REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
PreEffective Amendment No. | □ |
PostEffective Amendment No. 57 | ☒ |
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
Amendment No. 59 | ☒ |
OFI Pictet Global Environmental Solutions Fund Oppenheimer Capital Appreciation Fund Oppenheimer Capital Appreciation Fund/VA Oppenheimer Capital Income Fund Oppenheimer Conservative Balanced Fund/VA Oppenheimer Corporate Bond Fund Oppenheimer Developing Markets Fund Oppenheimer Discovery Fund Oppenheimer Discovery Mid Cap Growth Fund Oppenheimer Discovery Mid Cap Growth Fund/VA Oppenheimer Dividend Opportunity Fund Oppenheimer Emerging Markets Innovators Fund Oppenheimer Emerging Markets Local Debt Fund Oppenheimer Emerging Markets Revenue ETF Oppenheimer Emerging Markets Ultra Dividend Revenue ETF Oppenheimer Equity Income Fund Oppenheimer ESG Revenue ETF Oppenheimer Fundamental Alternatives Fund Oppenheimer Global Allocation Fund Oppenheimer Global ESG Revenue ETF Oppenheimer Global Focus Fund Oppenheimer Global Fund Oppenheimer Global Fund/VA Oppenheimer Global High Yield Fund Oppenheimer Global Multi-Alternatives Fund/VA Oppenheimer Global Multi-Asset Growth Fund Oppenheimer Global Multi-Asset Income Fund Oppenheimer Global Opportunities Fund Oppenheimer Global Revenue ETF Oppenheimer Global Strategic Income Fund Oppenheimer Global Strategic Income Fund/VA Oppenheimer Global Unconstrained Bond Fund Oppenheimer Gold & Special Minerals Fund Oppenheimer Government Cash Reserves Oppenheimer Government Money Fund/VA Oppenheimer Government Money Market Fund Oppenheimer Institutional Government Money Market Fund Oppenheimer Intermediate Term Municipal Fund Oppenheimer International Bond Fund Oppenheimer International Diversified Fund Oppenheimer International Equity Fund Oppenheimer International Growth and Income Fund Oppenheimer International Growth Fund Oppenheimer International Growth Fund/VA Oppenheimer International Revenue ETF Oppenheimer International Small-Mid Company Fund Oppenheimer International Ultra Dividend Revenue ETF Oppenheimer Limited-Term Bond Fund Oppenheimer Limited-Term Government Fund Oppenheimer Macquarie Global Infrastructure Fund Oppenheimer Main Street All Cap Fund® Oppenheimer Main Street Fund® Oppenheimer Main Street Fund®/VA |
Oppenheimer Main Street Mid Cap Fund® Oppenheimer Main Street Small Cap Fund® Oppenheimer Main Street Small Cap Fund®/VA Oppenheimer Mid Cap Value Fund Oppenheimer Municipal Fund Oppenheimer Portfolio Series: Active Allocation Fund Oppenheimer Portfolio Series: Conservative Investor Fund Oppenheimer Portfolio Series: Equity Investor Fund Oppenheimer Portfolio Series: Moderate Investor Fund Oppenheimer Preferred Securities and Income Fund Oppenheimer Real Estate Fund Oppenheimer Rising Dividends Fund Oppenheimer Rochester® AMT-Free Municipal Fund Oppenheimer Rochester® AMT-Free New York Municipal Fund Oppenheimer Rochester® California Municipal Fund Oppenheimer Rochester® Fund Municipals Oppenheimer Rochester® High Yield Municipal Fund Oppenheimer Rochester® Limited Term California Municipal Fund Oppenheimer Rochester® Limited Term New York Municipal Fund Oppenheimer Rochester® New Jersey Municipal Fund Oppenheimer Rochester® Pennsylvania Municipal Fund Oppenheimer Rochester® Short Duration High Yield Municipal Fund Oppenheimer Russell 1000® Dynamic Multifactor ETF Oppenheimer Russell 1000® Low Volatility Factor ETF Oppenheimer Russell 1000® Momentum Factor ETF Oppenheimer Russell 1000® Quality Factor ETF Oppenheimer Russell 1000® Size Factor ETF Oppenheimer Russell 1000® Value Factor ETF Oppenheimer Russell 1000® Yield Factor ETF Oppenheimer Russell 2000® Dynamic Multifactor ETF Oppenheimer S&P 500 Revenue ETF Oppenheimer S&P Financials Revenue ETF Oppenheimer S&P MidCap 400 Revenue ETF Oppenheimer S&P SmallCap 600 Revenue ETF Oppenheimer S&P Ultra Dividend Revenue ETF Oppenheimer Senior Floating Rate Fund Oppenheimer Senior Floating Rate Plus Fund Oppenheimer Short Term Municipal Fund Oppenheimer Small Cap Value Fund Oppenheimer SteelPath MLP & Energy Infrastructure Fund Oppenheimer SteelPath MLP Alpha Fund Oppenheimer SteelPath MLP Alpha Plus Fund Oppenheimer SteelPath MLP Income Fund Oppenheimer SteelPath MLP Select 40 Fund Oppenheimer SteelPath Panoramic Fund Oppenheimer Total Return Bond Fund Oppenheimer Total Return Bond Fund/VA Oppenheimer Ultra-Short Duration Fund Oppenheimer Value Fund |
Supplement dated November 2, 2018 to the Summary Prospectus, Prospectus and Statement of Additional Information
This supplement amends the summary prospectus, prospectus and statement of additional information of the above referenced funds (each, a “Fund” and together, the “Funds”) and is in addition to any other supplement(s). You should read this supplement in conjunction with the summary prospectus, prospectus and statement of additional information and retain it for future reference.
On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this supplement, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.
November 2, 2018 | PX0000.073 |
Class A | Class C | Class R | Class Y | Class I | ||
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) | 5.75% | None | None | None | None | |
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) | None | 1% | None | None | None |
Class A | Class C | Class R | Class Y | Class I | ||
Management Fees | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% | |
Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% | None | None | |
Other Expenses | 0.20% | 0.21% | 0.20% | 0.21% | 0.04% | |
Total Annual Fund Operating Expenses | 1.08% | 1.84% | 1.33% | 0.84% | 0.67% |
* | Expenses have been restated to reflect current fees. |
If shares are redeemed | If shares are not redeemed | ||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | ||
Class A | $679 | $900 | $1,139 | $1,823 | $679 | $900 | $1,139 | $1,823 | |
Class C | $289 | $584 | $1,005 | $2,178 | $189 | $584 | $1,005 | $2,178 | |
Class R | $136 | $424 | $734 | $1,612 | $136 | $424 | $734 | $1,612 | |
Class Y | $86 | $269 | $468 | $1,041 | $86 | $269 | $468 | $1,041 | |
Class I | $69 | $215 | $374 | $837 | $69 | $215 | $374 | $837 |
Oppenheimer Discovery Fund | 1 |
2 | Oppenheimer Discovery Fund |
1 Year | 5 Years | 10 Years (or life of class, if less) | ||
Class A Shares (inception 09/11/86) | ||||
Return Before Taxes | 21.69% | 13.07% | 8.16% | |
Return After Taxes on Distributions | 18.40% | 11.02% | 6.95% | |
Return After Taxes on Distributions and Sale of Fund Shares | 14.86% | 10.15% | 6.47% | |
Class C Shares (inception 10/02/95) | 27.13% | 13.55% | 7.97% | |
Class R Shares (inception 03/01/01) | 28.78% | 14.11% | 8.52% | |
Class Y Shares (inception 06/01/94) | 29.40% | 14.71% | 9.14% | |
Class I Shares (inception 01/27/12) | 29.64% | 14.93% | 14.34% | |
Russell 2000 Growth Index | 22.17% | 15.21% | 9.19% | |
(reflects no deduction for fees, expenses, or taxes) | 13.75%* | |||
Russell 2000 Index | 14.65% | 14.12% | 8.71% | |
(reflects no deduction for fees, expenses, or taxes) | 13.22%* | |||
S&P 500 Index | 21.83% | 15.79% | 8.50% | |
(reflects no deduction for fees, expenses, or taxes) | 15.12%* |
* | From 01/27/2012 |
Oppenheimer Discovery Fund | 3 |
4 | Oppenheimer Discovery Fund |
Oppenheimer Discovery Fund | 5 |
■ | Preferred stock has a set dividend rate and ranks ahead of common stocks and behind debt securities in claims for dividends and for assets of the issuer in a liquidation or bankruptcy. The dividends on preferred stock may be cumulative (they remain a liability of the company until paid) or non-cumulative. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If prevailing interest rates rise, the fixed dividend on preferred stock may be less attractive, which may cause the price of preferred stock to decline. |
■ | Warrants are options to purchase equity securities at specific prices that are valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities, and can be more volatile than the price of the underlying securities. If the market price of the underlying security does not exceed the exercise price during the life of the warrant, the warrant will expire worthless and any amount paid for the warrant will be lost. The market for warrants may be very limited and it may be difficult to sell a warrant promptly at an acceptable price. Rights are similar to warrants, but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. |
■ | A convertible security can be converted into or exchanged for a set amount of common stock of an issuer within a particular period of time at a specified price or according to a price formula. Convertible debt securities pay interest and convertible preferred stocks pay dividends until they mature or are converted, exchanged or redeemed. Some convertible debt securities may be considered “equity equivalents” because of the feature that makes them convertible into common stock. Convertible securities may offer the Fund the ability to participate in stock market movements while also seeking some current income. Convertible securities may provide more income than common stock but they generally provide less income than comparable non-convertible debt securities. Convertible securities are subject to credit and interest rate risk, however credit ratings of convertible securities generally have less impact on the value of the securities than they do for non-convertible debt securities. |
■ | Foreign Market Risk. If there are fewer investors in a particular foreign market, securities traded in that market may be less liquid and more volatile than U.S. securities and more difficult to price. Foreign markets may also be subject to delays in the settlement of transactions and difficulties in pricing securities. If the Fund is delayed in settling a purchase or sale transaction, it may not receive any return on the invested assets or it may lose money if the value of the security declines. It may also be more expensive for the Fund to buy or sell securities in certain foreign markets than in the United States, which may increase the Fund’s expense ratio. |
6 | Oppenheimer Discovery Fund |
■ | Foreign Economy Risk. Foreign economies may be more vulnerable to political or economic changes than the U.S. economy. They may be more concentrated in particular industries or may rely on particular resources or trading partners to a greater extent. Certain foreign economies may be adversely affected by shortages of investment capital or by high rates of inflation. Changes in economic or monetary policy in the U.S. or abroad may also have a greater impact on the economies of certain foreign countries. |
■ | Foreign Governmental and Regulatory Risks. Foreign companies may not be subject to the same accounting and disclosure requirements as U.S. companies. As a result there may be less accurate information available regarding a foreign company’s operations and financial condition. Foreign companies may be subject to capital controls, nationalization, or confiscatory taxes. There may be less government regulation of foreign issuers, exchanges and brokers than in the United States. Some countries also have restrictions that limit foreign ownership and may impose penalties for increases in the value of the Fund’s investment. The value of the Fund’s foreign investments may be affected if it experiences difficulties in enforcing legal judgments in foreign courts. |
■ | Foreign Currency Risk. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. If the U.S. dollar rises in value against a foreign currency, a security denominated in that currency will be worth less in U.S. dollars and if the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency will be worth more in U.S. dollars. The dollar value of foreign investments may also be affected by exchange controls. Foreign currency exchange transactions may impose additional costs on the Fund. The Fund can also invest in derivative instruments linked to foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of derivatives linked to that foreign currency. The investment adviser’s selection of foreign currency denominated investments may not perform as expected. Currency derivative investments may be particularly volatile and subject to greater risks than other types of foreign-currency denominated investments. |
■ | Foreign Custody Risk. There may be very limited regulatory oversight of certain foreign banks or securities depositories that hold foreign securities and foreign currency and the laws of certain countries may limit the ability to recover such assets if a foreign bank or depository or their agents goes bankrupt. There may also be an increased risk of loss of portfolio securities. |
■ | Time Zone Arbitrage. If the Fund invests a significant amount of its assets in foreign securities, it may be exposed to “time-zone arbitrage” attempts by investors seeking to take advantage of differences in the values of foreign securities that might result from events that occur after the close of the foreign securities market on which a security is traded and before the close of the New York Stock Exchange that day, when the Fund’s net asset value is calculated. If such time zone arbitrage were successful, it might dilute the interests of other shareholders. However, the Fund’s use of “fair value pricing” under certain circumstances, to adjust the closing market prices of foreign securities to reflect what the investment adviser and the Board believe to be their fair value, may help deter those activities. |
■ | Globalization Risks. The growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, the adoption or prolongation of protectionist trade policies by one or more countries, changes in economic or monetary policy in the United States or abroad, or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. |
■ | Regional Focus. At times, the Fund might increase the relative emphasis of its investments in a particular region of the world. Securities of issuers in a region might be affected by changes in economic conditions or by changes in government regulations, availability of basic resources or supplies, or other events that affect that region more than others. If the Fund has a greater emphasis on investments in a particular region, it may be subject to greater risks from adverse events that occur in that region than a fund that invests in a different region or that is more geographically diversified. Political, social or economic disruptions in the region may adversely affect the values of the Fund’s holdings. |
■ | Less Developed Securities Markets. Developing or emerging market countries may have less well-developed securities markets and exchanges. Consequently they have lower trading volume than the securities markets of more developed countries and may be substantially less liquid than those of more developed countries. |
■ | Transaction Settlement. Settlement procedures in developing or emerging markets may differ from those of more established securities markets, and settlement delays may result in the inability to invest assets or to dispose of portfolio securities in a timely manner. As a result there could be subsequent declines in the value of the portfolio security, a decrease in the level of liquidity of the portfolio or, if there is a contract to sell the security, a possible liability to the purchaser. |
■ | Price Volatility. Securities prices in developing or emerging markets may be significantly more volatile than is the case in more developed nations of the world, which may lead to greater difficulties in pricing securities. |
Oppenheimer Discovery Fund | 7 |
■ | Less Developed Governments and Economies. The governments of developing or emerging market countries may be more unstable than the governments of more developed countries. In addition, the economies of developing or emerging market countries may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Developing or emerging market countries may be subject to social, political, or economic instability. Further, the value of the currency of a developing or emerging market country may fluctuate more than the currencies of countries with more mature markets. |
■ | Government Restrictions. In certain developing or emerging market countries, government approval may be required for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. Other government restrictions may include confiscatory taxation, expropriation or nationalization of company assets, restrictions on foreign ownership of local companies, protectionist measures, and practices such as share blocking. |
■ | Privatization Programs. The governments in some developing or emerging market countries have been engaged in programs to sell all or part of their interests in government-owned or controlled enterprises. However, in certain developing or emerging market countries, the ability of foreign entities to participate in privatization programs may be limited by local law. There can be no assurance that privatization programs will be successful. |
