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Alternative

The Strategy typically invests in the listed infrastructure securities of global companies that own or operate physical infrastructure assets such as toll roads, airports, seaports, utilities, and pipelines.
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Macquarie Global Infrastructure Fund

OQGAX

The Strategy typically invests in the listed infrastructure securities of global companies that own or operate physical infrastructure assets such as toll roads, airports, seaports, utilities, and pipelines.

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Cumulative Total Returns

as of 7/31/17

Since Inception 5/26/16
17%
Performance & Distributions
×

Alternative

Gross Expense Ratio:
      2.06%
    Net Expense Ratio:   1.36%

    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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Macquarie Global Infrastructure Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 8/18/17
      2016 YTD
    • C
    Macquarie Global Infrastructure Fund 16.58
    S&P Global Infrastructure Index
    Capital Gains Distributions ($ per share)
    Data as of 8/21/17
      2012 2013 2014 2015 2016
    Short Term 0.0631
    Long Term
    Total Amount of Distribution 0.0631
    Record Date 12/12/16
    Ex Div Date 12/13/16
    Pay Date 12/13/16

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

    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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 7/31/17

    as of 6/30/17

    • A
    YTD (as of 8/18/17)
    • C
    16.58%
    1 Year 11.46%
    Since Inception 14.07%
    YTD (as of 8/18/17)
    • C
    16.58%
    1 Year 5.05%
    Since Inception 8.49%
    YTD (as of 8/18/17)
    • C
    16.58%
    1 Year 10.21%
    Since Inception 12.27%
    YTD (as of 8/18/17)
    • C
    16.58%
    1 Year 3.87%
    Since Inception 6.36%
    Gross Expense Ratio
    2.06%
    Net Expense Ratio
    1.36%
    NAV
    • D
    as of 8/18/17
    $11.19

    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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    07/31/17

    Enbridge, Inc.
    5.3%
    Abertis Infraestructuras SA
    4.6%
    Sempra Energy
    4.5%
    Cheniere Energy, Inc.
    4.2%
    NextEra Energy, Inc.
    4.1%
    TransCanada Corp.
    3.9%
    Kinder Morgan LLC
    3.8%
    Transurban Group
    3.6%
    Iberdrola S.A.
    3.0%
    Enav SpA
    2.9%
    Groupe Eurotunnel SA
    2.7%
    Sydney Airport, AU
    2.6%
    Crown Castle Intl Corp.
    2.5%
    PG&E Corp.
    2.4%
    National Grid PLC
    2.2%
    China Merchants Holdings Intl...
    2.2%
    Flughafen Zuerick AG
    2.1%
    Atlantia S.p.A.
    2.0%
    Enterprise Products Ptnrs LP
    2.0%
    Enel S.p.A
    2.0%
    ×
    • 5.3%
      Enbridge, Inc.
    • Owns and operates crude oil and liquids transportation system
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 4.6%
      Abertis Infraestructuras SA
    • Develops, maintains and operates roads and telecommunication infrastructures
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Spain
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 4.5%
      Sempra Energy
    • Operates as a holding company with interest in electricity and natural gas distribution
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 4.2%
      Cheniere Energy, Inc.
    • Operates natural gas pipelines and distribution stations
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    MARKET CAP Mid
    ×
    • 4.1%
      NextEra Energy, Inc.
    • Operates as an investment holding company with interests in generating and distributing electricity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 3.9%
      TransCanada Corp.
    • Provides natural gas transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 3.8%
      Kinder Morgan LLC
    • Provides pipeline transportation of natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 3.6%
      Transurban Group
    • Develops and operates electronic toll roads
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 3.0%
      Iberdrola S.A.
    • Generates, distributes, trades and markets electricity worldwide
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Spain
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 2.9%
      Enav SpA
    • Provides management and control of civilian air traffic
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Italy
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 2.7%
      Groupe Eurotunnel SA
    • Operates as a holding company with interest in the fields of infrastructure management and transport operations
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 2.6%
      Sydney Airport, AU
    • Operates airport
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 2.5%
      Crown Castle Intl Corp.
    • REIT/Real Estate Investment Trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    MARKET CAP Large
    ×
    • 2.4%
      PG&E Corp.
    • Provides electric energy services and transports natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 2.2%
      National Grid PLC
    • Operates and owns regulated electricity and gas infrastructure
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 2.2%
      China Merchants Holdings Intl Co. Ltd.
    • Operates as an investment holding company, which engages in ports operation, bonded logistics and cold chain operations, property development and investment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 2.1%
      Flughafen Zuerick AG
    • Owns and operates intercontinental airport
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 2.0%
      Atlantia S.p.A.
    • Constructs and operates toll motorways
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Italy
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 2.0%
      Enterprise Products Ptnrs LP
    • Operates pipelines that transports natural gas, crude oil and petrochemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 2.0%
      Enel S.p.A
    • Produces, distributes and sells electricity and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Italy
    EQUITY SECTOR Utilities
    MARKET CAP Large
    Holdings Breakdown

