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Alternative

The Strategy typically invests in real estate securities, primarily real estate investment trusts (REITs).
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Real Estate Fund

ORECX

The Strategy typically invests in real estate securities, primarily real estate investment trusts (REITs).

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Cumulative Total Returns

as of 8/31/17

Since Inception 10/1/03
234%
Performance & Distributions
×

Alternative

Gross Expense Ratio:
      2.18%
    Net Expense Ratio:   2.08%

    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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated. Class C shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Real Estate 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 9/20/17
      2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • C
    Real Estate Fund 35.26 13.30 34.48 -15.44 -39.70 29.04 26.17 7.29 14.80 2.05 30.42 1.63 5.26 1.69
    FTSE NAREIT Equity REITs Total Return Index 37.13 31.58 12.16 35.06 -15.69 -37.73 27.99 27.96 8.29 18.06 2.47 30.14 3.20 8.52
    Capital Gains Distributions ($ per share)
    Data as of 9/21/17
      2012 2013 2014 2015 2016
    Short Term 0.1761 0.4868 0.4472
    Long Term 0.0032 1.0441 1.5582 2.2193
    Total Amount of Distribution 0.0032 1.2201 2.0449 2.6665
    Record Date 12/11/13 12/10/14 12/9/15 12/7/16
    Ex Div Date 12/12/13 12/11/14 12/10/15 12/8/16
    Pay Date 12/13/13 12/11/14 12/10/15 12/8/16

    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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated. Class C shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 8/31/17

    as of 6/30/17

    • A
    YTD (as of 9/20/17)
    • C
    1.69%
    1 Year -3.94%
    3 Year 6.13%
    5 Year 7.88%
    10 Year 5.15%
    Since Inception 9.05%
    YTD (as of 9/20/17)
    • C
    1.69%
    1 Year -4.79%
    3 Year 6.13%
    5 Year 7.88%
    10 Year 5.15%
    Since Inception 9.05%
    YTD (as of 9/20/17)
    • C
    1.69%
    1 Year -5.13%
    3 Year 6.48%
    5 Year 7.93%
    10 Year 4.76%
    Since Inception 9.05%
    YTD (as of 9/20/17)
    • C
    1.69%
    1 Year -5.97%
    3 Year 6.48%
    5 Year 7.93%
    10 Year 4.76%
    Since Inception 9.05%
    Gross Expense Ratio
    2.18%
    Net Expense Ratio
    2.08%
    NAV
    • D
    as of 9/20/17
    $24.61
    Distribution Rate

    quarterly as of 9/20/17

    Distribution 0.61%
    Adjusted Distribution 0.41%

    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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated. Class C shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    08/31/17

    ProLogis Trust Reits
    8.0%
    Simon Property Group, Inc.
    5.5%
    Equinix, Inc.
    5.4%
    Welltower, Inc.
    4.7%
    Essex Property Trust
    4.6%
    Duke Investments
    4.1%
    Boston Properties, Inc.
    4.1%
    Digital Realty Trust, Inc.
    4.0%
    Starwood Waypoint Residential...
    3.9%
    Regency Centers Corp.
    3.6%
    Camden Property Trust
    3.5%
    Mid-America Apartment Communi...
    2.6%
    American Homes 4 Rent
    2.6%
    Physicians Realty Trust
    2.5%
    Kilroy Realty Corp.
    2.4%
    Acadia Realty Trust
    2.3%
    Realty Income Corp.
    2.2%
    Cousins Properties, Inc.
    2.0%
    Paramount Group, Inc.
    1.9%
    Gaming and Leisure Properties...
    1.9%
    ×
    • 8.0%
      ProLogis Trust Reits
    • Owns, operates and develops industrial real estate properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial
    MARKET CAP Large
    ×
    • 5.5%
      Simon Property Group, Inc.
    • Engages in the retail real estate ownership, management and development
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Regional Malls
    MARKET CAP Large
    ×
    • 5.4%
      Equinix, Inc.
    • Provides global data center
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Data Centers
    MARKET CAP Large
    ×
    • 4.7%
      Welltower, Inc.
    • Operates as a real estate investment trust with interests in senior housing communities, medical office buildings and skilled nursing facilities.
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    MARKET CAP Large
    ×
    • 4.6%
      Essex Property Trust
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Apartments
    MARKET CAP Mid
    ×
    • 4.1%
      Duke Investments
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial
    MARKET CAP Mid
    ×
    • 4.1%
      Boston Properties, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 4.0%
      Digital Realty Trust, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Data Centers
    MARKET CAP Mid
    ×
    • 3.9%
      Starwood Waypoint Residential Trust
    • Acquires, renovates, leases, maintains, and manages single-family homes
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Single Family Homes
    MARKET CAP Mid
    ×
    • 3.6%
      Regency Centers Corp.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Shopping Centers
    MARKET CAP Mid
    ×
    • 3.5%
      Camden Property Trust
    • Operates as a real estate investment trust, which engages in the ownership, management, development, acquisition, and construction of multifamily apartment communities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Apartments
    MARKET CAP Mid
    ×
    • 2.6%
      Mid-America Apartment Communities, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Apartments
    MARKET CAP Mid
    ×
    • 2.6%
      American Homes 4 Rent
    • Focuses on acquiring, renovating, leasing and operating residential homes
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Single Family Homes
    MARKET CAP Mid
    ×
    • 2.5%
      Physicians Realty Trust
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    MARKET CAP Small
    ×
    • 2.4%
      Kilroy Realty Corp.
    • Real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 2.3%
      Acadia Realty Trust
    • Provides acquisition, redevelopment and management services of retail properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Shopping Centers
    MARKET CAP Small
    ×
    • 2.2%
      Realty Income Corp.
    • Operates as a real estate company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Free Standing
    MARKET CAP Mid
    ×
    • 2.0%
      Cousins Properties, Inc.
    • Operates as a real estate investment trust company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Small
    ×
    • 1.9%
      Paramount Group, Inc.
    • Operates as a real estate investment and management firm, which engages in asset management, property management, leasing, acquisition, repositioning, redevelopment and financing
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Small
    ×
    • 1.9%
      Gaming and Leisure Properties, Inc.
    • Operates as a self-administered, self-managed real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Specialty
    MARKET CAP Mid
    Holdings Breakdown