8 | Oppenheimer Discovery Fund |
Oppenheimer Discovery Fund | 9 |
10 | Oppenheimer Discovery Fund |
Oppenheimer Discovery Fund | 11 |
■ | Traditional and Roth IRA accounts as well as Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts may be opened with a minimum initial investment of $500. |
■ | For wrap fee-based programs, salary reduction plans and other retirement plans and accounts, there is no minimum initial investment. |
12 | Oppenheimer Discovery Fund |
■ | Existing shareholders can continue to purchase shares through dividend and capital gain reinvestments. |
■ | Existing shareholders in broker/dealer advisory-fee programs can continue to purchase shares and exchange into the Fund. Existing broker/dealer advisory-fee programs can add new shareholders. The Fund will not be available to new broker/dealer advisory-fee platforms. |
■ | Existing shareholders in the following types of retirement plans can continue to purchase shares and exchange into the Fund: defined contribution (DC), 401(k) (including “Single K”), 403(b) custodial plans, pension and profit sharing plans, defined benefit plans (including “Single DB Plus”), SIMPLE IRAs and SEP IRAs. New participants in such plans that currently offer the Fund as an investment option can elect to purchase new shares of the Fund. However, the Fund will be closed to new retirement plans. |
■ | Existing shareholders that have an investment allocation to the Fund through an OppenheimerFunds Portfolio Builder account prior to the Closing Date can continue to purchase shares and exchange into the Fund. |
■ | Existing registered investment advisor (RIA) and bank trust firms that have an investment allocation to the Fund in a fee-based advisory account, can continue to add new clients, purchase shares, and exchange into the Fund. The Fund will not be available to new RIA and bank trust firms. |
■ | Existing shareholders in private banks can continue to purchase shares and exchange into the Fund. Existing private banks that have an investment allocation to the Fund can add new clients. The Fund will not be available to private banks or private bank platforms that are not already invested in the Fund. |
■ | Existing 529 Plans that currently include the Fund within one or more of their investment options can continue to purchase shares and exchange into the Fund. The Fund will not be available to new plans or existing plans that do not currently invest in the Fund. |
■ | Funds-of-funds, including those affiliated with the Fund’s investment adviser and non-affiliated funds-of-funds, that have an investment in the Fund as of the Closing Date can continue to purchase shares of the Fund. The Fund will not be available to new funds-of-funds. |
■ | The Fund reserves the right, in its discretion, to accept purchases and exchanges from institutional investors which may include, among others, corporations, endowments, foundations and insurance companies. |
■ | Existing shareholders as of the Closing Date who later sell all of their shares of the Fund will not be permitted to establish new accounts or reinvest in the Fund. |
■ | Investing for the Shorter Term. While the Fund is meant to be a long-term investment, if you have a relatively short-term investment horizon, you should consider investing in Class C shares in most cases. That is because the effect of the initial sales charge on most Class A shares may be greater than the effect of the ongoing asset-based sales charge on Class C shares over the short-term. The Class C contingent deferred sales charge does not apply to redemptions of shares held for more than one year. |
■ | Investing for the Longer Term. If you have a longer-term investment horizon, Class A shares may be more appropriate in most cases. That is because the effect of the ongoing asset-based sales charge on Class C shares might be greater than the effect of the initial sales charge on Class A shares, regardless of the amount of your investment. |
■ | Amount of Your Investment. Your choice will also depend on how much you plan to invest. As your investment horizon increases and/or your eligibility for a reduced front-end sales charge applies, Class C shares might not be as |
Oppenheimer Discovery Fund | 13 |
advantageous as Class A shares with a sales charge. That is because the effect of the ongoing asset-based sales charge on Class C shares may be greater than the effect of the reduced front-end sales charge on Class A share purchases. For an investor who is eligible to invest in Class I shares, that share class will be the most advantageous. For other investors who invest $1 million or more or in other arrangements that qualify for a sales charge waiver, Class A shares will be more advantageous than Class C shares in most cases, no matter how long you intend to hold your shares. |
14 | Oppenheimer Discovery Fund |
Amount of Purchase | Front-End Sales Charge As a Percentage of Offering Price | Front-End Sales Charge As a Percentage of Net Amount Invested | Concession As a Percentage of Offering Price | |
Less than $25,000 | 5.75% | 6.10% | 4.75% | |
$25,000 or more but less than $50,000 | 5.50% | 5.82% | 4.75% | |
$50,000 or more but less than $100,000 | 4.75% | 4.99% | 4.00% | |
$100,000 or more but less than $250,000 | 3.75% | 3.90% | 3.00% | |
$250,000 or more but less than $500,000 | 2.50% | 2.56% | 2.00% | |
$500,000 or more but less than $1 million | 2.00% | 2.04% | 1.60% |
■ | Right of Accumulation. To qualify for the reduced Class A sales charge that would apply to a larger purchase than you are currently making, you can add the value of qualified shares that you and your spouse currently own, and other qualified share purchases that you are currently making, to the value of your Class A share purchase of the Fund. The value of the qualified shares you currently own is based on the greater of their current offering price or the amount you paid for the shares. For purposes of calculating that value, only the value of shares owned as of December 31, 2007 and any shares purchased subsequently will be taken into consideration. The value of any shares that you have redeemed will not be counted. In totaling your holdings, you may count shares held in: |
■ | your individual accounts (including IRAs, 403(b) plans and eligible college savings programs), |
■ | your joint accounts with your spouse, |
■ | accounts you or your spouse hold as trustees or custodians on behalf of children who are minors. |
■ | Letter of Intent. You may also qualify for reduced Class A sales charges by submitting a Letter of Intent to the Fund. A Letter of Intent is a written statement of your intention to purchase a specified value of qualified shares over a 13-month period. The total amount of your intended purchases in the same types of accounts identified above under “Right of Accumulation” will determine the reduced sales charge rate that will apply to your Class A share purchases during that period. You must notify your financial intermediary of any qualifying college savings program purchases or purchases through other financial intermediaries. |
Oppenheimer Discovery Fund | 15 |
■ | Wrap fee-based programs and fee-based clients of a broker, dealer, registered investment advisor or other financial intermediary; |
■ | Commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a transaction-based commission outside of the Fund; |
■ | “Institutional investors” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement and deferred compensation plans; retirement plan platforms; insurance companies; registered investment advisor firms; registered investment companies; bank trusts; college savings programs; and family offices; and |
■ | Eligible employees, which are present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. |
■ | be an “institutional investor” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement plans and deferred compensation plans; service provider platforms; insurance companies; registered investment advisor firms; registered investment companies; bank trusts; college savings programs; and family offices; |
■ | make a minimum initial investment of $1 million or more per account (waived for service provider platforms); and |
■ | trade through an omnibus, trust, trust networked or similar pooled account. |
16 | Oppenheimer Discovery Fund |
■ | any increase in net asset value over the initial purchase price, |
■ | shares purchased by the reinvestment of dividends or capital gains distributions, or |
■ | shares eligible for a sales charge waiver (see “Sales Charge Waivers” below). |
■ | shares acquired by the reinvestment of dividends or capital gains distributions, |
■ | other shares that are not subject to the contingent deferred sales charge, and |
■ | shares held the longest during the holding period. |
■ | Dividend Reinvestment. Dividends or capital gains distributions may be reinvested in shares of the Fund, or any of the other Oppenheimer funds into which shares of the Fund may be exchanged, without a sales charge. |
■ | Exchanges by a financial intermediary of Class Y shares for Class A shares of the same fund in connection with a change in account type or otherwise in accordance with the intermediary’s policies and procedures that renders a shareholder ineligible for Class Y shares. The availability of this sales charge waiver depends on the policies, procedures and trading platforms of an intermediary. |
■ | Exchanges of Shares. There is no sales charge on exchanges of shares except for Class A shares of Oppenheimer Government Money Market Fund or Oppenheimer Government Cash Reserves on which you have not paid a sales charge. |
■ | Reinvestment Privilege. There is no sales charge on reinvesting the proceeds from redemptions of Class A shares that occurred within the previous three months if you paid an initial or contingent deferred sales charge on the redeemed shares. This reinvestment privilege does not apply to reinvestment purchases made through automatic investment options. |
■ | Shares issued in plans of reorganization, such as mergers, asset acquisitions and exchange offers, to which the Fund is a party. |
Oppenheimer Discovery Fund | 17 |
■ | Purchases made with the reinvestment of loan repayments by a participant in a retirement plan if the participant previously paid a sales charge on those shares. |
■ | Purchases made in amounts of less than $5 for accounts held directly with the Transfer Agent. |
■ | Purchases by the Manager or its affiliates. |
■ | Purchases by present or former officers, directors, trustees and employees (and their “immediate families”) of the Fund, the Manager and its affiliates, and retirement plans established by the Manager or its affiliates for their employees. The term “immediate family” refers to one’s spouse, children, grandchildren, grandparents, parents, parents in law, brothers and sisters, sons and daughters in law, a sibling’s spouse, a spouse’s siblings, aunts, uncles, nieces and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included. |
■ | Purchases by current employees and registered representatives (and their spouses) of any financial intermediaries if permitted by the intermediary’s policies. The purchaser must certify to the Distributor at the time of purchase that the purchase is for the purchaser’s own account (or for the benefit of such employee’s spouse or minor children). |
■ | Purchases made through an advisory fee or wrap fee-based platform. |
■ | Purchases by group omnibus retirement plans under section 401(a), 401(k), 403(b) and 457 of the Internal Revenue Code. |
■ | Purchases by taxable accounts held directly with the Transfer Agent that are established with the proceeds of Required Minimum Distributions from retirement plans and accounts. |
■ | Rollover purchases in an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent made with the proceeds of a retirement plan distribution that was previously invested in an Oppenheimer fund. |
■ | Purchases by former shareholders of Atlas Strategic Income Fund for any Oppenheimer fund into which shareholders of Oppenheimer Global Strategic Income Fund may exchange if permitted by the intermediary’s policies. |
■ | Purchases by former shareholders of Oppenheimer Total Return Fund Periodic Investment Plan for any Oppenheimer fund into which shareholders of Oppenheimer Main Street Fund may exchange if permitted by the intermediary’s policies. |
■ | Effective December 4, 2017, purchases made where there is no broker-dealer of record. |
■ | Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the applicable fund prospectus). |
■ | For distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable: |
1. | Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant’s account was established in an Oppenheimer fund. |
2. | To return excess contributions. |
3. | To return contributions made due to a mistake of fact. |
4. | To make hardship withdrawals, except from IRAs, as defined in the plan. |
5. | To make distributions required under a qualified domestic relations order described in Section 414(p) of the Internal Revenue Code or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code. |
6. | To meet the minimum distribution requirements of the Internal Revenue Code. |
7. | To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code. |
8. | For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from Oppenheimer Single K plans. |
9. | On account of the participant’s separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained. |
10. | Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager). |
11. | Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan. |
18 | Oppenheimer Discovery Fund |
12. | Distributions from a participant’s account under an Automatic Withdrawal Plan after the participant reaches age 59 1⁄2, as long as the aggregate value of the distributions does not exceed 12% of the account’s value annually. |
■ | Redemptions of shares under an Automatic Withdrawal Plan for an account (other than a retirement plan) if the aggregate value of the redeemed shares does not exceed 12% of the account’s value annually. |
■ | Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the applicable fund prospectus). |
■ | Redemptions from accounts other than retirement plans following the death or disability of the last surviving shareholder or sole beneficiary of a trust. The death or disability must have occurred after the account was established, and for disability you must provide evidence of a determination of disability by the Internal Revenue Code. |
■ | Redemptions of Class C shares of an Oppenheimer fund, requested in writing by a retirement plan sponsor and submitted more than 12 months after the retirement plan’s first purchase of Class C shares, if the redemption proceeds are invested to purchase Class R shares of one or more Oppenheimer funds. |
■ | Distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable: |
1. | Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant’s account was established in an Oppenheimer fund. |
2. | To return excess contributions. |
3. | To return contributions made due to a mistake of fact. |
4. | To make hardship withdrawals, except from IRAs, as defined in the plan. |
5. | To make distributions required under a qualified domestic relations order described in Section 414(p) of the Internal Revenue Code or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code. |
6. | To meet the minimum distribution requirements of the Internal Revenue Code. |
7. | To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code. |
8. | For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from OppenheimerFunds Single K plans. |
9. | On account of the participant’s separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained. |
10. | Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager). |
11. | Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan. |
12. | For distributions from a participant’s account under an Automatic Withdrawal Plan after the participant reaches age 59 1⁄2, as long as the aggregate value of the distributions does not exceed 10% of the account’s value annually. |
■ | Redemptions of Class C shares under an Automatic Withdrawal Plan from an account other than a retirement plan if the aggregate value of the redeemed shares does not exceed 10% of the account’s value annually. |
■ | Redemptions of shares sold to the Manager or its affiliates. |
■ | Redemptions of shares issued in plans of reorganization to which the Fund is a party. |
■ | Effective December 4, 2017, conversions to Class A share accounts requested by current investors who no longer have a broker-dealer of record for an existing Class C share account. |
Oppenheimer Discovery Fund | 19 |
20 | Oppenheimer Discovery Fund |
Oppenheimer Discovery Fund | 21 |
■ | Involuntary Redemptions. In some circumstances, involuntary redemptions may be made to repay any losses from the cancellation of share purchase orders. |
■ | By Check. The Fund will normally send redemption proceeds by check to the address on your account statement. |