    as of 07/31/17

    33.1%

    United States

    10.4%

    Canada

    9.4%

    Italy

    9.1%

    Spain

    7.6%

    Australia

    5.9%

    China

    3.2%

    United Kingdom

    3.1%

    Mexico

    No Issuer Equity
    in
    Mexico
    2.7%

    France

    2.1%

    Switzerland

    1.5%

    Singapore

    No Issuer Equity
    in
    Singapore
    1.4%

    Germany

    No Issuer Equity
    in
    Germany
    1.2%

    Brazil

    No Issuer Equity
    in
    Brazil
    0.9%

    Hong Kong

    No Issuer Equity
    in
    Hong Kong
    0.6%

    Japan

    No Issuer Equity
    in
    Japan
    0.5%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    33.4%

    Utilities

    29.5%

    Industrials

    26.0%

    Energy

    3.9%

    Real Estate

    92.8%

    70.7%

    Large

    20.4%

    Mid

    1.6%

    Small

    No Issuer Equity
    in
    Small
    Equity Style
    • E
    Total Assets (all classes)
    as of 7/31/17
    $20.9 MM
    Portfolio Statistics

    as of 7/31/17

    Avg Market Cap (weighted) 27.8 BN
    Median Market Cap (weighted) 23.2 BN
    P/E (next 12 months) 20.76
    P/E Operating (LTM) 22.80
    Price/Book Value (LTM) 2.48
    Turnover Ratio
    125.00%
    Dividends ($ per share)
    • B
    Est Frequency Quarterly
    Last Pay Date 6/19/17
    Per Share ($) 0.0998
    12-Month Distribution ($) 0.2523
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Issuers

    07/31/17

    Enbridge, Inc.
    5.3%
    Abertis Infraes...
    4.6%
    Sempra Energy
    4.5%
    Cheniere Energy...
    4.2%
    NextEra Energy,...
    4.1%
    TransCanada Cor...
    3.9%
    Kinder Morgan L...
    3.8%
    Transurban Grou...
    3.6%
    Iberdrola S.A.
    3.0%
    Enav SpA
    2.9%
    Groupe Eurotunn...
    2.7%
    Sydney Airport,...
    2.6%
    Crown Castle In...
    2.5%
    PG&E Corp.
    2.4%
    National Grid P...
    2.2%
    China Merchants...
    2.2%
    Flughafen Zueri...
    2.1%
    Atlantia S.p.A....
    2.0%
    Enterprise Prod...
    2.0%
    Enel S.p.A
    2.0%
    Holdings Breakdown

    as of 07/31/17

    Reset
    33.1%

    United States

    10.4%

    Canada

    9.4%

    Italy

    9.1%

    Spain

    7.6%

    Australia

    5.9%

    China

    3.2%

    United Kingdom

    3.1%

    Mexico

    No Issuer Equity
    in
    Mexico
    2.7%

    France

    2.1%

    Switzerland

    1.5%

    Singapore

    No Issuer Equity
    in
    Singapore
    1.4%

    Germany

    No Issuer Equity
    in
    Germany
    1.2%

    Brazil

    No Issuer Equity
    in
    Brazil
    0.9%

    Hong Kong

    No Issuer Equity
    in
    Hong Kong
    0.6%

    Japan

    No Issuer Equity
    in
    Japan
    0.5%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    33.4%