    as of 08/31/17

    99.2%

    United States

    13.2%

    Office

    12.4%

    Health Care

    12.1%

    Industrial

    10.7%

    Apartments

    9.4%

    Data Centers

    8.8%

    Shopping Centers

    8.0%

    Single Family Homes

    6.4%

    Regional Malls

    5.2%

    Free Standing

    4.9%

    Lodging/Resorts

    No Issuer Equity
    in
    Lodging/Resorts
    3.6%

    Specialty

    3.2%

    Infrastructure Reits

    No Issuer Equity
    in
    Infrastructure Reits
    1.1%

    Self Storage

    No Issuer Equity
    in
    Self Storage
    99.2%

    51.1%

    Mid

    28.4%

    Large

    19.7%

    Small

    Risk Measurements

    as of 08/31/17

    Alpha -1.40%
    Beta 1.00
    R-Squared
    98.67
    Sharpe Ratio
    0.45
    Standard Deviation
    14.92%
    Sortino Ratio
    0.23
    Information Ratio
    -0.87
    Equity Style
    • E
    Total Assets (all classes)
    as of 8/31/17
    $1.2 BN
    Portfolio Statistics

    as of 8/31/17

    P/E (next 12 months) 41.06
    P/E Operating (LTM) 34.72
    Price/Book Value (LTM) 2.19
    Turnover Ratio
    114.00%
    Dividends ($ per share)
    • B
    Est Frequency Quarterly
    Last Pay Date 9/20/17
    Per Share ($) 0.0374
    12-Month Distribution ($) 0.3707
    Distribution Sources
    Net Income 66.96%
    Net Profit from Sale 0.00%
    Other Capital Sources 33.04%
    Top Issuers

    08/31/17

    ProLogis Trust ...
    8.0%
    Simon Property ...
    5.5%
    Equinix, Inc.
    5.4%
    Welltower, Inc....
    4.7%
    Essex Property ...
    4.6%
    Duke Investment...
    4.1%
    Boston Properti...
    4.1%
    Digital Realty ...
    4.0%
    Starwood Waypoi...
    3.9%
    Regency Centers...
    3.6%
    Camden Property...
    3.5%
    Mid-America Apa...
    2.6%
    American Homes ...
    2.6%
    Physicians Real...
    2.5%
    Kilroy Realty C...
    2.4%
    Acadia Realty T...
    2.3%
    Realty Income C...
    2.2%
    Cousins Propert...
    2.0%
    Paramount Group...
    1.9%
    Gaming and Leis...
    1.9%
    Holdings Breakdown