■ | By AccountLink. If you have linked your Fund account to your bank account with AccountLink (described below), you may have redemption proceeds transferred directly into your account. Normally the transfer to your bank is initiated on the bank business day after the redemption. You will not receive dividends on the proceeds of redeemed shares while they are waiting to be transferred. |
■ | By Wire. You can arrange to have redemption proceeds sent by Federal funds wire to an account at a bank that is a member of the Federal Reserve wire system. The redemption proceeds will normally be transmitted on the next bank business day after the shares are redeemed. You will not receive dividends on the proceeds of redeemed shares while they are waiting to be transmitted. |
■ | during any period in which the NYSE is closed other than customary weekend and holiday closings or during any period in which trading on the NYSE is deemed to be restricted; |
■ | during any period in which an emergency exists, as a result of which (i) it is not reasonably practicable for the Fund to dispose of securities owned by it or (ii) it is not reasonably practicable for the Fund to fairly determine the value of its net assets; or |
22 | Oppenheimer Discovery Fund |
■ | during such other periods as the Securities and Exchange Commission may by order permit to protect Fund shareholders. |
■ | Shares of the fund selected for exchange must be available for sale in your state of residence. |
■ | The selected fund and share class must offer the exchange privilege. |
■ | You must meet the minimum purchase requirements for the relevant class of the selected fund. |
■ | Generally, exchanges may be made only between identically registered accounts, unless all account owners send written exchange instructions with a signature guarantee. |
■ | Before exchanging into a fund, you should obtain its prospectus and should read it carefully. |
Oppenheimer Discovery Fund | 23 |
■ | Exchanges Into Money Market Funds. A shareholder will be permitted to exchange shares of the Fund for shares of an eligible money market fund any time, even if the shareholder has exchanged shares into the Fund during the prior 30 days. Exchanges from that money market fund into another fund will be monitored for excessive activity and the Fund may limit or refuse any exchange order from a money market fund in its discretion pursuant to this policy. |
■ | Dividend Reinvestments and Share Conversions. The reinvestment of dividends or distributions from one fund to purchase shares of another fund and the conversion of shares from one share class to another class within the same fund will not be considered exchanges for purposes of imposing the 30-day limit. |
■ | Asset Allocation Programs. Investment programs by Oppenheimer “funds of funds” that entail rebalancing investments in underlying Oppenheimer funds will not be subject to these limits. However, third-party asset allocation and rebalancing programs will be subject to the 30-day limit described above. Asset allocation firms that want to exchange shares held in accounts on behalf of their customers must identify themselves and execute an acknowledgement and agreement to abide by these policies with respect to their customers’ accounts. “On-demand” exchanges outside the parameters of portfolio rebalancing programs will also be subject to the 30-day limit. |
■ | Automatic Exchange Plans. Accounts that receive exchange proceeds through automatic or systematic exchange plans that are established through the Transfer Agent will not be subject to the 30-day exchange limit as a result of those automatic or systematic exchanges but may be blocked from exchanges, under the 30-day limit, if they receive proceeds from other exchanges. |
■ | Redemptions of Shares. These exchange policy limits do not apply to redemptions of shares. Shareholders are permitted to redeem their shares on any regular business day, subject to the terms of this prospectus. |
24 | Oppenheimer Discovery Fund |
■ | Purchases through AccountLink that are submitted through PhoneLink or on the internet are limited to $100,000. |
■ | Purchases through AccountLink that are submitted by calling a service representative are limited to $250,000. |
■ | Redemptions that are submitted by telephone or on the internet and request the proceeds to be paid by check, are limited to $100,000, must be made payable to all owners of record of the shares and must be sent to the address on the account statement. This service is not available within 15 days of changing the address on an account. |
■ | Redemptions by telephone or on the internet that are sent to your bank account through AccountLink are limited to $100,000. |
■ | Exchanges submitted by telephone or on the internet may be made only between accounts that are registered with the same name(s) and address. |
■ | Shares held in an OppenheimerFunds-sponsored qualified retirement plan account may not be redeemed or exchanged by telephone or on the internet. |
■ | The Fund’s name; |
■ | For existing accounts, the Fund account number (from your account statement); |
■ | For new accounts, a completed account application; |
■ | For purchases, a check payable to Oppenheimer funds; |
Oppenheimer Discovery Fund | 25 |
■ | For redemptions, any special payment instructions; |
■ | For redemptions or exchanges, the dollar amount or number of shares to be redeemed or exchanged; |
■ | For individuals, the names and signatures of all registered owners exactly as they appear in the account registration; |
■ | For corporations, partnerships or other businesses or as a fiduciary, the name of the entity as it appears in the account registration and the names and titles of any individuals signing on its behalf; and |
■ | Other documents requested by the Transfer Agent to assure that the person purchasing, redeeming or exchanging shares is properly identified and has proper authorization to carry out the transaction. |
■ | You wish to redeem more than $100,000; |
■ | The redemption check is not payable to all shareholders listed on the account statement; |
■ | The redemption check is not sent to the address of record on your account statement; |
■ | Shares are being transferred to a Fund account with a different owner or name; or |
■ | Shares are being redeemed by someone (such as an Executor) other than the owners. |
■ | a U.S. bank, trust company, credit union or savings association, |
■ | a foreign bank that has a U.S. correspondent bank, |
■ | a U.S. registered dealer or broker in securities, municipal securities or government securities, or |
■ | a U.S. national securities exchange, a registered securities association or a clearing agency. |
■ | transmit funds electronically to purchase shares by internet, by telephone or automatically through an Asset Builder Plan. The purchase payment will be debited from your bank account. |
■ | have the Transfer Agent send redemption proceeds or dividends and distributions directly to your bank account. |
26 | Oppenheimer Discovery Fund |
■ | Individual Retirement Accounts (IRAs). These include traditional IRAs, Roth IRAs and rollover IRAs. |
■ | SIMPLE IRAs. These are Savings Incentive Match Plan for Employees IRAs for small business owners or self-employed individuals. |
■ | SEP-IRAs. These are Simplified Employee Pension Plan IRAs for small business owners or self-employed individuals. |
■ | 403(b)(7) Custodial Plans. These are tax-deferred plans for employees of eligible tax-exempt organizations, such as schools, hospitals and charitable organizations. |
■ | “Single K” Plans. These are 401(k) plans for self-employed individuals. |
■ | Qualified Plans. These plans are designed for businesses and self-employed individuals. |
■ | Reinvest All Distributions in the Fund. You can elect to reinvest all dividends and capital gains distributions in additional shares of the Fund. |
Oppenheimer Discovery Fund | 27 |
■ | Reinvest Only Dividends or Capital Gains. You can elect to reinvest some types of distributions in the Fund while receiving the other types of distributions by check or having them sent to your bank account through AccountLink. Different treatment is available for distributions of dividends, short-term capital gains and long-term capital gains. |
■ | Receive All Distributions in Cash. You can elect to receive all dividends and capital gains distributions by check or have them sent to your bank through AccountLink. |
■ | Reinvest Your Distributions in Another Oppenheimer Fund. You can reinvest all of your dividends and capital gains distributions in another Oppenheimer fund that is available for exchanges. You must have an existing account in the same share class in the selected fund. |
28 | Oppenheimer Discovery Fund |
Oppenheimer Discovery Fund | 29 |
Class A | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $81.76 | $71.38 | $71.30 | $72.35 | $79.80 | |
Income (loss) from investment operations: | ||||||
Net investment loss1 | (0.65) | (0.53) | (0.51) | (0.49)2 | (0.66) | |
Net realized and unrealized gain (loss) | 23.33 | 13.84 | 5.23 | 6.45 | (0.80) | |
Total from investment operations | 22.68 | 13.31 | 4.72 | 5.96 | (1.46) | |
Dividends and/or distributions to shareholders: | ||||||
Distributions from net realized gain | (9.66) | (2.93) | (4.64) | (7.01) | (5.99) | |
Net asset value, end of period | $94.78 | $81.76 | $71.38 | $71.30 | $72.35 | |
Total Return, at Net Asset Value3 | 30.77% | 19.44%4 | 6.81%4 | 8.43% | (2.21)% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $1,442,859 | $1,208,643 | $1,202,463 | $1,244,242 | $1,258,537 | |
Average net assets (in thousands) | $1,319,450 | $1,173,288 | $1,182,925 | $1,334,300 | $1,469,328 | |
Ratios to average net assets:5 | ||||||
Net investment loss | (0.76)% | (0.72)% | (0.76)% | (0.66)%2 | (0.87)% | |
Expenses excluding specific expenses listed below | 1.07% | 1.11% | 1.11% | 1.10% | 1.12% | |
Interest and fees from borrowings | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00% | |
Total expenses7 | 1.07% | 1.11% | 1.11% | 1.10% | 1.12% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.07%8 | 1.10% | 1.11%8 | 1.10%8 | 1.12%8 | |
Portfolio turnover rate | 91% | 107% | 89% | 88% | 87% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Net investment loss per share and the net investment loss ratio include $0.10 and 0.13%, respectively, resulting from a special dividend from HSN, Inc. in February 2015. |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4. | The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. |
5. | Annualized for periods less than one full year. |
6. | Less than 0.005%. |
7. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended September 30, 2018 | 1.07% |
Year Ended September 30, 2017 | 1.11% |
Year Ended September 30, 2016 | 1.11% |
Year Ended September 30, 2015 | 1.10% |
Year Ended September 30, 2014 | 1.12% |
8. | Waiver was less than 0.005%. |
30 | Oppenheimer Discovery Fund |
Class C | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $61.61 | $54.91 | $56.27 | $58.89 | $66.50 | |
Income (loss) from investment operations: | ||||||
Net investment loss1 | (0.94) | (0.83) | (0.79) | (0.84)2 | (1.02) | |
Net realized and unrealized gain (loss) | 16.89 | 10.46 | 4.07 | 5.23 | (0.60) | |
Total from investment operations | 15.95 | 9.63 | 3.28 | 4.39 | (1.62) | |
Dividends and/or distributions to shareholders: | ||||||
Distributions from net realized gain | (9.66) | (2.93) | (4.64) | (7.01) | (5.99) | |
Net asset value, end of period | $67.90 | $61.61 | $54.91 | $56.27 | $58.89 | |
Total Return, at Net Asset Value3 | 29.78% | 18.52%4 | 6.02%4 | 7.62% | (2.94)% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $159,027 | $139,622 | $141,939 | $156,114 | $163,675 | |
Average net assets (in thousands) | $148,239 | $136,955 | $144,380 | $169,437 | $187,330 | |
Ratios to average net assets:5 | ||||||
Net investment loss | (1.52)% | (1.48)% | (1.52)% | (1.41)%2 | (1.62)% | |
Expenses excluding specific expenses listed below | 1.83% | 1.86% | 1.87% | 1.86% | 1.88% | |
Interest and fees from borrowings | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00% | |
Total expenses7 | 1.83% | 1.86% | 1.87% | 1.86% | 1.88% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.83%8 | 1.85% | 1.87%8 | 1.86%8 | 1.88%8 | |
Portfolio turnover rate | 91% | 107% | 89% | 88% | 87% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Net investment loss per share and the net investment loss ratio include $0.08 and 0.13%, respectively, resulting from a special dividend from HSN, Inc. in February 2015. |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4. | The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. |
5. | Annualized for periods less than one full year. |
6. | Less than 0.005%. |
7. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended September 30, 2018 | 1.83% |
Year Ended September 30, 2017 | 1.86% |
Year Ended September 30, 2016 | 1.87% |
Year Ended September 30, 2015 | 1.86% |
Year Ended September 30, 2014 | 1.88% |
8. | Waiver was less than 0.005%. |
Oppenheimer Discovery Fund | 31 |
Class I | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $92.03 | $79.66 | $78.73 | $78.88 | $86.11 | |
Income (loss) from investment operations: | ||||||
Net investment loss1 | (0.35) | (0.25) | (0.24) | (0.19)2 | (0.34) | |
Net realized and unrealized gain (loss) | 26.64 | 15.55 | 5.81 | 7.05 | (0.90) | |
Total from investment operations | 26.29 | 15.30 | 5.57 | 6.86 | (1.24) | |
Dividends and/or distributions to shareholders: | ||||||
Distributions from net realized gain | (9.66) | (2.93) | (4.64) | (7.01) | (5.99) | |
Net asset value, end of period | $108.66 | $92.03 | $79.66 | $78.73 | $78.88 | |
Total Return, at Net Asset Value3 | 31.29% | 19.92%4 | 7.28%4 | 8.88% | (1.75)% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $254,704 | $153,563 | $91,907 | $76,083 | $51,668 | |
Average net assets (in thousands) | $193,907 | $123,543 | $81,211 | $70,840 | $51,768 | |
Ratios to average net assets:5 | ||||||
Net investment loss | (0.36)% | (0.30)% | (0.33)% | (0.23)%2 | (0.41)% | |
Expenses excluding specific expenses listed below | 0.67% | 0.68% | 0.68% | 0.67% | 0.67% | |
Interest and fees from borrowings | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00% | |
Total expenses7 | 0.67% | 0.68% | 0.68% | 0.67% | 0.67% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.67%8 | 0.68%8 | 0.68%8 | 0.67%8 | 0.67%8 | |
Portfolio turnover rate | 91% | 107% | 89% | 88% | 87% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Net investment loss per share and the net investment loss ratio include $0.11 and 0.20%, respectively, resulting from a special dividend from HSN, Inc. in February 2015. |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4. | The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. |
5. | Annualized for periods less than one full year. |
6. | Less than 0.005%. |
7. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended September 30, 2018 | 0.67% |
Year Ended September 30, 2017 | 0.68% |
Year Ended September 30, 2016 | 0.68% |
Year Ended September 30, 2015 | 0.67% |
Year Ended September 30, 2014 | 0.67% |
8. | Waiver was less than 0.005%. |
32 | Oppenheimer Discovery Fund |
Class R | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $76.52 | $67.17 | $67.52 | $69.02 | $76.59 | |
Income (loss) from investment operations: | ||||||
Net investment loss1 | (0.81) | (0.68) | (0.65) | (0.65)2 | (0.83) | |
Net realized and unrealized gain (loss) | 21.65 | 12.96 | 4.94 | 6.16 | (0.75) | |
Total from investment operations | 20.84 | 12.28 | 4.29 | 5.51 | (1.58) | |
Dividends and/or distributions to shareholders: | ||||||
Distributions from net realized gain | (9.66) | (2.93) | (4.64) | (7.01) | (5.99) | |
Net asset value, end of period | $87.70 | $76.52 | $67.17 | $67.52 | $69.02 | |
Total Return, at Net Asset Value3 | 30.43% | 19.11%4 | 6.56%4 | 8.13% | (2.45)% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $54,734 | $48,470 | $51,465 | $52,500 | $55,092 | |
Average net assets (in thousands) | $51,151 | $48,973 | $49,740 | $56,234 | $62,176 | |
Ratios to average net assets:5 | ||||||
Net investment loss | (1.02)% | (0.98)% | (1.02)% | (0.91)%2 | (1.14)% | |
Expenses excluding specific expenses listed below | 1.33% | 1.37% | 1.37% | 1.36% | 1.39% | |
Interest and fees from borrowings | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00% | |
Total expenses7 | 1.33% | 1.37% | 1.37% | 1.36% | 1.39% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.33%8 | 1.36% | 1.37%8 | 1.36%8 | 1.39%8 | |
Portfolio turnover rate | 91% | 107% | 89% | 88% | 87% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Net investment loss per share and the net investment loss ratio include $0.10 and 0.13%, respectively, resulting from a special dividend from HSN, Inc. in February 2015. |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4. | The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. |
5. | Annualized for periods less than one full year. |
