative investments may be particularly volatile and involve significant risks. The Fund may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer. 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.
In managing the portfolio, the 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 obligated to act in each portfolio's best interests when selecting underlying funds. Each of the underlying funds in which the portfolios invest has its own investment risks, and those risks can affect the value of each portfolio's shares and investments. 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 the underlying funds at a disadvantageous time.
Special Risks: Alternative asset classes may be volatile and are subject to liquidity risk. 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. 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. Currency derivative investments may be particularly volatile and involve significant risks. Investments in mining and metal industry companies may be speculative and may be subject to volatility. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. 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. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. Each Fund's investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLP funds. The Oppenheimer SteelPath MLP Funds are subject to certain MLP tax risks. An investment in an Oppenheimer SteelPath MLP Fund does not offer the same tax benefits of a direct investment in an MLP. The Funds are organized as Subchapter ?C? Corporations and are subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local income taxes. The potential tax benefit of investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation, its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution which could result in a reduction of the fund's value. MLP funds accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.
Special Risks Alternative asset classes may be volatile and are subject to liquidity risk. 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. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. Inflation-indexed debt securities are bonds structured to seek to provide protection against inflation. If inflation declines, the principal amount or the interest rate of an inflation-indexed bond will be adjusted downward. This will result in reduced income and may result in a decline in the bond's price which could cause losses for the Fund. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal or interest rate is adjusted for inflation. Inflation-indexed debt securities are also subject to the risks associated with investments in fixed income securities. 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. Currency derivative investments may be particularly volatile and involve significant risks. Investments in mining and metal industry companies may be speculative and may be subject to volatility. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. 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. 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. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. Exchange traded notes ("ETNs") are debt securities subject to credit risk. The value of an ETN is impacted by events that affect the underlying asset. The Fund may incur additional fees and expenses when investing in ETNs.
This is a new Strategy with a limited operating history and an inception date of 11/14/13.
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.
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.
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. 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. 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.
The Fund's portfolio managers are employed by its Sub-Sub-Adviser, Cornerstone Real Estate Advisers, LLC.
This is a new Fund with limited operating history with an inception date of 3/20/13.
Special Risks: Investments in mining and metal industry companies may be speculative and may be subject to volatility. 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. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. Investments in securities of growth companies may be volatile. 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. The Fund invests in Gold ETFs, which involve additional fees and risks. 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. 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.
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.
Special Risks Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund's investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. Additional management fees and other expenses are associated with investing in MLP funds. The Fund is subject to certain MLP tax risks. An investment in the Fund does not offer the same tax benefits of a direct investment in an MLP. The Fund is organized as a Subchapter "C" Corporation and is subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local income taxes. The potential benefit of investing in MLPs generally is their treatment as partnerships for federal income tax. Many MLPs accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation on its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. 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.
Special Risks Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund's investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. Additional management fees and other expenses are associated with investing in MLP funds. The Fund is subject to certain MLP tax risks. An investment in the Fund does not offer the same tax benefits of a direct investment in an MLP. The Fund is organized as a Subchapter "C" Corporation and is subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local income taxes. The potential benefit of investing in MLPs generally is their treatment as partnerships for federal income tax. Many MLPs accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation on its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. 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. To the extent that a Fund obtains leverage through borrowings, there will be the potential for greater gains and the risk of magnified losses. Investing in debt securities involves additional risks including interest rate risk, credit risk, duration risk, and duplication of advisory fees and other expenses. High yield securities involve more risks than investment grade securities and tend to be more sensitive to economic conditions. Private equity investments may be subject to greater risks than investments in publicly traded companies due to limited public information and lack of regulatory oversight.
Special Risks IInvesting in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund's investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. Additional management fees and other expenses are associated with investing in MLP funds. The Fund is subject to certain MLP tax risks. An investment in the Fund does not offer the same tax benefits of a direct investment in an MLP. The Fund is organized as a Subchapter "C" Corporation and is subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local income taxes. The potential benefit of investing in MLPs generally is their treatment as partnerships for federal income tax. Many MLPs accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation on its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. 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.
Special Risks Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund's investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. Additional management fees and other expenses are associated with investing in MLP funds. The Fund is subject to certain MLP tax risks. An investment in the Fund does not offer the same tax benefits of a direct investment in an MLP. The Fund is organized as a Subchapter "C" Corporation and is subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local income taxes. The potential benefit of investing in MLPs generally is their treatment as partnerships for federal income tax. Many MLPs accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation on its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.
Effective 11/1/13, the Fund will increase its investment limit on below investment grade securities from 25% to 40%, and the Fund will increase its investment limit on illiquid securities from 10% to 15%. Please see the Fund's prospectus and prospectus supplement for further information.
The Fund's investment objective changed from "seeks as much current income as is compatible with prudent investment" to "seeks total return" on 12/28/12.
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. May invest no more than 10% in below-investment-grade non-convertible debt securities, but up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mortgage-backed securities are subject to prepayment risk. 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. Convertible bonds are subject to the additional risk that the market value of the equity or other securities into which they are convertible will never be sufficient to justify conversion, rendering the conversion value of the bonds worthless. Asset-backed securities are subject to prepayment risk. 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. 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.
Because of changes to certain non-fundamental investment policies in connection with a change from a balanced strategy to a global allocation strategy, performance prior to 8/16/10 is not indicative of performance for any subsequent periods.
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. Investments in securities of growth companies may be volatile. 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. 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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. 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. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods due to a variety of factors, including agricultural, economic and regulatory developments. 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.
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. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Investments in securities of technology companies may be especially volatile. 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 growth companies may be volatile. 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. Inflation-indexed debt securities are bonds structured to seek to provide protection against inflation. If inflation declines, the principal amount or the interest rate of an inflation-indexed bond will be adjusted downward. This will result in reduced income and may result in a decline in the bond's price which could cause losses for the Fund. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal or interest rate is adjusted for inflation. Inflation-indexed debt securities are also subject to the risks associated with investments in fixed income securities. Diversification does not guarantee profit or protect against loss.
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. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Investments in securities of technology companies may be especially volatile. 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 growth companies may be volatile. 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. Inflation-indexed debt securities are bonds structured to seek to provide protection against inflation. If inflation declines, the principal amount or the interest rate of an inflation-indexed bond will be adjusted downward. This will result in reduced income and may result in a decline in the bond's price which could cause losses for the Fund. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal or interest rate is adjusted for inflation. Inflation-indexed debt securities are also subject to the risks associated with investments in fixed income securities. Diversification does not guarantee profit or protect against loss.
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. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. 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. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Investments in securities of technology companies may be especially volatile. 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 growth companies may be volatile. 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. Diversification does not guarantee profit or protect against loss.
"Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.
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 p.m. ET daily.
The net expense ratio (where applicable) takes into account a voluntary fee waivers or expense reimbursements, without which performance would have been less. Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.
As of 6/28/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus supplement for further information.
As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus supplement for further information.
Prior to October 1, 2001, this Fund was a non-diversified municipal bond fund that focused primarily on tax-exempt, investment-grade obligations of the State of Florida and its subdivisions and municipalities.  Therefore, performance before October 1, 2001, is not indicative of performance for any subsequent period.

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