Mutual Funds

All Funds

Our investment teams specialize in equity, fixed income, alternative and multi asset funds.

Quick Facts (all share classes) as of 05/31/15

  • 86
    Funds Managed
  • 21
    Funds Rated 4 or 5 Stars by Morningstar
  • 13
    Management Teams
  • 240BN
    Assets Managed ($)
    as of 05/29/15
  • 76
    Countries Invested

Performance

Average Annual Total Returns (%) as of 3/31/15

 
Fund Name Inception Date YTD as of
  • 6/29/15
  • A
1 Yr 3 Yr 5 Yr 10 Yr Since Inception Gross
Expense
Ratio (%)
Net
Expense
Ratio (%)
 
Capital Appreciation Fund A - OPTFX 1/22/1981 3.30 19.14 15.34 12.65 6.76 12.11 1.07
 
Capital Appreciation Fund/VA 4/3/1985 3.48 19.54 15.72 13.05 7.21 10.33 0.80
 
Capital Income Fund A - OPPEX 12/1/1970 0.74 4.50 7.32 7.77 2.80 10.87 1.06 1.00
 
Cash Reserves A - CRSXX 1/3/1989 0.01 0.01 0.01 0.01 1.32 2.90 0.91 0.65
 
Commodity Strategy Total Return Fund A - QRAAX 3/31/1997 -6.49 -31.75 -15.07 -7.30 -8.81 -2.69 1.72 1.46
 
Conservative Balanced Fund/VA 2/9/1987 1.18 8.57 9.73 8.94 2.96 7.32 0.90 0.67
 
Core Bond Fund A - OPIGX 4/15/1988 0.21 6.11 5.21 6.58 0.96 4.73 0.98 0.85
 
Core Bond Fund/VA 4/3/1985 0.57 6.82 5.68 7.12 0.98 5.79 0.81 0.76
 
Corporate Bond Fund A - OFIAX 8/2/2010 -0.57 6.14 6.49 6.79 0.99 0.98
 
Developing Markets Fund A - ODMAX 11/18/1996 -1.75 -4.38 2.31 4.45 10.93 12.97 1.33 1.32
 
Discovery Fund A - OPOCX
  • 18
  • B
9/11/1986 10.04 7.64 16.17 16.93 9.93 10.67 1.11
 
Discovery Mid Cap Growth Fund A - OEGAX 11/1/2000 8.80 13.26 15.21 16.37 9.83 6.59 1.36
 
Discovery Mid Cap Growth Fund/VA 8/15/1986 9.10 13.60 15.87 17.16 6.92 9.49 0.83 0.80
 
Dividend Opportunity Fund A - OSVAX 11/26/2002 2.60 7.20 10.35 8.16 4.89 8.10 1.13
 
Emerging Markets Innovators Fund A - EMIAX 6/30/2014 4.51 1.79 1.70
 
Emerging Markets Local Debt Fund A - OEMAX 6/30/2010 -4.99 -8.16 -3.17 0.69 1.43 1.25
 
Equity Fund A - OEQAX 10/2/1947 1.95 13.66 14.74 12.05 6.87 10.30 1.04
 
Equity Income Fund A - OAEIX 2/13/1987 -0.20 9.16 15.23 12.94 8.46 11.55 1.02
 
Equity Income Fund/VA 1/2/2003 0.19 10.00 14.34 12.33 8.38 10.26 1.42 0.80
 
Flexible Strategies Fund A - QVOPX 1/3/1989 1.94 4.57 5.72 3.48 3.77 8.78 2.18 2.11
 
Global Allocation Fund A - QVGIX 11/1/1991 4.64 3.20 7.66 6.04 3.60 8.32 1.35 1.28
 
Global Fund A - OPPAX 12/22/1969 10.07 8.82 13.78 10.84 7.86 11.63 1.13
 
Global Fund/VA 11/12/1990 10.23 9.13 14.19 11.24 8.35 10.30 0.76
 
Global High Yield Fund A - OGYAX 11/8/2013 2.02 -0.30 2.41 1.63 1.15
 
Global Multi Strategies Fund A - OARAX 3/5/2007 -0.84 5.82 5.79 3.22 2.12 1.57 1.27
 