6. | Less than 0.005%. |
7. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended September 30, 2018 | 1.33% |
Year Ended September 30, 2017 | 1.37% |
Year Ended September 30, 2016 | 1.37% |
Year Ended September 30, 2015 | 1.36% |
Year Ended September 30, 2014 | 1.39% |
8. | Waiver was less than 0.005%. |
Oppenheimer Discovery Fund | 33 |
Class Y | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |
Per Share Operating Data | ||||||
Net asset value, beginning of period | $90.84 | $78.81 | $78.08 | $78.42 | $85.80 | |
Income (loss) from investment operations: | ||||||
Net investment loss1 | (0.51) | (0.39) | (0.39) | (0.35)2 | (0.50) | |
Net realized and unrealized gain (loss) | 26.25 | 15.35 | 5.76 | 7.02 | (0.89) | |
Total from investment operations | 25.74 | 14.96 | 5.37 | 6.67 | (1.39) | |
Dividends and/or distributions to shareholders: | ||||||
Distributions from net realized gain | (9.66) | (2.93) | (4.64) | (7.01) | (5.99) | |
Net asset value, end of period | $106.92 | $90.84 | $78.81 | $78.08 | $78.42 | |
Total Return, at Net Asset Value3 | 31.07% | 19.70%4 | 7.08%4 | 8.69% | (1.96)% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $791,784 | $518,827 | $433,404 | $454,040 | $438,275 | |
Average net assets (in thousands) | $629,608 | $453,060 | $427,985 | $449,539 | $467,755 | |
Ratios to average net assets:5 | ||||||
Net investment loss | (0.53)% | (0.48)% | (0.52)% | (0.42)%2 | (0.61)% | |
Expenses excluding specific expenses listed below | 0.84% | 0.87% | 0.87% | 0.86% | 0.87% | |
Interest and fees from borrowings | 0.00%6 | 0.00%6 | 0.00%6 | 0.00%6 | 0.00% | |
Total expenses7 | 0.84% | 0.87% | 0.87% | 0.86% | 0.87% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.84%8 | 0.86% | 0.87%8 | 0.86%8 | 0.87%8 | |
Portfolio turnover rate | 91% | 107% | 89% | 88% | 87% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Net investment loss per share and the net investment loss ratio include $0.11 and 0.13%, respectively, resulting from a special dividend from HSN, Inc. in February 2015. |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4. | The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. |
5. | Annualized for periods less than one full year. |
6. | Less than 0.005%. |
7. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended September 30, 2018 | 0.84% |
Year Ended September 30, 2017 | 0.87% |
Year Ended September 30, 2016 | 0.87% |
Year Ended September 30, 2015 | 0.86% |
Year Ended September 30, 2014 | 0.87% |
8. | Waiver was less than 0.005%. |
34 | Oppenheimer Discovery Fund |
• | Purchases of Class A shares by retirement plans that have any of the following record-keeping arrangements: |
1. | The record keeping is performed by Merrill Lynch Pierce Fenner & Smith, Inc. (“Merrill Lynch”) on a daily valuation basis for the retirement plan. On the date the plan sponsor signs the record-keeping service agreement with Merrill Lynch, the Plan must have $3 million or more of its assets invested in (a) mutual funds, other than those advised or managed by certain Merrill Lynch investment advisers, as specified by Merrill Lynch (a “Specified Merrill Lynch Investment Adviser”), that are made available under a Service Agreement between Merrill Lynch and the mutual fund’s principal underwriter or distributor, and (b) funds advised or managed by a Specified Merrill Lynch Investment Adviser (the funds described in (a) and (b) are referred to as “Applicable Investments”). |
2. | The record keeping for the retirement plan is performed on a daily valuation basis by a record keeper whose services are provided under a contract or arrangement between the Retirement Plan and Merrill Lynch. On the date the plan sponsor signs the record keeping service agreement with Merrill Lynch, the plan must have $5 million or more of its assets (excluding assets invested in money market funds) invested in Applicable Investments. |
3. | The record keeping for a retirement plan is handled under a service agreement with Merrill Lynch and on the date the plan sponsor signs that agreement, the plan has 500 or more eligible employees (as determined by the Merrill Lynch plan conversion manager). |
• | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
• | Shares purchased by or through a 529 Plan |
• | Shares purchased through a Merrill Lynch affiliated investment advisory program |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
• | Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
• | Shares exchanged from Class C (i.e., level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date |
• | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
• | Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) |
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 1⁄2 |
• | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
• | Shares acquired through a right of reinstatement |
• | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only) |
• | Breakpoints as described in this prospectus. |
• | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
• | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |
• | Purchases in an OppenheimerFunds-sponsored Rollover IRA held directly with the Transfer Agent by clients of Mass Mutual Retirement Services. |
• | Shares purchased by clients of LPL who are accessing the Oppenheimer funds through LPL’s Mutual Fund Only Platform. |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, or SAR-SEPs plans. |
• | Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family). |
• | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a |
shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. | |
• | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. |
• | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. |
• | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules. |
• | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund. |
• | Shares purchased through a Morgan Stanley self-directed brokerage account. |
• | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. |
• | Shares purchased in an investment advisory program. |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
• | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
• | A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James. |
• | Death or disability of the shareholder. |
• | Shares sold as part of a systematic withdrawal plan. |
• | Return of excess contribution from an IRA Account. |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 701/2. |
• | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
• | Shares acquired through a right of reinstatement. |
• | Breakpoints as described in this prospectus. |
• | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of the fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets. |
Telephone: | Call OppenheimerFunds Services toll-free: 1.800.CALL OPP (1.800.225.5677) |
Mail: | Use the following address for regular mail: OppenheimerFunds Services P.O. Box 5270 Denver, Colorado 80217-5270 |
Use the following address for courier or express mail: OppenheimerFunds Services 6803 S. Tucson Way Centennial, CO 80112-3924 | |
Internet: | You may request documents, and read or download certain documents at www.oppenheimerfunds.com |
NYSE Ticker Symbols | |
Class A OPOCX | Class Y ODIYX |
Class C ODICX | Class I ODIIX |
Class R ODINX |
• | be generating or applying new technologies, new or improved distribution techniques or new services, |
• | own or develop natural resources, |
• | be companies that can benefit from changing consumer demands or lifestyles, or |
• | be companies that have projected earnings in excess of the average for their sector or industry. |
• | whether the convertible security can be exchanged for a fixed number of shares of common stock of the issuer or is subject to a “cap” or a conversion formula or other type of limit; |
• | whether the convertible security can be exchanged at a time determined by the investor rather than by the issuer; |
• | whether the issuer of the convertible securities has restated its earnings per share on a fully diluted basis (that is, as if all of the issuer’s convertible securities were converted into common stock); and |
• | the extent to which the convertible security may participate in any appreciation in the price of the issuer’s common stock. |
• | a lack of public information about foreign issuers; |
• | lower trading volume and less liquidity in foreign securities markets than in U.S. markets; |
• | greater price volatility in foreign markets than in U.S. markets; |
• | less government regulation of foreign issuers, exchanges and brokers than in the U.S.; |
• | a lack of uniform accounting, auditing and financial reporting standards in foreign countries compared to those applicable to U.S. issuers; |
• | fluctuations in the value of foreign investments due to changes in currency rates; |
• | the expense of currency exchange transactions; |
• | greater difficulties in pricing securities in foreign markets; |
• | foreign government restrictions on investments by U.S. and other non-local entities; |
• | higher brokerage commission rates than in the U.S.; |
• | increased risks of delays in clearance and settlement of portfolio transactions; |
• | unfavorable differences between the U.S. economy and some foreign economies; |
• | greater difficulty in commencing and pursuing lawsuits or other legal remedies; |
• | less regulation of foreign banks and securities depositories; |
• | increased risks of loss of certificates for portfolio securities; |
• | government restrictions on the repatriation of profits or capital or other currency control regulations; |
• | the possibility in some countries of expropriation, confiscatory taxation, political, financial or social instability or adverse diplomatic developments; |
• | the reduction of income by foreign taxes; and |
• | potential for time-zone arbitrage. |
• | Less Developed Securities Markets. Developing or emerging market countries may have less well-developed securities markets and exchanges. Consequently, they have lower trading volume than the securities markets of more developed countries. These markets may be unable to respond effectively to increases in trading volume. Therefore, prompt liquidation of substantial portfolio holdings may be difficult at times. As a result, these markets may be substantially less liquid than those of more developed countries, and the securities of issuers located in these markets may have limited marketability. |
• | Transaction Settlement. Settlement procedures in developing or emerging markets may differ from those of more established securities markets. Settlements may also be delayed by operational problems. Securities issued by developing countries and by issuers located in those countries may be subject to extended settlement periods. Delays in settlement could result in temporary periods during which some assets are uninvested and no return is earned on those assets. The inability to make intended purchases of securities due to settlement problems could cause missed investment opportunities. Losses could also be caused by an inability to dispose of portfolio securities due to settlement problems. As a result there could be subsequent declines in the value of the portfolio security, a decrease in the level of liquidity of the portfolio or, if there is a contract to sell the security, a possible liability to the purchaser. |
• | Price Volatility. Securities prices in developing or emerging markets may be significantly more volatile than is the case in more developed nations of the world, which may lead to greater difficulties in pricing securities. |
• | Less Developed Governments and Economies. Developing or emerging market countries may have less developed legal and accounting systems, and their governments may also be more unstable than the governments of more developed countries. For example, governments of some developing or emerging market countries have defaulted on their bonds and there is the risk of this happening in the future. These countries may also have less protection of property rights than more developed countries. Developing or emerging market countries also may be subject to social, political or economic instability, and have greater potential for pervasiveness of corruption and crime, armed conflict, the adverse economic impact of civil war and religious or ethnic unrest. In addition, the economies of developing or emerging market countries may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Further, the value of the currency of a developing or emerging market country may fluctuate more than the currencies of countries with more mature markets. Investments in developing or emerging market countries may also be subject to greater potential difficulties in enforcing contractual obligations. |
• | Government Restrictions. In certain developing or emerging market countries, government approval may be required for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. Also, a government might impose temporary restrictions on remitting capital abroad if the country’s balance of payments deteriorates, or it might do so for other reasons. If government approval were delayed or refused, income or capital gains may not be able to be transmitted to the United States. Other government restrictions may include confiscatory taxation, expropriation or nationalization of company assets, restrictions on foreign ownership of local companies, managed adjustments in relative currency values and other protectionist measures, and practices such as share blocking. Share blocking is the practice in certain foreign markets where voting rights related to an issuer’s securities are predicated on those securities being blocked from trading at the custodian or sub-custodian level for a period of time around a shareholder meeting. Such restrictions have the effect of prohibiting the purchase and sale of certain voting securities within a specified number of days before, and in certain instances, after a shareholder meeting. The share blocking period can last up to several weeks, typically terminating on a date established at the discretion of the issuer. Share blocking may prevent the Fund from buying or selling securities for a period of time. When shares are blocked, trades in such securities will not settle. Having a blocking restriction lifted can be difficult and onerous, with the particular requirements varying widely by country. In some countries, the block cannot be removed for the duration of time it is effective. Additionally, the imposition of restrictions on investments by foreign entities might result in less attractive investment opportunities or require the sale of existing investments. Investments in developing or emerging market countries may also be subject to greater risks relating to the withdrawal or non-renewal of any license enabling the Fund to trade in securities of a particular country. |
• | Privatization Programs. The governments in some developing or emerging market countries have been engaged in programs to sell all or part of their interests in government-owned or controlled enterprises. Privatization programs may offer opportunities for significant capital appreciation, in the appropriate circumstances. However, in certain developing countries, the ability of foreign entities to participate in privatization programs may be limited by local law. Additionally, the terms on which a foreign entity might be permitted to participate may be less advantageous than those afforded local investors. There can be no assurance that privatization programs will be successful. |
• | selling futures contracts, |
• | buying puts on such futures or on securities, |
• | writing covered calls on securities or futures. Covered calls may also be used to increase the Fund’s income, but the Manager does not expect to engage extensively in that practice. |
• | buying futures, |
• | and buying calls on such futures or on securities. |
• | Participants in the futures market are subject to margin deposit and maintenance requirements that may cause investors to close futures contracts through offsetting transactions, distorting the normal market relationships. |
• | The liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, thus producing distortion. |
• | Speculators may consider that deposit requirements in the futures market are less onerous than margin requirements in the securities markets. Therefore, increased participation by speculators in the futures market may cause price distortions. |
1. | gains or losses attributable to fluctuations in exchange rates that occur between the time interest or other receivables denominated in a foreign currency are accrued or expenses or other liabilities denominated in a foreign currency are accrued and the time the Fund actually collects such receivables or pays such liabilities, and |
2. | gains or losses attributable to fluctuations in the value of a foreign currency between the date of acquisition of a debt security denominated in a foreign currency or foreign currency forward contracts and the date of disposition. |