    as of 08/31/17

    Reset
    99.2%

    United States

    13.2%

    Office

    12.4%

    Health Care

    12.1%

    Industrial

    10.7%

    Apartments

    9.4%

    Data Centers

    8.8%

    Shopping Centers

    8.0%

    Single Family Homes

    6.4%

    Regional Malls

    5.2%

    Free Standing

    4.9%

    Lodging/Resorts

    No Issuer Equity
    in
    Lodging/Resorts
    3.6%

    Specialty

    3.2%

    Infrastructure Reits

    No Issuer Equity
    in
    Infrastructure Reits
    1.1%

    Self Storage

    No Issuer Equity
    in
    Self Storage
    99.2%

    51.1%

    Mid

    28.4%

    Large

    19.7%

    Small

    ×
    • 8.0%
      ProLogis Trust Reits
    • Owns, operates and develops industrial real estate properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial
    MARKET CAP Large
    ×
    • 5.5%
      Simon Property Group, Inc.
    • Engages in the retail real estate ownership, management and development
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Regional Malls
    MARKET CAP Large
    ×
    • 5.4%
      Equinix, Inc.
    • Provides global data center
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Data Centers
    MARKET CAP Large
    ×
    • 4.7%
      Welltower, Inc.
    • Operates as a real estate investment trust with interests in senior housing communities, medical office buildings and skilled nursing facilities.
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    MARKET CAP Large
    ×
    • 4.6%
      Essex Property Trust
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Apartments
    MARKET CAP Mid
    ×
    • 4.1%
      Duke Investments
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrial
    MARKET CAP Mid
    ×
    • 4.1%
      Boston Properties, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 4.0%
      Digital Realty Trust, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Data Centers
    MARKET CAP Mid
    ×
    • 3.9%
      Starwood Waypoint Residential Trust
    • Acquires, renovates, leases, maintains, and manages single-family homes
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Single Family Homes
    MARKET CAP Mid
    ×
    • 3.6%
      Regency Centers Corp.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Shopping Centers
    MARKET CAP Mid
    ×
    • 3.5%
      Camden Property Trust
    • Operates as a real estate investment trust, which engages in the ownership, management, development, acquisition, and construction of multifamily apartment communities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Apartments
    MARKET CAP Mid
    ×
    • 2.6%
      Mid-America Apartment Communities, Inc.
    • Operates as a real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Apartments
    MARKET CAP Mid
    ×
    • 2.6%
      American Homes 4 Rent
    • Focuses on acquiring, renovating, leasing and operating residential homes
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Single Family Homes
    MARKET CAP Mid
    ×
    • 2.5%
      Physicians Realty Trust
    • Operates as real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    MARKET CAP Small
    ×
    • 2.4%
      Kilroy Realty Corp.
    • Real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Mid
    ×
    • 2.3%
      Acadia Realty Trust
    • Provides acquisition, redevelopment and management services of retail properties
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Shopping Centers
    MARKET CAP Small
    ×
    • 2.2%
      Realty Income Corp.
    • Operates as a real estate company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Free Standing
    MARKET CAP Mid
    ×
    • 2.0%
      Cousins Properties, Inc.
    • Operates as a real estate investment trust company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Small
    ×
    • 1.9%
      Paramount Group, Inc.
    • Operates as a real estate investment and management firm, which engages in asset management, property management, leasing, acquisition, repositioning, redevelopment and financing
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Office
    MARKET CAP Small
    ×
    • 1.9%
      Gaming and Leisure Properties, Inc.
    • Operates as a self-administered, self-managed real estate investment trust
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Specialty
    MARKET CAP Mid

    Management

    David Wharmby, CFA

    Managed Fund since 1/12

    Investment Approach

    The portfolio manager combines extensive real estate expertise with rigorous securities analysis to invest in high quality real estate investment trusts (REITs). Top-down analysis is employed to determine geographic markets and property types the manager believes are most likely to outperform. This is combined with bottom-up analysis of each company's property portfolio, relative valuation, management strategy, and financial stability.

    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. The Fund's portfolio managers are employed by its Sub-Sub-Adviser, Barings LLC.
    2. 2. Special Risks: Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk. Smaller real estate companies may also be subject to liquidity risk. Small-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 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.
    3. 3. The Fund intends to declare and pay dividends quarterly. At the time of the distribution, the amounts attributed to each category (dividend income, return of capital and/or capital gains) are estimated using historical information because the character of the amounts received from underlying real estate investment trusts ("REITs") is unknown until after the end of the calendar year. The amount distributed to shareholders is based on the underlying REIT distributions received less fund expenses. The distribution rate is based on the ex-dividend date immediately preceding the nearest month-end or quarter-end. The ex-dividend date is the day before the pay date. The distribution rate for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. Each result is compounded semiannually and annualized. Adjusted distribution rate for each share class is based on the Fund's distributed income less an estimate of the average return of capital based on historical ratios from the past three calendar years and that date's net asset value. The result is compounded semiannually and annualized. Falling share prices artificially increase distribution rates. Please note that OppenheimerFunds, Inc. is not quoting a 30-day SEC yield. See the Fund's prospectus for more information.
    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. Access index definitions.
    6. 6. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    7. 7. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
    8. 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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated. Class C shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    9. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    10. 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.
    11. 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.
    12. 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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