Global Multi-Alternatives Fund A - ODAAX 12/28/2012 -0.10 0.18 0.81 1.41 1.37
 
Global Multi-Alternatives Fund/VA 11/14/2013 -0.30 3.03 4.85 1.45 1.20
 
Global Multi-Asset Income Fund A - QMAAX 12/1/2014 0.07
 
Global Opportunities Fund A - OPGIX 10/22/1990 6.08 -3.21 8.80 8.12 8.78 11.23 1.18
 
Global Real Estate Fund A - OGRAX 3/20/2013 -2.58 17.60 10.56 1.49 1.45
 
Global Strategic Income Fund A - OPSIX 10/16/1989 1.42 3.12 4.21 5.91 5.79 7.50 1.04 1.01
 
Global Strategic Income Fund/VA 5/3/1993 1.35 3.06 4.26 5.86 5.61 6.24 0.75 0.72
 
Global Value Fund A - GLVAX 10/1/2007 1.97 -1.23 12.74 11.39 5.68 1.29
 
Gold & Special Minerals Fund A - OPGSX 7/19/1983 -5.60 -25.08 -27.27 -15.68 1.78 4.99 1.17 1.15
 
Institutional Money Market Fund E - IOEXX 10/3/2006 0.06 0.09 0.13 0.16 1.31 0.10
 
International Bond Fund A - OIBAX 6/15/1995 -1.40 -0.12 1.35 2.59 5.44 7.92 1.00
 
International Diversified Fund A - OIDAX 9/27/2005 6.20 -2.09 9.29 7.12 6.54 1.29
 
International Growth Fund A - OIGAX 3/25/1996 7.43 -4.39 8.98 8.40 7.77 8.49 1.14
 
International Growth Fund/VA 5/13/1992 7.66 -3.95 9.51 8.87 8.01 7.55 1.07 1.00
 
International Small Company Fund A - OSMAX 11/17/1997 11.81 3.23 18.61 14.64 12.55 13.05 1.22 1.21
 
International Value Fund A - QIVAX 7/2/1990 6.75 -1.53 10.65 4.89 3.48 6.65 1.23
 
Limited-Term Bond Fund A - OUSGX 8/16/1985 1.11 1.79 2.16 4.03 3.99 6.16 0.91 0.82
 
Limited-Term Government Fund A - OPGVX 3/10/1986 0.69 1.51 1.01 1.84 2.38 5.12 0.91 0.80
 
Main Street Fund® A - MSIGX 2/3/1988 1.94 11.07 14.35 13.59 7.31 11.44 0.94
 
Main Street Fund®/VA 7/5/1995 2.02 11.34 14.56 13.84 7.50 8.74 0.77
 
Main Street Mid Cap Fund® A - OPMSX 8/2/1999 1.97 11.95 16.50 14.83 8.88 11.29 1.11
 
Main Street Select Fund® A - OMSOX 9/25/2000 1.53 7.78 12.20 11.82 6.88 7.13 1.13
 
Main Street Small Cap Fund® A - OSCAX 5/17/2013 2.66 10.31 16.40 1.37 1.25
 
Main Street Small Cap Fund®/VA 5/1/1998 2.93 10.81 18.85 16.36 9.77 8.71 0.80
 
Money Fund/VA 4/3/1985 0.01 0.01 0.01 0.01 1.50 3.80 0.57 0.50
 
Money Market Fund A - OMBXX 4/17/1974 0.01 0.01 0.01 0.01 1.45 3.45 0.64
 
Portfolio Series: Active Allocation Fund A - OAAAX 4/5/2005 2.69 5.89 10.37 8.93 4.64 1.20
 
Portfolio Series: Conservative Investor Fund A - OACIX 4/5/2005 0.33 4.32 5.28 5.90 1.96 1.01
 
Portfolio Series: Equity Investor Fund A - OAAIX 4/5/2005 4.10 4.67 11.89 9.96 6.63 1.17
 
Portfolio Series: Moderate Investor Fund A - OAMIX 4/5/2005 1.59 5.85 8.68 8.09 3.57 1.06
 
Real Estate Fund A - OREAX 3/4/2002 -6.50 25.98 14.21 15.52 9.82 12.23 1.46 1.36
 
Rising Dividends Fund A - OARDX 4/30/1980 -0.14 9.64 12.43 12.09 7.55 12.65 1.06
 
Rochester® AMT-Free Municipal Fund A - OPTAX 10/27/1976 -0.39 9.87 7.13 8.31 2.75 5.81 1.05 0.88
 