• | high-quality (rated in the top rating categories of nationally recognized statistical rating organizations (“NRSROs”) or deemed by the Sub-Adviser to be of comparable quality), short-term money market instruments, including those issued by the U.S. Treasury or other government agencies, |
• | commercial paper (short-term, unsecured, promissory notes of domestic or foreign companies) rated in the top rating category of a NRSRO, |
• | debt obligations of corporate issuers, rated investment grade (rated at least Baa by Moody’s Investors Service, Inc. or at least BBB by Standard & Poor’s Corporation, or a comparable rating by another rating organization), or unrated securities judged by the Sub-Adviser to be of a quality comparable to rated securities in those categories, |
• | certificates of deposit and bankers’ acceptances of domestic and foreign banks and savings and loan associations, and |
• | repurchase agreements. |
• | 67% or more of the shares present or represented by proxy at a shareholder meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy; or |
• | more than 50% of the outstanding shares. |
• | The Fund cannot make loans, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund may not make any investment if, as a result, the Fund’s investments will be concentrated in any one industry, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. For purposes of this concentration limitation, the Fund’s investment adviser may analyze the characteristics of a particular issuer and instrument and may assign an industry or sector classification consistent with those characteristics in the event that any third party classification provider that may be used by the investment adviser does not assign a classification. |
• | The Fund cannot underwrite securities of other issuers, except to the extent permitted under the Investment Company Act or the Securities Act of 1933, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statutes, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund cannot invest in real estate or commodities, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund cannot issue “senior securities,” except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemption may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund may not borrow money, except to the extent permitted under the Investment Company Act, the rules or regulations thereunder or any exemption therefrom that is applicable to the Fund, as such statute, rules, regulations or exemptions may be amended or interpreted from time to time by the Securities and Exchange Commission, its staff, or other authority with appropriate jurisdiction. |
• | The Fund cannot invest in the securities of other registered investment companies or registered unit investment trusts in reliance on sub-paragraph (F) or (G) of section 12(d)(1) of the Investment Company Act. |
• | Public Disclosure. The Fund’s portfolio holdings are made publicly available no later than 60 days after the close of each of the Fund’s fiscal quarters in its annual and semi-annual reports to shareholders and in its Schedule of Investments on Form N-Q. Those documents are publicly available at the Securities and Exchange Commission. In addition, the Fund’s portfolio holdings information, as of the end of each calendar month, may be posted and available on the Fund’s website (at www.oppenheimerfunds.com) no sooner than 30 calendar days after the end of the calendar month to which the information relates. Partial holdings, listed by security or by issuer, may be posted on the Fund’s website no sooner than 5 business days following the month to which the information relates. The Fund may delay posting its holdings or may not post any holdings, if the Manager/Sub-Adviser believes that would be in the best interests of the Fund and its shareholders. Other general information about the Fund’s portfolio investments, such as portfolio composition by asset class, industry, country, currency, credit rating or maturity, may also be publicly disclosed 5 business days after the end of the calendar month to which the information relates. |
• | Employees of the Fund’s service providers who need to have access to such information; |
• | The Fund’s independent registered public accounting firm; |
• | Members of the Fund’s Board and the independent legal counsel to the Board’s independent trustees; |
• | The Fund’s custodian bank; |
• | The Fund’s financial printers; |
• | A proxy voting service designated by the Fund and its Board; |
• | Rating/ranking organizations (such as Lipper and Morningstar); |
• | Portfolio pricing services retained by the Manager/Sub-Adviser to provide portfolio security prices; |
• | Brokers and dealers for purposes of providing portfolio analytic services, in connection with portfolio transactions (purchases and sales), and to obtain bids or bid and asked prices (if securities held by the Fund are not priced by the Fund’s regular pricing services, or to obtain prices for inter-fund trades or similar transactions); and |
• | Other service providers to the Fund, the Manager, the Sub-Adviser, the Distributor, and the Transfer Agent, including providers of index services and personal trading compliance services. |
• | The third-party recipient must first submit a request for release of Fund portfolio holdings, explaining the business reason for the request; |
• | Senior officers in the Manager’s/Sub-Adviser’s Investment Operations and Legal departments must approve the completed request for release of Fund portfolio holdings; and |
• | Before receiving the data, the third-party recipient must sign a portfolio holdings non-disclosure agreement, agreeing to keep confidential the information that is not publicly available regarding the Fund’s holdings and agreeing not to use such information in any way that is detrimental to the Fund. |
• | Response to legal process in litigation matters, such as responses to subpoenas or in class action matters where the Fund may be part of the plaintiff class (and seeks recovery for losses on a security) or a defendant; and |
• | Response to regulatory requests for information (from the Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”), state securities regulators, and/or foreign securities authorities, including without limitation requests for information in inspections or for position reporting purposes). |
• | create new series and classes of shares; |
• | reclassify unissued shares into additional series and classes; |
• | divide or combine the shares of a class into a greater or lesser number of shares without changing the proportionate beneficial interest of a shareholder in the Fund; and |
• | terminate any class of shares. |
• | has its own dividends and distributions; |
• | pays certain expenses which may be different for the different classes; |
• | will generally have a different net asset value; |
• | will generally have separate voting rights on matters in which interests of one class are different from interests of another class; and |
• | votes as a class on matters that affect that class alone. |
• | represents an interest in the Fund proportionately equal to the interest of each other share of the same class; |
• | is freely transferable; |
• | has one vote at shareholder meetings, with fractional shares voting proportionally; |
• | may be voted in person or by proxy at shareholder meetings; and |
• | does not have cumulative voting rights, preemptive rights or subscription rights. |
• | Wrap fee-based programs and fee-based clients of a broker, dealer, registered investment adviser or other financial intermediary; |
• | Commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a transaction-based commission outside of the Fund; |
• | “Institutional investors” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement and deferred compensation plans; retirement plan platforms; insurance companies; registered investment adviser firms; registered investment companies; bank trusts; college savings programs; and family offices; and |
• | Eligible employees, which are present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. |
• | be an “institutional investor” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement plans and deferred compensation plans; retirement plan service provider platforms and health savings account service provider platforms (jointly, “service provider platforms”); insurance companies; registered investment advisor firms; registered investment companies; bank trusts; college savings programs; and family offices; |
• | make a minimum initial investment of $1 million or more per account (waived for service provider platforms); and |
• | trade through an omnibus, trust, trust networked or similar pooled account. |
Independent Trustees | Position(s) | Length of Service |
Brian F. Wruble | Board Chairman; Trustee | Since 2007; 2005 |
Beth Ann Brown | Trustee | Since 2016 |
Edmund P. Giambastiani, Jr. | Trustee | Since 2013 |
Elizabeth Krentzman | Trustee | Since 2014 |
Mary F. Miller | Trustee | Since 2004 |
Joel W. Motley | Trustee | Since 2002 |
Joanne Pace | Trustee | Since 2013 |
Daniel Vandivort | Trustee | Since 2014 |
Interested Trustee | ||
Arthur P. Steinmetz | Trustee | Since 2015 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Brian F. Wruble (1943) Chairman of the Board, Trustee | Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (registered business development company) (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Beth Ann Brown (1968) Trustee | Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Edmund P. Giambastiani, Jr. (1948) Trustee | Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-October 2007); Supreme Allied Commander of NATO Allied Command Transformation (2003-2005) and Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, during which time he has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Elizabeth Krentzman (1959) Trustee | Trustee of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Mary F. Miller (1942) Trustee | Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Joel W. Motley (1952) Trustee | Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Joanne Pace (1958) Trustee | Advisory Board Director of Massey Quick Simon & Co., LLC (wealth management) (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse (investment banking): Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds') financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Independent Trustees | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Daniel S. Vandivort (1954) Trustee | Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. | 46 |
Interested Trustee and Officer | ||
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held | Portfolios Overseen in Fund Complex |
Arthur P. Steinmetz (1958) Trustee, President and Principal Executive Officer | Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.'s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009). | 104 |
Position(s) | Length of Service | |
Ronald J. Zibelli, Jr. | Vice President | Since 2006 |
Ash Shah | Vice President | Since 2014 |
Arthur P. Steinmetz | President and Principal Executive Officer | Since 2014 |
Position(s) | Length of Service | |
Mary Ann Picciotto | Vice President and Chief Compliance Officer | Since 2014 |
Jennifer Foxson | Vice President and Chief Business Officer | Since 2014 |
Brian Petersen | Treasurer and Principal Financial & Accounting Officer | Since 2016 |
Julie Burley | Assistant Treasurer | Since 2013 |
James A. Kennedy | Assistant Treasurer | Since 2011 |
Jan Miller | Assistant Treasurer | Since 2013 |
Stephanie Bullington | Assistant Treasurer | Since 2016 |
Cynthia Lo Bessette | Secretary and Chief Legal Officer | Since 2016 |
Joseph Benedetti | Assistant Secretary | Since 2018 |
Taylor V. Edwards | Assistant Secretary | Since 2008 |
Randy G. Legg | Assistant Secretary | Since 2008 |
John Yoder | Assistant Secretary | Since 2016 |
Other Information About the Officers of the Fund | |
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years |
Ronald J. Zibelli, Jr. (1959) Vice President | Senior Vice President (since January 2014) and Senior Portfolio Manager of the Sub-Adviser (since May 2006). Vice President of the Sub-Adviser from May 2006 to January 2014. Prior to joining the Sub-Adviser, he spent six years at Merrill Lynch Investment Managers, during which time he was a Managing Director and Small Cap Growth Team Leader, responsible for managing 11 portfolios. Prior to joining Merrill Lynch Investment Managers, Mr. Zibelli spent 12 years with Chase Manhattan Bank, including two years as Senior Portfolio Manager (U.S. Small Cap Equity) at Chase Asset Management. |
Ash Shah (1969) Vice President | Senior Portfolio Manager of the Sub-Adviser (since February 2014) and a Vice President of the Sub-Adviser (since May 2006). Senior Research Analyst of the Sub-Adviser (February 2006-February 2014). Prior to joining the Sub-Adviser, Mr. Shah was a Vice President and Senior Analyst with Merrill Lynch Investment Managers. Prior to that, he was a Vice President and Senior Analyst with BlackRock Financial Management. |
Other Information about the Officers of the Fund | |
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years |
Mary Ann Picciotto (1973) Chief Compliance Officer and Chief Anti-Money Laundering Officer | Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). |
Jennifer Foxson (1969) Vice President and Chief Business Officer | Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998). |
Brian S. Petersen (1970) Treasurer and Principal Financial and Accounting Officer | Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007). |
Stephanie Bullington (1977) Assistant Treasurer | Vice President of OFI Global Asset Management, Inc. (since February 2014); Vice President of OFI Global Asset Management, Inc. (January 2013-September 2013); Vice President of OppenheimerFunds, Inc. (January 2010-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (October 2005-January 2010). |
Other Information about the Officers of the Fund | |
Name, Year of Birth, Position(s) | Principal Occupation(s) During the Past 5 Years |
Julie Burley (1981) Assistant Treasurer | Vice President of OFI Global Asset Management, Inc. (since October 2013); Previously held the following positions at Deloitte & Touche: Senior Manager (September 2010-October 2013), Manager (September 2008-August 2010), and Audit Senior (September 2005-August 2008). |
James A. Kennedy (1958) Assistant Treasurer | Senior Vice President of OFI Global Asset Management, Inc. (since January 2013); Senior Vice President of OppenheimerFunds, Inc. (September 2006-December 2012). |
Jan Miller (1963) Assistant Treasurer | Vice President of OFI Global Asset Management, Inc. (since January 2014); Assistant Vice President of OFI Global Asset Management, Inc. (January 2013-January 2014); Assistant Vice President of OppenheimerFunds, Inc. (2005-December 2012); Assistant Vice President in OppenheimerFunds, Inc.’s Fund Accounting department (November 2004 to March 2006). |
Cynthia Lo Bessette (1969) Secretary and Chief Legal Officer | Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. |
Joseph Benedetti (1965) Assistant Secretary | Senior Vice President and Managing Counsel of OFI Global Asset Management, Inc. (since January 2017); Vice President and Assistant Secretary of OC Private Capital, LLC (since October 2017); Managing Director of Morgan Stanley Investment Management Inc. (2005-2017). |
Taylor V. Edwards (1967) Assistant Secretary | Senior Vice President and Managing Counsel of OFI Global Asset Management, Inc. (since January 2017); Vice President and Senior Counsel of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President (February 2007-December 2012) and Senior Counsel (February 2012-December 2012) of OppenheimerFunds, Inc.; Associate Counsel (May 2009-January 2012); Assistant Vice President (January 2006-January 2007) and Assistant Counsel (January 2006-April 2009) of OppenheimerFunds, Inc. |
Randy Legg (1965) Assistant Secretary | Senior Vice President and Managing Counsel of OFI Global Asset Management, Inc. (since January 2018); Vice President and Senior Associate General Counsel of OFI Global Asset Management, Inc. (January 2013-January 2018); Vice President (June 2005-December 2012) and Senior Counsel (March 2011-December 2012) of OppenheimerFunds, Inc.; Associate Counsel (January 2007-March 2011) of OppenheimerFunds, Inc. |
John Yoder (1975) Assistant Secretary | Vice President and Associate General Counsel of OFI Global Asset Management, Inc. (since January 2013); Vice President and Assistant Counsel (July 2011-December 2012) of OppenheimerFunds, Inc. |
As of December 31, 2017 | ||
Independent Trustees | Dollar Range of Shares Beneficially Owned in the Fund | Aggregate Dollar Range of Shares Beneficially Owned in Supervised Funds |
Brian Wruble | None | Over $100,000 |