    Utilities

    29.5%

    Industrials

    26.0%

    Energy

    3.9%

    Real Estate

    92.8%

    70.7%

    Large

    20.4%

    Mid

    1.6%

    Small

    No Issuer Equity
    in
    Small
    ×
    • 5.3%
      Enbridge, Inc.
    • Owns and operates crude oil and liquids transportation system
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 4.6%
      Abertis Infraestructuras SA
    • Develops, maintains and operates roads and telecommunication infrastructures
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Spain
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 4.5%
      Sempra Energy
    • Operates as a holding company with interest in electricity and natural gas distribution
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 4.2%
      Cheniere Energy, Inc.
    • Operates natural gas pipelines and distribution stations
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    MARKET CAP Mid
    ×
    • 4.1%
      NextEra Energy, Inc.
    • Operates as an investment holding company with interests in generating and distributing electricity
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 3.9%
      TransCanada Corp.
    • Provides natural gas transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 3.8%
      Kinder Morgan LLC
    • Provides pipeline transportation of natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 3.6%
      Transurban Group
    • Develops and operates electronic toll roads
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 3.0%
      Iberdrola S.A.
    • Generates, distributes, trades and markets electricity worldwide
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Spain
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 2.9%
      Enav SpA
    • Provides management and control of civilian air traffic
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Italy
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 2.7%
      Groupe Eurotunnel SA
    • Operates as a holding company with interest in the fields of infrastructure management and transport operations
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 2.6%
      Sydney Airport, AU
    • Operates airport
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 2.5%
      Crown Castle Intl Corp.
    • REIT/Real Estate Investment Trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Real Estate
    MARKET CAP Large
    ×
    • 2.4%
      PG&E Corp.
    • Provides electric energy services and transports natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 2.2%
      National Grid PLC
    • Operates and owns regulated electricity and gas infrastructure
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Utilities
    MARKET CAP Large
    ×
    • 2.2%
      China Merchants Holdings Intl Co. Ltd.
    • Operates as an investment holding company, which engages in ports operation, bonded logistics and cold chain operations, property development and investment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 2.1%
      Flughafen Zuerick AG
    • Owns and operates intercontinental airport
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 2.0%
      Atlantia S.p.A.
    • Constructs and operates toll motorways
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Italy
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 2.0%
      Enterprise Products Ptnrs LP
    • Operates pipelines that transports natural gas, crude oil and petrochemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    MARKET CAP Large
    ×
    • 2.0%
      Enel S.p.A
    • Produces, distributes and sells electricity and natural gas
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Italy
    EQUITY SECTOR Utilities
    MARKET CAP Large

    Management

    Brad Frishberg, CFA

    Managed Fund since 5/16

    Jonathon Ong, CFA

    Managed Fund since 5/16

    Anthony Felton, CFA

    Managed Fund since 5/16

    Investment Approach

    The portfolio managers seek exposure to listed infrastructure companies that own and operate physical infrastructure assets, and do not typically invest in infrastructure support or servicing companies. The team believes that infrastructure is an under-researched area of global equity markets and knowledge asymmetries exist. The strategy’s investment process is driven by rigorous proprietary fundamental research employed by an experienced and well-resourced investment team. The team utilizes financial models to screen the universe based on a variety of fundamental inputs and believes that portfolios based on these alpha signals, combined with disciplined risk management, can help deliver attractive risk adjusted returns over time.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×
    1. 1. This is a new fund with a limited operating history and an inception date of 05/26/16.
    2. 2. Oppenheimer Macquarie Global Infrastructure Fund’s portfolio managers are employed by its Sub-Sub-Adviser, Macquarie Capital Investment Management LLC.
    3. 3. Special Risks: Securities of companies engaged in infrastructure businesses can be susceptible to adverse economic, regulatory, political, legal, and other changes affecting their industry. The Funds’ investments are concentrated on infrastructure businesses, which may increase volatility. Small and mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized or mid-sized company, if any gain is realized at all. Emerging and developing market investments may be especially volatile. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. REITs are dependent upon the quality of their management and may not be diversified geographically or by property type. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. 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. 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. A stapled security is comprised of two inseparable parts, a unit of a trust and a share of a company, resulting in a security influenced by both of its component parts. The value of, and income derived from, stapled securities can fall as well as rise. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid market for them. Income trusts have equity and fixed-income attributes and are thus subject to the risks associated generally with business cycles, commodity prices, market fluctuations and other economic factors, as well as credit, interest rate and dividend risks. The Fund is subject to liquidity risk. 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.





    4. 4. The net expense ratio (where applicable) 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.
    5. 5. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
    6. A. 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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    7. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    8. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). 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.
    9. D. 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 7:00pm ET daily.
    10. E. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    ×
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