Rochester® AMT-Free New York Municipal Fund A - OPNYX 8/16/1984 0.14 9.23 4.18 5.72 4.45 6.72 1.01 0.90
 
Rochester® Arizona Municipal Fund A - ORAZX 10/10/2006 -2.45 7.21 2.74 5.64 2.90 1.26 1.01
 
Rochester® California Municipal Fund A - OPCAX 11/3/1988 -0.56 8.71 6.45 7.96 3.51 5.70 0.96 0.87
 
Rochester® Fund Municipals A - RMUNX 5/15/1986 -1.00 9.44 3.70 5.44 4.49 6.40 0.97 0.77
 
Rochester® High Yield Municipal Fund A - ORNAX 10/1/1993 -0.47 9.36 6.63 7.35 1.78 4.39 0.98 0.73
 
Rochester® Intermediate Term Municipal Fund A - ORRWX 12/6/2010 0.14 6.54 3.45 4.35 1.17 1.09
 
Rochester® Limited Term California Municipal Fund A - OLCAX 2/25/2004 -1.10 4.17 3.17 4.14 3.98 4.36 0.90 0.89
 
Rochester® Limited Term Municipal Fund A - OPITX 11/11/1986 -1.89 3.74 2.57 4.05 3.66 5.56 0.85 0.84
 
Rochester® Limited Term New York Municipal Fund A - LTNYX 9/18/1991 -0.93 4.83 1.62 3.30 3.64 4.94 0.84 0.82
 
Rochester® Maryland Municipal Fund A - ORMDX 10/10/2006 -2.35 5.78 1.55 4.68 2.66 1.30 1.05
 
Rochester® Massachusetts Municipal Fund A - ORMAX 7/18/2006 -0.29 8.05 3.10 5.71 2.68 1.32 1.11
 
Rochester® Michigan Municipal Fund A - ORMIX 6/21/2006 -0.52 7.66 2.43 5.12 1.16 1.27 1.04
 
Rochester® Minnesota Municipal Fund A - OPAMX 11/7/2006 0.53 8.58 5.40 6.91 4.55 1.09 0.92
 
Rochester® New Jersey Municipal Fund A - ONJAX 3/1/1994 -1.93 6.64 3.44 5.20 3.91 4.83 1.05 0.97
 
Rochester® North Carolina Municipal Fund A - OPNCX 10/10/2006 -0.52 8.60 2.85 5.42 2.47 1.27 1.05
 
Rochester® Ohio Municipal Fund A - OROHX 6/21/2006 -0.65 8.32 4.68 6.45 3.33 1.31 1.11
 
Rochester® Pennsylvania Municipal Fund A - OPATX 9/18/1989 0.28 10.44 3.86 6.17 4.28 5.76 1.02 0.89
 
Rochester® Short Term Municipal Fund A - ORSTX 12/6/2010 0.18 3.04 2.26 2.73 0.86
 
Rochester® Virginia Municipal Fund A - ORVAX 7/18/2006 -4.30 8.06 2.25 4.47 1.71 1.18 0.94
 
Senior Floating Rate Fund A - OOSAX 9/8/1999 1.84 1.11 4.36 5.35 4.59 4.96 1.17
 
Senior Floating Rate Plus Fund A - OSFAX 8/23/2013 2.20 1.53 3.31 2.35 2.01
 
Small- & Mid- Cap Value Fund A - QVSCX 1/3/1989 1.50 10.01 16.40 12.41 7.17 10.33 1.17
 
SteelPath MLP Alpha Fund A - MLPAX 3/31/2010 -4.31 -0.36 9.58 9.97 9.97 7.03 1.53
 
SteelPath MLP Alpha Plus Fund A - MLPLX 2/6/2012 -5.96 -1.26 11.81 11.29 8.06 2.52
 
SteelPath MLP Income Fund A - MLPDX 3/31/2010 -4.50 1.71 6.98 8.04 8.04 5.88 1.38
 
SteelPath MLP Select 40 Fund A - MLPFX 3/31/2010 -3.89 0.44 9.02 9.88 9.88 6.44 1.13
 
Value Fund A - CGRWX 9/16/1985 0.48 8.10 13.96 11.18 6.17 9.93 0.96

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 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 R  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 R shares. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Class Y shares are not subject to a sales charge. 