Beth Ann Brown | None | Over $100,000 |
Edmund P. Giambastiani, Jr. | None | Over $100,000 |
Elizabeth Krentzman | None | Over $100,000 |
Mary F. Miller | None | Over $100,000 |
Joel W. Motley | None | Over $100,000 |
Joanne Pace | None | Over $100,000 |
Daniel Vandivort | None | Over $100,000 |
As of December 31, 2017 | ||
Independent Trustees | Dollar Range of Shares Beneficially Owned in the Fund | Aggregate Dollar Range of Shares Beneficially Owned in Supervised Funds |
Interested Trustee | ||
Arthur P. Steinmetz | None | Over $100,000 |
Aggregate Compensation From the Fund1 | Total Compensation From the Fund and Fund Complex | |
Name and Other Fund Position(s) (as applicable) | Fiscal Year Ended September 30, 2018 | Year Ended December 31, 2017 |
Brian F. Wruble Chairman of the Board, Audit Committee Member and Regulatory & Oversight Committee Member | $4,8322 | $320,000 |
Beth Ann Brown Regulatory & Oversight Committee Member and Governance Committee Member | $3,751 | $245,000 |
Edmund P. Giambastiani, Jr. Regulatory & Oversight Committee Member and Governance Committee Member | $3,751 | $245,000 |
Elizabeth Krentzman Regulatory & Oversight Committee Chair and Audit Committee Member | $4,183 | $275,000 |
Mary F. Miller Audit Committee Member and Governance Committee Member | $3,7513 | $245,000 |
Joel W. Motley Governance Committee Chair and Regulatory & Oversight Committee Member | $4,1834 | $275,000 |
Joanne Pace Audit Committee Chair and Regulatory & Oversight Committee Member | $4,1835 | $275,000 |
Daniel S. Vandivort Audit Committee Member and Governance Committee Member | $3,751 | $245,000 |
Name | Address | % Owned | Share Class |
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BEN OF CUSTOMERS | 200 LIBERTY STREET ONE WORLD FINANCIAL CENTER ATTN: MUTUAL FUNDS 5TH FLOOR NEW YORK NY 10281-1003 | 5.51% | A |
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BEN OF CUSTOMERS | 200 LIBERTY STREET ONE WORLD FINANCIAL CENTER ATTN: MUTUAL FUNDS 5TH FLOOR NEW YORK NY 10281-1003 | 29.62% | I |
RELIANCE TRUST COMPANY FBO MASSMUTUAL REGISTERED PRODUCT | PO BOX 28004 ATLANTA GA 30358-0004 | 19.42% | I |
PLANMEMBER SERVICES ACTING AS AG FOR UMB BANK CUSTODIAN QUALIFIED ACCOUNT | 6187 CARPINTERIA AVE CARPINTERIA, CA 93013 | 11.72% | I |
RELIANCE TRUST COMPANY CUSTODIAN FBO RAP R/R | PO BOX 48529 ATLANTA GA 30362-1529 | 6.14% | I |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS | ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105 | 5.66% | I |
VANTAGETRUST - UNITIZED | CO ICMA RETIREMENT CORPORATION 777 N CAPITOL ST NE WASHINGTON DC 20002-4239 | 20.56% | Y |
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BEN OF CUSTOMERS | 200 LIBERTY STREET ONE WORLD FINANCIAL CENTER ATTN: MUTUAL FUNDS 5TH FLOOR NEW YORK NY 10281-1003 | 16.78% | Y |
LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- | ATTN: LINDSAY OTOOLE 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121 | 16.45% | Y |
VOYA INSTITUTIONAL TRUST CO FBO STATE OF ARKANSAS DEFERRED COMPENSATION PLAN | PO BOX 3507 LITTLE ROCK AR 72203-3507 | 7.14% | Y |
• | If such proposal is not specifically addressed in the Proxy Voting Guidelines, or if the Proxy Voting Guidelines provide discretion to the Manager on how to vote (i.e., on a case-by-case basis), the Manager will vote in accordance with the third-party proxy voting agent’s general recommended guidelines on the proposal provided that the Manager has reasonably determined that there is no conflict of interest on the part of the proxy voting agent. |
• | With respect to such proposal where a portfolio manager has requested that the Manager vote (i) in a manner inconsistent with the Proxy Voting Guidelines, or (ii) if such proposal is not specifically addressed in the Proxy Voting Guidelines, in a manner inconsistent with the third-party proxy voting agent’s general recommended guidelines, the Proxy Voting Committee may determine that such a request is in the best interests of the Fund (and, if applicable, its shareholders) and does not pose an actual material conflict of interest. In making its determination, the Proxy Voting Committee may consider, among other things, whether a portfolio manager is aware of the business relationship with the company, and/or is sufficiently independent from the business relationship, and to the Proxy Voting Committee’s knowledge, whether the Manager has been contacted or influenced by the company in connection with the proposal. |
• | The Fund evaluates director nominees on a case-by-case basis, examining the following factors, among others: composition of the board and key board committees, experience and qualifications, attendance at board meetings, corporate governance provisions and takeover activity, long-term company performance, the nominee’s investment in the company, and whether the company or nominee is targeted in connection with public “vote no” campaigns. |
• | The Fund generally supports proposals requiring the position of chairman to be filled by an independent director unless there are compelling reasons to recommend against the proposal such as a counterbalancing governance structure. |
• | The Fund generally supports proposals asking that a majority of directors be independent. The Fund generally supports proposals asking that a board audit, compensation, and/or nominating committee be composed exclusively of independent directors. |
• | The Fund generally votes against shareholder proposals to require a company to nominate more candidates than the number of open board seats. |
• | The Fund generally supports shareholder proposals to reduce a super-majority vote requirement, and opposes management proposals to add a super-majority vote requirement. |
• | The Fund generally supports proposals to allow shareholders the ability to call special meetings. |
• | The Fund generally votes for proposals that remove restrictions on or provide the right of shareholders to act by written consent independently of management taking into account the company’s specific governance provisions including right to call special meetings, poison pills, vote standards, etc. on a case-by-case basis. |
• | The Fund generally votes against proposals to create a new class of stock with superior voting rights. |
• | The Fund generally votes against proposals to classify a board. |
• | The Fund generally supports proposals to eliminate cumulative voting. |
• | The Fund generally votes against proposals to establish a new board committee. |
• | The Fund generally votes on management proposals seeking approval to exchange/reprice options on a case-by-case basis. |
• | The Fund votes on qualified employee stock purchase plans on a case-by-case basis. The Fund generally supports non-qualified employee stock purchase plans that feature broad-based participation, limits on employee contribution, company matching up to 25%, and no discount on the stock price on the date of purchase. |
• | The Fund generally supports transfer stock option (“TSO”) programs, if executive officers and non-employee directors are excluded from participating, if stock options are purchased from third-party financial institutions at a discount to their fair value using option pricing models, and if there is a two-year minimum holding period for sale proceeds. The Fund generally votes against equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. |
• | The Fund generally supports proposals to require majority voting for the election of directors. |
• | The Fund generally supports proposals seeking additional disclosure of executive and director pay information. |
• | The Fund generally supports proposals seeking disclosure regarding the company’s, board’s or committee’s use of compensation consultants. |
• | The Fund generally supports “pay-for-performance” and “pay-for-superior-performance standard” proposals that align a significant portion of total compensation of senior executives to company performance, and generally supports an annual frequency for advisory votes on executive compensation. |
• | The Fund generally supports having shareholder votes on poison pills. |
• | The Fund generally supports proposals calling for companies to adopt a policy of not providing tax gross-up payments. |
• | The Fund votes case-by-case on bonus banking/bonus banking “plus” proposals. |
• | The Fund generally supports proposals calling for companies to adopt a policy of obtaining shareholder approval for golden coffins/executive death benefits. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible. |
• | The Fund generally supports proposals to eliminate accelerated vesting of unvested equity awards to senior executives in the event of change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between the award date and the change in control). |
• | In the case of social, political and environmental responsibility issues, the Fund will generally abstain where there could be a detrimental impact on share value or where the perceived value if the proposal was adopted is unclear or unsubstantiated. |
• | The Fund generally supports proposals that would clearly have a discernible positive impact on short- or long-term share value, or that would have a presently indiscernible impact on short- or long-term share value but promotes general long-term interests of the company and its shareholders. |
Fiscal Year Ended 09/30 | Management Fees Paid to the Manager |
2016 | $12,204,402 |
2017 | $12,428,774 |
2018 | $14,721,592 |
• | Other Accounts Managed. In addition to managing the Fund’s investment portfolio, the Portfolio Managers also manage other investment portfolios and other accounts on behalf of the Sub-Adviser or its affiliates. The following table provides information regarding those other portfolios and accounts as of September 30, 2018. No portfolio or account has an advisory fee based on performance. |
Portfolio Manager | Registered Investment Companies Managed | Total Assets in Registered Investment Companies Managed | Other Pooled Investment Vehicles Managed | Total Assets in Other Pooled Investment Vehicles Managed | Other Accounts Managed | Total Assets in Other Accounts Managed3 |
Ronald J. Zibelli, Jr. | 5 | $2.631 | 1 | $58.412 | 0 | $0 |
Ash Shah | 1 | $242.122 | 1 | $58.412 | 0 | $0 |
1. | In billions. |
2. | In millions. |
3. | Does not include personal accounts of the portfolio manager and his/her family, which are subject to the Code of Ethics. |
• | Ownership of Fund Shares. As of September 30, 2018, the Portfolio Manager(s) beneficially owned shares of the Fund as follows: |
Portfolio Manager | Range of Shares Beneficially Owned in the Fund |
Ronald J. Zibelli, Jr. | over $1,000,000 |
Ash Shah | $100,001–$500,000 |
Fiscal Year Ended 9/30 | Total Brokerage Commissions Paid by the Fund* |
2016 | $1,841,408 |
2017 | $2,432,562 |
2018 | $2,105,346 |
* | Amounts do not include spreads or commissions on principal transactions on a net trade basis. |
Name of Regular Broker or Dealer or Parent of Regular Broker or Dealer | Aggregate Holdings of the Securities of the Issuer as of the Fiscal Year Ended September 30, 2018 |
N/A | N/A |
Class A Front-End Sales Charges | ||
Fiscal Year Ended 9/30: | Aggregate Front-End Sales Charges on Class A Shares | Class A Front-End Sales Charges Retained by Distributor* |
2016 | $449,972 | $137,307 |
2017 | $389,875 | $119,810 |
2018 | $344,001 | $96,161 |
* | Includes amounts retained by a broker-dealer that is an affiliate or a parent of the Distributor. |
Concessions Advanced by Distributor | ||||
Fiscal Year Ended 9/30: | Concessions on Class A Shares Advanced by Distributor* | Concessions on Class B Shares Advanced by Distributor*,** | Concessions on Class C Shares Advanced by Distributor* | Concessions on Class R Shares Advanced by Distributor* |
2016 | $6,504 | $0 | $35,760 | $0 |
2017 | $3,569 | $0 | $28,650 | $0 |
2018 | $5,098 | $0 | $31,786 | $0 |
* | The Distributor advances concession payments to financial intermediaries for certain sales of Class A shares and for sales of Class C and Class R shares from its own resources at the time of sale. |
** | All outstanding Class B shares were converted to Class A shares on June 1, 2018. |
Contingent Deferred Sales Charges | ||||
Fiscal Year Ended 9/30: | Class A Contingent Deferred Sales Charges Retained by Distributor | Class B* Contingent Deferred Sales Charges Retained by Distributor | Class C Contingent Deferred Sales Charges Retained by Distributor | Class R Contingent Deferred Sales Charges Retained by Distributor |
2016 | $388 | $15,788 | $4,618 | $0 |
2017 | $478 | $10,982 | $4,018 | $0 |
2018 | $170 | $1,446 | $2,560 | $0 |
* | All outstanding Class B shares were converted to Class A shares on June 1, 2018. |
• | pays sales concessions to authorized brokers and dealers at the time of sale or as an ongoing concession, |
• | pays the service fees in advance or periodically, as described below, |
• | may finance payment of sales concessions or the advance of the service fee payments to recipients under the Plans, or may provide such financing from its own resources or from the resources of an affiliate, |
• | employs personnel to support distribution of Class C and Class R shares, |
• | bears the costs of sales literature, advertising and prospectuses (other than those furnished to current shareholders) and certain other distribution expenses, |
• | may not be able to adequately compensate dealers that sell Class C and Class R shares without receiving payment under the Plans and therefore may not be able to offer such Classes for sale absent the Plans, |
• | receives payments under the Plans consistent with the service and distribution fees paid by other non-proprietary funds that charge 12b-1 fees, |
• | may use the payments under the Plan to include the Fund in various third-party distribution programs that might increase sales of Fund shares, |
• | may experience increased difficulty selling the Fund’s shares if Plan payments were discontinued, because most competitor funds have plans that pay dealers as much or more for distribution services than the amounts currently being paid by the Fund, and |
• | may not be able to continue providing the same quality of distribution efforts and services, or to obtain such services from brokers and dealers, if Plan payments were discontinued. |
Distribution and Service Fees Paid to the Distributor for the Fiscal Year Ended 09/30/18 | |||
Class | Total Payments Under Plan | Amount Retained by Distributor | Amount Paid to Affiliate |
Class B Plan* | $24,123 | $15,339 | $490 |
Class C Plan | $1,473,121 | $29,925 | $39,172 |
Class R Plan | $253,246 | $7,371 | $21,233 |
* | All outstanding Class B shares were converted to Class A shares on June 1, 2018. |
1. | Payments made by the Fund, or by an investor buying or selling shares of the Fund, including: |
• | an initial front-end sales charge, all or a portion of which is payable by the Distributor to financial intermediaries (see the “More About Your Account” section in the Fund’s prospectus); and |
• | ongoing asset-based distribution and/or service fees (described in the section “Distribution and Service Arrangements - Distribution and Service (12b-1) Plans” above). |
2. | Payments made by the Transfer Agent or Sub-Transfer Agent to financial intermediaries, to compensate or reimburse them for services provided, such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, operational and recordkeeping and other administrative services. These payments are made out of the Transfer Agent’s or Sub-Transfer Agent’s own resources and/or assets, including from the revenues or profits derived from the transfer agency fees the Transfer Agent receives from the Fund. |
3. | In addition, the Sub-Adviser or Distributor may, at their discretion, make the following types of payments from their own resources and/or assets, including from the revenues or profits derived from the advisory fees the Sub-Adviser receives from the Manager for sub-advisory services on behalf of the Fund. Payments are made based on the guidelines established by the Sub-Adviser and Distributor, subject to applicable law. These payments are often referred to as “revenue sharing” payments, and may include, but are not limited to: |
• | compensation for marketing or promotional support, support provided in offering shares in the Fund or other Oppenheimer funds through certain trading platforms and programs, and other promotional or marketing services; and |
• | other compensation, to the extent the payment is not prohibited by law or by any self-regulatory agency, such as FINRA. |
4. | The Distributor may also provide, accept and/or cover the cost of certain non-cash compensation items, subject to internal policies and applicable FINRA regulations. |
• | charges for setting up access for the Fund or other Oppenheimer funds on particular trading systems; |
