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ALTERNATIVE

Global Multi Strategies Fund1 

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Focus: The Strategy primarily invests in alternative strategies.
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a
b
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3 
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Shares Ticker CUSIP Inception
Date
Pricec Price Change 12 Month High 12 Month
Low
A OARAX 68379V101 3/5/07 26.57 -0.04
C OARCX 68379V200 1/27/12 26.21 -0.04
I3  OAIIX 68379V309 1/27/12 26.75 -0.04
Y OARYX 68379V408 1/27/12 26.46 -0.03

as of 4/17/14

The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.

 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

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. 

 

The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.

 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

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. 

 

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Peer Group

Morningstar Category

Multialternative

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Fund Management

Caleb Wong

Managed Fund since 3/07

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Investment Minimums

Initial: $1,000

Total Assets

$76.1 million

(all classes as of 3/31/14)

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Morningstar
Rating de

as of 03/31/2014

star

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c
ac
3 

The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.

 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

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. 

 

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Top Holdings 4  as of 3/31/14
 View More Holdings
  % Net Assets
1 U.S. Treasury Bills, ZCN%, 7/24/14 18.4
2 (Cayman) Opp. Global Multi Strategies Fund Ltd. 5.0
3 Opp. Master Loan Fund, LLC 4.8
4 PowerShares Senior Loan Portfolio 4.7
5 U.S. Treasury Bills, ZCN%, 9/4/14 4.6
6 CSN Resources SA 1.0
7 Barclays Bank plc, Computer Sciences Corp., Credit 1.0
8 Banco BMG SA 0.7
9 Governo do Estado do Rio Grand 0.7
10 Atlas Ix Capital Ltd. Catastrophe Linked Nts., FLT 0.7
  Total 41.6
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—— Income Dividends ($ per share) 5 f
Dividend/Share ($) 12-Month Distribution ($)
A 0.0000 0.0000
C 0.0000 0.0000
I3  0.0000 0.0000
Y 0.0000 0.0000

Frequency: Yearly Pay Date: 12/20/13

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3 
—— Capital Gains Distributions ($ per share)as of 4/17/14
  Short-Term ($) Long-Term ($) Total Amount of Distribution ($) Record Date Ex Div Date Pay Date
2013 0.0000 0.1331 0.1331 12/18/13 12/19/13 12/20/13
2012
2011
2010
2009
2008 0.2756 1.7757 2.0513 12/26/08 12/29/08 12/30/08
2007 0.1889 0.0000 0.1889 12/20/07 12/21/07 12/24/07
2006
2005
2004

There is no guarantee of the payment of any dividend or other distributions at any level.

 

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Strategy

The manager employs both quantitative and fundamental analytical methods to invest in a broad range of alternative investment strategies that are unconstrained to a traditional benchmark in an attempt to generate positive returns with a modest return volatility and low correlations to traditional asset markets such as stocks and bonds.  These alternative strategies include Equity Market Neutral, Fixed Income Alternative, Global Macro and Volatility.  Each strategy is tactically managed in the effort to exploit market inefficiencies and anomalies across the global universe of stocks, bonds and commodities.

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Commentary

» Access all commentaries

Title
Content Type
Date
Global Multi Strategies Fund Commentary
Portfolio Commentary
04/15/2014

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.

Access index definitions.

Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $5 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional information.

Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund.

While the Dividend/Share column is updated the next business day after a dividend payment (as stated in the date below the table), the 12-Month Distribution ($) column is updated monthly. Therefore, there may be a time where the 12-Month Yield data is inconsistent with the Dividend/Share data.

"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.

Index performance will be available approximately five days after each month-end.

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.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star with some adjustments for multiple share class portfolios.   The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five and ten-year (if applicable) Morningstar Rating Metrics.  Oppenheimer Global Multi Strategies Fund was rated against the following numbers of U.S.-domiciled Multialternative over the following time periods ended 3/31/14:  160 funds in the last three years, 92 funds in the last five years, and in the last ten years.  With respect to these Multialternative funds, Oppenheimer Global Multi Strategies Fund received a Morningstar Rating of 2 stars, 1 stars and — stars for the three-, five-, and ten-year periods, respectively.  Morningstar Rating is for the A share class only and rating may include more than one share class of funds in the category, including other share classes of this Fund. Different share classes may have different expenses, performance characteristics and Morningstar ratings.  Past performance is no guarantee of future results.

Class A shares rated 1 stars overall by Morningstar among  160  Multialternative funds for the 3-, 5-, and 10 year period ended 3/31/14 based on risk-adjusted performance.

There is no guarantee of the payment of any dividend or other distributions at any level.

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

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

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