    "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.

  1. 1. 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.
  2. 2. 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.
  3. 3. 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.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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. 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. 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. 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. Asset-backed securities are subject to prepayment risk. Diversification does not guarantee profit or protect against loss.
  11. 11. Prior to April 30, 2015, the Fund was named Oppenheimer Capital Income Fund/VA. Effective 4/30/13, the Fund's investment objective changed from "seeks high total investment return, which includes current income and capital appreciation" to "seeks total return." Performance prior to 4/30/13 is not indicative of performance for any subsequent periods.
  12. 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. 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.
  13. 13. 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.
  14. 14. Effective 4/30/13, the Fund's investment objective changed from: "seeks a high level of current income" to "seeks total return."
  15. 15. 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.
  16. 16. 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.
  17. 17. 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.
  18. 18. 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.
  19. 19. 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.
  20. 20. Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and political and economic uncertainties. 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 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- or mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.
  21. 21. 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.
  22. 22. 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.
  23. 23. This is a new Fund with a limited operating history and an inception date of 6/30/14.
  24. 24. 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 smaller economies, less developed capital markets and lower investor protection standards, these risks are magnified in frontier markets. The Fund may invest a significant portion of assets in a particular region, industry or sector, which may increase volatility and exposure to risks associated with that particular region, industry or sector. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, and 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.
  25. 25. Effective March 31, 2015, the Fund's Portfolio Manager will be Hemant Baijal.
  26. 26. 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.
  27. 27. Prior to 2/4/14, The Fund's name was Oppenheimer Emerging Markets Debt Fund.
  28. 28. 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.
  29. 29. 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.
  30. 30. 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.
  31. 31. 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.
  32. 32. 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.
  33. 33. Effective August 3, 2015, the Fund’s name will be Oppenheimer Fundamental Alternatives Fund and the Fund’s benchmark will be the HFRX Global Hedge Fund Index.
  34. 34. 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.
  35. 35. 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.
  36. 36. 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.
  37. 37. 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.
  38. 38. 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. 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.
  39. 39. 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
  40. 40. Effective March 31, 2015, the Fund's Portfolio Managers will be Michael Mata, Christopher Kelly and Young-Sup Lee.
  41. 41. 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.
  42. 42. 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.
  43. 43. 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.
  44. 44. 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.
  45. 45. Prior to 11/28/14, the Fund's name was Oppenheimer Diversified Alternatives Fund.
  46. 46. Prior to April 30, 2015, the Fund was named Oppenheimer Diversified Alternatives Fund/VA
  47. 47. 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.
  48. 48. This is a new Strategy with a limited operating history and an inception date of 11/14/13.
  49. 49. Special Risks: Alternative asset classes may be volatile 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. The Fund may invest substantially in exchange traded notes (ETNs) whose returns are linked to the performance of an index and are subject to the risk of industry or sector concentrations. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Fixed income investing entails duration, 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. Credit risk is the risk that the issuer of a security might not make interest and principal payments. 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 may be subject to greater price fluctuations than investment grade securities, 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. Municipal bonds are subject to default on income and principal payments. Inflation-indexed debt securities are subject to the risks associated with investments in fixed income securities. Mortgage-related securities are subject to default risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Small and mid-sized company stocks are typically more volatile than those of larger, more established businesses, and their securities may be more difficult to sell than those of larger companies. 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. The Fund may invest in other investment companies and is subject to risks of any such investment company’s portfolio. Investing in another investment company may involve paying a premium above the value of that investment company’s portfolio securities and is subject to a ratable share of that investment company’s expenses. 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. 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 in securities issued by MLPs are concentrated in the energy infrastructure industry which may be subject to increased volatility. Energy infrastructure companies are subject to risks specific to the industry or sector 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.
  50. 50. This is a new Fund with a limited operating history and an inception date of 12/1/14.
  51. 51. 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.
  52. 52. 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.
  53. 53. The Fund's portfolio managers are employed by its Sub-Sub-Adviser, Cornerstone Real Estate Advisers, LLC.
  54. 54. 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.
  55. 55. The Fund's investment objective changed from "seeks high current income to "seeks total return" on 6/4/12.