• | marketing, promotional support and program support, such as expenses related to including the Oppenheimer funds in retirement plans, college savings plans, fee-based advisory or wrap fee-based programs, fund “supermarkets,” bank or trust company products or insurance companies’ variable annuity or variable life insurance products; |
• | placement on the dealer’s list of offered funds; |
• | providing representatives of the Distributor with access to a financial intermediary’s sales meetings, sales representatives and management representatives; or |
• | firm support, which may include, but is not limited to, business planning assistance, “due diligence” or training meetings, advertising, or educating a financial intermediary’s sales personnel about the Oppenheimer funds. |
• | Equity securities (both U.S. and foreign) traded on a securities exchange are valued based on the official closing price on the principal exchange on which the security is traded, prior to when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded. If neither the official closing price nor the last sales price is available, the security is valued based on prices derived from bid and/or asked quotes from the exchange or broker-dealers or at fair value. |
• | Fixed Income securities (both U.S. and foreign and including corporate, government and municipal or tax-exempt securities), event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices as determined by a pricing service or by utilizing evaluated prices provided by third party pricing services who may use matrix pricing methods to determine the evaluated prices. Standard inputs generally considered by third-party pricing vendors include, but are not limited to, reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other factors. Pricing services generally price fixed income securities assuming orderly transactions of an institutional “round lot” size, but some Fund trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. If a security cannot be valued in the manner stated above, the security is valued based on information derived from bid and/or asked prices for round lots from broker-dealers. If a fixed income security with a remaining maturity of 60 days or less cannot be valued in the manner stated above, the security is valued at cost adjusted by the amortization of discount or premium to maturity. |
• | Exchange-traded derivatives (other than futures and futures options) are valued at the last sale price on their principal exchange. If the exchange-traded derivative cannot be valued at the last sale price, it is valued at the mean between the closing bid and asked prices on the exchange. Futures and futures options traded on an exchange are generally valued at the official settlement price on their principal exchange. Over-the-counter (OTC) derivatives (other than a forward currency exchange contract) are valued by a pricing service or if a value from the pricing service is not available, by one or more prices from dealers, which may be or include the counterparty to the derivative transaction. |
• | Shares of an investment company or a fund’s wholly-owned subsidiary (if applicable) that are not traded on an exchange and shares of OFI Global China Fund LLC are valued at their NAV per share. |
Oppenheimer SteelPath Panoramic Fund |
Oppenheimer Ultra-Short Duration Fund |
Rochester Portfolio Series: |
Oppenheimer Rochester Limited Term New York Municipal Fund |
• | Existing shareholders can continue to purchase shares through dividend and capital gain reinvestments. |
• | Existing shareholders in broker/dealer advisory-fee programs can continue to purchase shares and exchange into the Fund. Existing broker/dealer advisory-fee programs can add new shareholders. The Fund will not be available to new broker/dealer advisory-fee platforms. |
• | Existing shareholders in the following types of retirement plans can continue to purchase shares and exchange into the Fund: defined contribution (DC), 401(k) (including “Single K”), 403(b) custodial plans, pension and profit sharing plans, defined benefit plans (including “Single DB Plus”), SIMPLE IRAs and SEP IRAs. New participants in such plans that currently offer the Fund as an investment option can elect to purchase new shares of the Fund. However, the Fund will be closed to new retirement plans. |
• | Existing shareholders that have an investment allocation to the Fund through an OppenheimerFunds Portfolio Builder account prior to the Closing Date can continue to purchase shares and exchange into the Fund. |
• | · Existing registered investment advisor (RIA) and bank trust firms that have an investment allocation to the Fund in a fee-based advisory account, can continue to add new clients, purchase shares, and exchange into the Fund. The Fund will not be available to new RIA and bank trust firms. |
• | Existing shareholders in private banks can continue to purchase shares and exchange into the Fund. Existing private banks that have an investment allocation to the Fund can add new clients. The Fund will not be available to private banks or private bank platforms that are not already invested in the Fund. |
• | Existing 529 Plans that currently include the Fund within one or more of their investment options can continue to purchase shares and exchange into the Fund. The Fund will not be available to new plans or existing plans that do not currently invest in the Fund. |
• | Funds-of-funds, including those affiliated with the Fund’s investment adviser and non-affiliated funds-of-funds, that have an investment in the Fund as of the Closing Date can continue to purchase shares of the Fund. The Fund will not be available to new funds-of-funds. |
• | The Fund reserves the right, in its discretion, to accept purchases and exchanges from institutional investors which may include, among others, corporations, endowments, foundations and insurance companies. |
• | Existing shareholders as of the Closing Date who later sell all of their shares of the Fund will not be permitted to establish new accounts or reinvest in the Fund. |
1. | state the reason for the distribution; |
2. | if the distribution is premature, state the owner’s awareness of tax penalties; and |
3. | conform to the requirements of the plan and the Fund’s other redemption requirements. |
• | An initial sales charge was paid on the redeemed Class A shares or a Class A CDSC was paid when the shares were redeemed. |
• | income from certain taxable investments (such as certificates of deposit, repurchase agreements, commercial paper and obligations of the U.S. government, or its agencies and instrumentalities) or from bonds or other debt obligations; |
• | income from loans of portfolio securities; |
• | income or gains from certain options or futures; |
• | any net short-term capital gain; |
• | any market discount accrual on tax-exempt bonds; and |
• | certain foreign currency gains. |
• | The likelihood of payment-the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation; |
• | The nature of and provisions of the financial obligation and the promise we impute; |
• | The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. |
• | Amortization schedule-the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and |
• | Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |
i. | the selective payment default on a specific class or currency of debt; |
ii. | the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; |
iii. | the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. |
1. | For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined or do not match investors’ expectations for timely payment, long-term and short-term ratings reflect the likelihood of impairment and financial loss in the event of impairment. |
2. | Supranational institutions and central banks that hold sovereign debt or extend sovereign loans, such as the IMF or the European Central Bank, may not always be treated similarly to other investors and lenders with similar credit exposures. Long-term and short-term ratings assigned to obligations held by both supranational institutions and central banks, as well as other investors, reflect only the credit risks faced by other investors unless specifically noted otherwise. |
3. | Like other global scale ratings, (sf) ratings reflect both the likelihood of a default and the expected loss suffered in the event of default. Ratings are assigned based on a rating committee’s assessment of a security’s expected loss rate (default probability multiplied by expected loss severity), and may be subject to the constraint that the final expected loss rating assigned would not be more than a certain number of notches, typically three to five notches, above the rating that would be assigned based on an assessment of default probability alone. The magnitude of this constraint may vary with the level of the rating, the seasoning of the transaction, and the uncertainty around the assessments of expected loss and probability of default. |
(a) | Agreement and Declaration of Trust dated 8/15/13: Previously filed with Registrant’s Post-Effective Amendment No. 46, (10/10/13), and incorporated herein by reference. | |
(b) | By-Laws dated 8/15/13: Previously filed with Registrant’s Post-Effective Amendment No. 46, (10/10/13), and incorporated herein by reference. | |
(c) | (i) | Article V of the Agreement and Declaration of Trust: Previously filed with Registrant’s Post-Effective Amendment No. 46, (10/10/13), and incorporated herein by reference. |
(ii) | Article II of the By-Laws: Previously filed with Registrant’s Post-Effective Amendment No. 46, (10/10/13), and incorporated herein by reference. | |
(d) | (i) | Restated Investment Advisory Agreement dated 11/1/13: Previously filed with Registrant’s Post-Effective Amendment No. 47, (1/27/14), and incorporated herein by reference. |
(ii) | Amended and Restated Investment Sub-Advisory Agreement dated 9/9/13: Previously filed with Registrant’s Post-Effective Amendment No. 46, (10/10/13), and incorporated herein by reference. | |
(e) | (i) | General Distributor's Agreement dated 12/10/92: Previously filed with Registrant's Post-Effective Amendment No. 11, (1/28/93), and re-filed with Registrant's Post-Effective Amendment No. 16, (1/13/95), pursuant to Item 102 of Regulation S-T, and incorporated herein by reference. |
(ii) | Form of Dealer Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(iii) | Form of Broker Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(iv) | Form of Agency Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(v) | Form of Trust Company Fund/SERV Purchase Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 45 to the Registration Statement of Oppenheimer High Yield Fund (Reg. No. 2-62076), (10/26/01), and incorporated herein by reference. | |
(vi) | Form of Trust Company Agency Agreement of OppenheimerFunds Distributor, Inc.: Previously filed with Post-Effective Amendment No. 34 to the Registration Statement of Oppenheimer Main Street Funds, Inc. (Reg. No. 33-17850), (10/23/06), and incorporated herein by reference. | |
(f) | Amended & Restated Compensation Deferral Plan for Eligible Trustees, effective 1/1/08: Previously filed with Post-Effective Amendment No. 4 to the Registration Statement of Oppenheimer Portfolio Series (Reg. No. 333-121449), (5/29/09), and incorporated herein by reference. | |
(g) | (i) | Global Custody Agreement dated 2/16/07: Previously filed with Post-Effective Amendment No. 57 to the Registration Statement of Oppenheimer Rising Dividends Fund (Reg. No. 2-65223), (7/31/07), and incorporated herein by reference. |
(ii) | Amendment dated 2/12/13 to the Global Custody Agreement: Previously filed with Pre-Effective Amendment No. 1 to the Registration Statement of Oppenheimer Global Real Estate Fund (Reg. No. 333-185116), (2/15/13), and incorporated herein by reference. | |
(h) | Not Applicable. |
(i) | Opinion and Consent of Counsel dated 10/10/13: Previously filed with Registrant’s Post-Effective Amendment No. 46, (10/10/13), and incorporated herein by reference. | |
(j) | Independent Registered Public Accounting Firm's Consent: Filed herewith. | |
(k) | Not applicable. | |
(l) | Investment Letter from OppenheimerFunds, Inc. to Registrant dated 8/15/86: Previously filed with Registrant’s Post-Effective Amendment No. 5, (12/1/89), and re-filed with Registrant’s Post-Effective Amendment No. 16, (1/13/95), pursuant to Item 102 of Regulation S-T, and incorporated herein by reference. | |
(m) | (i) | Amended and Restated Service Plan and Agreement for Class A shares dated 6/30/11: Previously filed with Registrant’s Post-Effective Amendment No. 42, (1/26/12), and incorporated herein by reference. |
(ii) | Amended and Restated Distribution and Service Plan and Agreement for Class C shares dated 6/30/11: Previously filed with Registrant’s Post-Effective Amendment No. 42, (1/26/12), and incorporated herein by reference. | |
(iii) | Amended and Restated Distribution and Service Plan and Agreement for Class N shares dated 6/30/11: Previously filed with Registrant’s Post-Effective Amendment No. 42, (1/26/12), and incorporated herein by reference. | |
(n) | Oppenheimer Funds Multiple Class Plan Pursuant to Rule 18f-3: Previously filed with Post-Effective Amendment No. 1 to the Registration Statement of Oppenheimer Global High Yield Fund (Reg. No. 333-176889), (9/25/14), and incorporated herein by reference. | |
(o) | Power of Attorney dated 6/13/18 for all Trustees and Officers: Previously filed with Post-Effective Amendment No. 23 to the Registration Statement of Oppenheimer International Diversified Fund (Reg. 333-125805), (6/27/18), and incorporated herein by reference. | |
(p) | Code of Ethics of the Oppenheimer Funds, OFI Global Asset Management, Inc., OFI SteelPath, Inc., OFI Advisors, LLC, OppenheimerFunds, Inc. (including certain other affiliates and subsidiaries) and OppenheimerFunds Distributor, Inc., effective as of 5/26/16, under Rule 17j-1 of the Investment Company Act of 1940: Previously filed with Post-Effective Amendment No. 18 to the Registration Statement of Oppenheimer Portfolio Series (Reg. No. 333-121449), (5/25/16), and incorporated herein by reference |
(a) | OFI Global Asset Management, Inc. (the “Manager”) is the manager of the Registrant. The information required by this Item 31 about officers and directors of the Manager, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Form ADV, filed by the Manager pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-76771). |
(b) | OppenheimerFunds, Inc. (the “Sub-Adviser”) provides advisory services to the Registrant. The information |
required by this Item 31 about officers and directors of the Sub-Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Form ADV, filed by the Sub-Adviser pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-8253). |
(a) | OppenheimerFunds Distributor, Inc. is the Distributor of the Registrant’s shares. It is also the Distributor of each of the registered open-end investment companies listed below and for MassMutual Institutional Funds. |
(b) | The directors and officers of the Registrant’s principal underwriter are: |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Ryan Adam(2) | Vice President | None |
Rina M. Aligaen(2) | Assistant Vice President | None |
Anthony P. Allocco(2) | Assistant Vice President | None |
Joseph M. Allyn(1) | Vice President | None |
Nicole Andersen(2) | Assistant Vice President | None |
Charles F. Anderson(1) | Vice President | None |
Matthew J. Auer(2) | Vice President | None |
Kevin K. Babikian(2) | Assistant Secretary | None |
Anthony E. Bamonte(2) | Vice President | None |
James P. Barker(2) | Vice President | None |
Todd M. Barney(1) | Vice President | None |
Marina O. Barskaya(2) | Assistant Vice President | None |
Blake M. Bass(1) | Vice President | None |
Leslie A. Bednar(2) | Assistant Vice President | None |
Kathleen M. Beichert(1) | Senior Vice President | None |
Kimberly A. Belsole(2) | Vice President | None |
Rocco Benedetto(2) | Senior Vice President | None |
Ibrahim S. Berete(2) | Assistant Vice President | None |
Emanuele S. Bergagnini(2) | Vice President | None |
Keira D. Berger(2) | Vice President | None |
Christopher E. Bergeron(2) | Vice President | None |
Rhea M. Berglund(1) | Vice President | None |
Rick D. Bettridge(2) | Vice President | None |
Kamal Bhatia(2) | Senior Vice President | None |
Adam L. Bilmes(2) | Vice President | None |
Paul G. Blease(2) | Senior Vice President | None |
Carolyn Boccaccio(2) | Vice President | None |
Maria T. Boingeanu(2) | Assistant Vice President | None |
Nancy S. Bong(2) | Vice President | None |
Christina G. Boris(2) | Vice President | None |
David A. Borrelli(2) | Senior Vice President | None |
Jeffrey R. Botwinick(2) | Vice President | None |
Sarah M. Bourgraf(1) | Vice President | None |
Tara Bracker(1) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Matthew Brady(2) | Vice President | None |
Ashish N. Braganza(2) | Senior Vice President | None |
Reginald J. Breaux(1) | Vice President | None |
Joshua H. Broad(2) | Vice President | None |
Kenneth S. Brodsky(2) | Senior Vice President | None |