  56. 56. 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. Mortgage-related securities are subject to default risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Sovereign debt instruments are subject to the risk that a government entity may be unable, to pay interest or repay principal on its debt. 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.
  57. 57. Effective 4/30/13, The Fund's investment objective changed from "seeks high current income" to "seeks total return."
  58. 58. 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.
  59. 59. 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.
  60. 60. Effective March 31, 2015, The Fund's Portfolio Managers will be Hemant Baijal and Christopher Kelly.
  61. 61. 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.
  62. 62. 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.
  63. 63. 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.
  64. 64. 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.
  65. 65. Special RisksForeign 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.
  66. 66. 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.
  67. 67. 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.
  68. 68. 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.
  69. 69. 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.
  70. 70. The Fund's investment objective changed from "seeks high current return and safety of principal" to "seeks income" on 12/28/12.
  71. 71. 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.
  72. 72. The Fund's investment objective changed from "seeks high total return" to "seeks capital appreciation" on 12/28/12.
  73. 73. 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.
  74. 74. As of 4/30/13, Oppenheimer Main Street Fund®/VA's investment objective will change from: "seeks total return." to "seeks capital appreciation."
  75. 75. 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.
  76. 76. 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.
  77. 77. Effective 11/1/10, the number of issuers held by the Fund was reduced to 35 or fewer names, potentially increasing Fund volatility.
  78. 78. 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.
  79. 79. 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.
  80. 80. Effective 4/30/13, The Fund's investment objective changed from: "seeks maximum current income from investments in "money market" securities consistent with low capital risk and the maintenance of liquidity. The Fund is a money market fund" to "seeks income consistent with stability of principal."
  81. 81. 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.
  82. 82. 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.
  83. 83. 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.
  84. 84. 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.
  85. 85. 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.
  86. 86. 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.
  87. 87. 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.
  88. 88. 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.
  89. 89. The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investment in inverse floaters, as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets those expenses. the Fund's total returns and net asset values are not affected by those offsets.
  90. 90. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  91. 91. 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.
  92. 92. Available to investors only in certain states.
  93. 93. 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 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.
  94. 94. 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.
  95. 95. 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.
  96. 96. 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.
  97. 97. 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.
  98. 98. Prior to 11/27/13, the Fund's name was Oppenheimer Rochester National Municipals.
  99. 99. 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.
  100. 100. 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.
  101. 101. 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.
  102. 102. 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.
  103. 103. 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 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.
  104. 104. 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.
  105. 105. 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.
  106. 106. 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.
  107. 107. 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.
  108. 108. 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 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 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.
  109. 109. 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 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.
  110. 110. 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.
  111. 111. 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.
  112. 112. 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.
  113. 113. The net expense ratio may reflect that the Advisor has contractually agreed to limit fees and/or reimburse expenses (excluding certain expenses) until at least 3/29/16, however, the Fund's Board of Trustees may terminate or amend this arrangement prior to that date. The Manager can be reimbursed by the Fund within three years after the date the limitation an/or expense reimbursement has been made by the Manager, provided that such repayment does not cause the expenses of any class of the Fund to exceed the limits described in the notes to the fee table in the prospectus. The net expense ratio is also net of deferred income tax expense, which represents an estimate of the Fund's potential tax liability. This expense may vary from year to year. Because the Fund's deferred income tax expense is excluded from the expense cap, the Fund's net expenses are increased by the amount of this expense. A change in the estimate of deferred tax liability could result in a loss to net asset value.
  114. 114. The Fund's net expense ratio including deferred income tax expense is 6.91%.
  115. 115. 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.
  116. 116. The Fund's net expense ratio including deferred income tax expense is 8.06%.
  117. 117. Effective 12/12/14, the purchase and exchange of Fund shares will be restricted, subject to certain exceptions. Please see the prospectus supplement for further information.
  118. 118. 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.
  119. 119. The Fund's net expense ratio including deferred income tax expense is 5.76%.
  120. 120. 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.
  121. 121. The Fund's net expense ratio including deferred income tax expense is 6.32%.
  122. 122. 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.
  123. A. "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.
  124. B. 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.
  125. C. 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.
  126. D. Excludes the deferred income tax
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