Garrett Brookes(1) | Assistant Vice President | None |
Gregory L. Brown(2) | Vice President | None |
Matthew G. Brown(1) | Vice President | None |
Paul T. Brunswick(2) | Vice President | None |
Ryan M. Buckley(2) | Vice President | None |
Megan R. Byrne(2) | Assistant Vice President | None |
Jason A. Campisi(2) | Vice President | None |
Sean T. Carey(2) | Vice President | None |
Robert M. Caruso(2) | Vice President | None |
Rick A. Casagrande(2) | Assistant Vice President | None |
Thomas M. Caulfield(1) | Vice President | None |
Stephane C. Chevrier(2) | Vice President | None |
Michael G. Chewning(1) | Vice President | None |
Andrew S. Chonofsky(2) | Senior Vice President | None |
Angelanto L. Ciaglia(2) | Vice President | None |
Steven F. Cinquino(2) | Assistant Vice President | None |
Nicholas A. Cirbo(1) | Vice President | None |
John S. Clark(2) | Senior Vice President | None |
Adam M. Cohen(2) | Vice President | None |
Ryan J. Coleman(1) | Vice President | None |
Ellen L. Comisar(2) | Vice President | None |
Adam M. Conard(1) | Assistant Vice President | None |
Serina Copanas(2) | Vice President | None |
John H. Corcoran(2) | Vice President | None |
Cameron T. Cowden(2) | Vice President | None |
Neev Crane(2) | Vice President | None |
Carla F. Cricco-Lizza(2) | Assistant Vice President | None |
Michael Daley(2) | Vice President | None |
Edward Dane(2) | Senior Vice President | None |
Jeffrey N. Davis(3) | Vice President | None |
Stephen D. Degnan(2) | Vice President | None |
Ivan A. DelRio(2) | Vice President | None |
Richard E. DeMarco(2) | Assistant Vice President | None |
Michael R. Dennehy(2) | Vice President | None |
Michelle D. DeWitt(2) | Vice President | None |
Vincent J. Dipaolo(1) | Vice President | None |
Franco Ditri(2) | Assistant Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Stephen P. Donovan(1) | Vice President | None |
Robert U. Duffey(2) | Vice President | None |
Robert B. Dunphy(2) | Vice President | None |
Gabrielle M. Dupont-Madinier(2) | Assistant Vice President | None |
Peter G. Egginton(2) | Vice President | None |
Wendy Hetson Ehrlich(2) | Vice President | None |
Paul F. Eisenhardt(2) | Senior Vice President | None |
Kyle C. Elliott(2) | Vice President | None |
Rickey C. Ernzen(3) | Vice President | None |
Michael J. Eustic(2) | Vice President | None |
Gregg A. Everett(2) | Vice President | None |
George R. Fahey(1) | Senior Vice President | None |
Jason E. Farrell(2) | Vice President | None |
Kristie M. Feinberg(2) | Assistant Treasurer | None |
Jessica M. Fernandez(2) | Senior Vice President | None |
Josean Y. Fernandez(2) | Vice President | None |
Jonathan Ferris(2) | Assistant Vice President | None |
Nicole Filingeri(2) | Vice President | None |
Tristan A. Fischer(2) | Vice President | None |
John Fortuna(2) | Senior Vice President | None |
Mark D. Foster(1) | Vice President | None |
Valeri L. Fox(2) | Vice President | None |
Jennifer L. Foxson(2) | Secretary | Vice President and Chief Business Officer |
George P. Fraser(1) | Vice President | None |
Victoria K. Frey(1) | Assistant Vice President | None |
Alice K. Fricke(2) | Vice President | None |
William L. Friebel(2) | Vice President | None |
Joseph T. Friedman(1) | Vice President | None |
Kellen G. Frye(2) | Vice President | None |
Kathryn T. Gallo(2) | Vice President | None |
Charlotte A. Gardner(1) | Vice President | None |
Christopher R. Gaudio(2) | Vice President | None |
Jay Gentry(1) | Senior Vice President | None |
Nancy J. Girondo(2) | Vice President | None |
Jill E. Glazerman(2) | Senior Vice President | None |
Justin A. Goldstein(2) | Vice President | None |
Michael H. Gottesman(2) | Senior Vice President | None |
Anthony Greco(2) | Assistant Vice President | None |
Samuel J. Groban(2) | Vice President | None |
Eric M. Grossjung(2) | Vice President | None |
Seth E. Guenther(1) | Assistant Vice President | None |
Michael D. Guman(2) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Joseph B. Gunderson(2) | Vice President | None |
Mahrukh Hameed(2) | Assistant Vice President | None |
William H. Harris(1) | Assistant Vice President | None |
LeaAnna M. Hartman(1) | Vice President | None |
Stacia E. Hatfield(2) | Vice President | None |
Alexander D. Hayes(2) | Vice President | None |
Petter A. Hellstrom-Bialek(1) | Vice President | None |
Richard N. Henn(2) | Senior Vice President | None |
Nicholas M. Henry(2) | Vice President | None |
Nicole M. Pretzel Holahan(2) | Vice President | None |
Heather L. Holliday-Smith(1) | Assistant Vice President | None |
Eric D. Holquist(2) | Vice President | None |
Timothy B. Horsburgh(2) | Vice President | None |
Cynthia A. Hovanec(2) | Vice President | None |
Alyssa L. Hultman(1) | Assistant Vice President | None |
Keith P. Hylind(2) | Vice President | None |
Errol A. Iachini(2) | Vice President | None |
Vincent R. Iacono(2) | Vice President | None |
Jason F. Israel(2) | Assistant Vice President | None |
Christopher Ivezic(2) | Vice President | None |
Michael C. Jamison(1) | Vice President | None |
Nickie J. Jacobs(1) | Assistant Vice President | None |
Shonda R. Jaquez(2) | Vice President | None |
Allyson M. Jarecky-Freitag(2) | Vice President | None |
Daniel C. Jarema(1) | Vice President | None |
Robert T. Jason(1) | Vice President | None |
Sarah J. Joyce(2) | Vice President | None |
Nikola R. Jurasic(1) | Vice President | None |
Wylie D. Kain(2) | Vice President | None |
Annie V. Kang(2) | Vice President | None |
Geoffrey M. Keller(1) | Vice President | None |
Scott R. Kelley(1) | Vice President | None |
Gregory Kelly(2) | Vice President | None |
Azadeh Kiai(2) | Assistant Vice President | None |
Brian P. Kiley(2) | Senior Vice President | None |
Susan Kim(2) | Assistant Vice President | None |
Matthew J. Kissane(2) | Assistant Vice President | None |
Jeffrey Klebanoff(2) | Senior Vice President | None |
Tom A. Koch(2) | Assistant Vice President | None |
Melissa M. Kretschmer(2) | Assistant Vice President | None |
Eric J. Kristenson(2) | Vice President | None |
David T. Kuzia(1) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Michael S. La Tona(2) | Vice President | None |
Lisa Lamentino(2) | Vice President | None |
Thomas M. Landhauser(2) | Vice President | None |
Brian Landy(2) | Assistant Vice President | None |
Laura L. Lawson(2) | Vice President | None |
Daniel J. Lee(2) | Vice President | None |
Talley D. Leger(2) | Vice President | None |
John P. Leonard(2) | Vice President | None |
Brian S. Levitt(2) | Senior Vice President | None |
Jesse E. Levitt(2) | Vice President | None |
Craig M. Lieb(2) | Vice President | None |
Lorna A. Lindquist(2) | Vice President | None |
Malissa B. Lischin(2) | Vice President | None |
Susan List(2) | Assistant Vice President | None |
Terrie P. Liu(1) | Assistant Vice President | None |
Cynthia Lo Bessette(2) | Chief Legal Officer | Secretary and Chief Legal Officer |
Gordon C. Loetz(2) | Vice President | None |
Michael D. Loftin(1) | Assistant Vice President | None |
Christina J. Loftus(2) | Senior Vice President | None |
David P. Lolli(2) | Assistant Vice President | None |
Thomas Loncar(2) | Vice President | None |
Inna London-Ikhilov(2) | Assistant Vice President | None |
David A. Long(1) | Assistant Vice President | None |
John Luiz(2) | Vice President | None |
Lia L. Lundgren(1) | Vice President | None |
Brian Lynch(2) | Assistant Vice President | None |
Joseph M. Macaluso(2) | Assistant Vice President | None |
John W. Mackey(2) | Vice President | None |
Salvatore Maia(2) | Assistant Vice President | None |
Michael J. Malik(2) | Vice President | None |
Joseph C. Marich(2) | Vice President | None |
Natalie Marin(2) | Vice President | None |
Michael A. Marino(2) | Vice President | None |
Todd A. Marion(2) | Vice President | None |
Sheila M. Masley(1) | Assistant Vice President | None |
Katarina Maxianova(2) | Vice President | None |
Peter J. McCarthy(1) | Vice President | None |
Robert D. McClure(2) | Vice President | None |
Ryan T. McCormack(2) | Assistant Vice President | None |
Amanda M. McDonald(2) | Assistant Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
John C. McDonough(2) | Executive Vice President, Chairman, Chief Executive Officer, President & Director | None |
Matthew S. McGee(1) | Vice President | None |
Kent R. McGlincy(1) | Assistant Vice President | None |
Kent C. McGowan(2) | Vice President | None |
Patrick J. McGowan(2) | Assistant Vice President | None |
Courtney McGrory(2) | Vice President | None |
Simon A. McKay(2) | Vice President | None |
Philip J. McKeon(2) | Assistant Vice President | None |
William J. McNamara(2) | Vice President | None |
Christopher S. Mechem(2) | Vice President | None |
Gaurav A. Medhekar(2) | Assistant Vice President | None |
Brian F. Medina(1) | Vice President | None |
Gregory E. Mehok(2) | Vice President | None |
Brian C. Meidlinger(2) | Vice President | None |
Daniel P. Melehan(2) | Vice President | None |
Izaak Mendelson(2) | Vice President | None |
Ariella Menegon(2) | Assistant Vice President | None |
Debbie S. Michaelson(1) | Vice President | None |
David B. Miller(2) | Vice President | None |
Peter L. Mintzberg(2) | Executive Vice President | None |
Clint T. Modler(1) | Senior Vice President | None |
Laurence A. Molinelli(2) | Assistant Vice President | None |
Thomas J. Montefinise(2) | Assistant Vice President | None |
Brandon D. Moore(1) | Vice President | None |
Rian Morrissey(1) | Vice President | None |
Matthew D. Mulcahy(2) | Vice President | None |
Wendy J. Murray(2) | Vice President | None |
Keith D. Myers(1) | Assistant Vice President | None |
Kyle Najarian(1) | Vice President | None |
Christina M. Nasta(2) | Senior Vice President | None |
Kevin R. Neznek(2) | Senior Vice President | None |
Edward J. Nini(2) | Senior Vice President | None |
Nichola L. Noriega(2) | Vice President | None |
Peter J. Novak(2) | Senior Vice President | None |
Ryan P. O’Carroll(2) | Vice President | None |
Timothy J. O’Connell(2) | Vice President | None |
Patricia O’Connor(2) | Vice President | None |
Tony D. Oh(1) | Treasurer | None |
Ronald M. Ongaro(2) | Assistant Vice President | None |
Leonard J. Oremland(2) | Senior Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Kelly C. Orlowski(2) | Assistant Vice President | None |
Leonar G. Palao(2) | Assistant Vice President | None |
Bruce Palm(2) | Vice President | None |
Alan I. Panzer(2) | Vice President | None |
Andrew Y. Park(1) | Vice President | None |
Maria Paster(2) | Vice President | None |
Ashley B. Patten(1) | Vice President | None |
Andrew J. Petersen(1) | Vice President | None |
David M. Pfeffer(2) | Director & Chief Financial Officer | None |
Patrick A. Phalon(2) | Vice President | None |
Andrew W. Phillips(1) | Vice President | None |
Leigh S. Pimsler(2) | Assistant Vice President | None |
Piers A. Platt(2) | Vice President | None |
Scott A. Porter(2) | Assistant Vice President | None |
Yunchang Qiu(2) | Senior Vice President | None |
Michael E. Quinn(2) | Vice President | None |
Michael D. Rabin(2) | Vice President | None |
Michael A. Radon(2) | Assistant Vice President | None |
Richard E. Rath(2) | Vice President | None |
William J. Raynor(2) | Vice President | None |
Brenna D. Rhone(2) | Assistant Vice President | None |
James T. Robinson(1) | Vice President | None |
Ian M. Roche(2) | Vice President | None |
Jason D. Roche(2) | Vice President | None |
Adam T. Rochlin(2) | Senior Vice President | None |
Rachel S. Rodgers(2) | Assistant Vice President | None |
Michael J. Roman(2) | Assistant Vice President | None |
Elisheva S. Roos(2) | Assistant Vice President | None |
Megan P. Rosenblum(2) | Vice President | None |
Francis W. Ross(1) | Vice President | None |
Jonathan J. Ross(2) | Vice President | None |
Kristen M. Ross(2) | Vice President | None |
Adrienne M. Ruffle(2) | Vice President | None |
Thomas F. Sabow(2) | Vice President | None |
Gary Salerno(2) | Assistant Vice President | None |
Gary J. Sanchez(1) | Vice President | None |
John C. Saunders(2) | Senior Vice President | None |
Alex C. Schardt(2) | Vice President | None |
Thomas J. Schmitt(2) | Vice President | None |
Erik M. Schneberger (2) | Senior Vice President | None |
William A. Schories(2) | Vice President | None |
Patrick L. Scorzelli(2) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Julie E. Sendelbach(1) | Vice President | None |
Jeffrey D. Sharon(2) | Vice President | None |
Rahul N. Shah(2) | Assistant Vice President | None |
Faiza Sikander(2) | Assistant Vice President | None |
Jessica A. Skolnick(2) | Assistant Vice President | None |
Bryant B. Smith(2) | Vice President | None |
Timothy F. Smith(2) | Assistant Vice President | None |
Mark C. Sokoloff(2) | Assistant Vice President | None |
Haley M. Sorenson(1) | Vice President | None |
Timothy J. Spitz(2) | Vice President | None |
Alfred O. St. John(2) | Vice President | None |
Jesse T. Stackland-Winterer(2) | Vice President | None |
Keith S. Stecker(2) | Assistant Vice President | None |
Bryan D. Stein(2) | Vice President | None |
Benjamin A. Stewart(2) | Senior Vice President | None |
Matthew C. Straut(2) | Senior Vice President | None |
Maureen Sullivan | Assistant Vice President | None |
Ryan P. Sullivan(2) | Assistant Vice President | None |
Brian C. Summe(2) | Vice President | None |
Michael E. Sussman(2) | Vice President | None |
George T. Sweeney(2) | Senior Vice President | None |
Adam L. Tabor(2) | Vice President | None |
Leo P. Tallon(2) | Vice President | None |
Paul E. Temple(2) | Senior Vice President | None |
Jay S. Therrien(2) | Vice President | None |
David G. Thomas(2) | Vice President | None |
Ian A. Thornton(2) | Assistant Vice President | None |
John B. Thorpe(1) | Vice President | None |
Alejandro Tirso(2) | Vice President | None |
Luz V. Touma(2) | Vice President | None |
Matthew R. Trimble(2) | Assistant Vice President | None |
Catherine L. Tulley(1) | Vice President | None |
David C. Van Hellemont(2) | Vice President | None |
Wesley R. Vance(2) | Vice President | None |
Kade J. Vasi(1) | Vice President | None |
Vincent C. Vermette(2) | Vice President | None |
Alyse S. Vishnick(2) | Vice President | None |
Rohit Vohra(2) | Vice President | None |
Richard Walsh(2) | Vice President | None |
Yu Wang(2) | Assistant Vice President | None |
Teresa M. Ward(2) | Vice President | None |
Taylor Watts(1) | Vice President | None |
Name & Principal Business Address | Position & Office with Underwriter | Position and Office with Registrant |
Megan N. Wegner(1) | Assistant Vice President | None |
Michael J. Weigner(2) | Vice President | None |
Kimberly W. Weinrick(2) | Vice President | None |
Christopher G. Werner(2) | Vice President | None |
Donna M. White (2) | Chief Compliance Officer | None |
Ryan C. Wilde(1) | Vice President | None |
Timothy A. Wilkinson(1) | Vice President | None |
Thomas Winnick(2) | Vice President | None |
Patrick J. Wisneski(1) | Vice President | None |
Kevin P. Woodson(1) | Assistant Vice President | None |
Ryan J. Woolhiser(1) | Vice President | None |
Theodore J. Young(1) | Assistant Vice President | None |
David T. Zicchinella(2) | Vice President | None |
Steven L. Zito(1) | Vice President | None |
Zhanyi Zhu(2) | Assistant Vice President | None |
(c) | Not applicable. |
OPPENHEIMER DISCOVERY FUND | |
By: | Arthur P. Steinmetz* |
Arthur P. Steinmetz Trustee, President and Principal Executive Officer |
Signatures | Title | Date | ||
Brian F. Wruble* Brian F. Wruble | Chairman of the Board of Trustees | November 27, 2018 | ||
Arthur P. Steinmetz* Arthur P. Steinmetz | Trustee, President and Principal Executive Officer | November 27, 2018 | ||
Brian S. Petersen* Brian S. Petersen | Treasurer, Principal Financial & Accounting Officer | November 27, 2018 | ||
Beth Ann Brown* Beth Ann Brown | Trustee | November 27, 2018 | ||
Edmund P. Giambastiani, Jr.* Edmund P. Giambastiani, Jr. | Trustee | November 27, 2018 | ||
Elizabeth Krentzman* Elizabeth Krentzman | Trustee | November 27, 2018 | ||
Mary F. Miller* Mary F. Miller | Trustee | November 27, 2018 | ||
Joel W. Motley* Joel W. Motley | Trustee | November 27, 2018 | ||
Signatures | Title | Date | ||
Joanne Pace* Joanne Pace | Trustee | November 27, 2018 | ||
Daniel S. Vandivort* Daniel S. Vandivort | Trustee | November 27, 2018 | ||
*By: /s/ Taylor V. Edwards Taylor V. Edwards, Attorney-in-Fact |
Exhibit No. | Description | |
28(j) | Independent Registered Public Accounting Firm’s Consent | |
8PXGI7C%Y&*][Z_;/7\"#&D6'X
M(0F%DN.JERS3_& 6,UE$F35)ELSE[!K-GAKQ#;0HO#DE*S"A,JENM7;D^/I@VW]NI2M&_5TG5[LFS=/76<^DY 9VY@P5FHHI !)R)F9GNI9$:>1'@JDH[>QF**&
M"W8J8Y&DHN@?H*T^.F1C(J+:X*FK1KJHD9TBJ6NLQLP::HAM
6>X1?:8#C$T?.,?,.\:PRJULBF(*Z+,DC\[B2TFS/( '?!))P_^%Q>'O^?/5/\ OU'_
M /%T?\+B\/?\^>J?]^H__BZ -JVTRZM62]&F^9.WVIW7,8D DN5D09.065
8PXGI7C%Y&*][Z_;/7\"#&D6'X
M(0F%DN.JERS3_& 6,UE$F35)ELSE[!K-GAKQ#;0HO#DE*S"A,JENM7;D^/I@VW]NI2M&_5TG5[LFS=/76<^DY 9VY@P5FHHI !)R)F9GNI9$:>1'@JDH[>QF**&
M"W8J8Y&DHN@?H*T^.F1C(J+:X*FK1KJHD9TBJ6NLQLP::HAM
8PXGI7C%Y&*][Z_;/7\"#&D6'X
M(0F%DN.JERS3_& 6,UE$F35)ELSE[!K-GAKQ#;0HO#DE*S"A,JENM7;D^/I@VW]NI2M&_5TG5[LFS=/76<^DY 9VY@P5FHHI !)R)F9GNI9$:>1'@JDH[>QF**&
M"W8J8Y&DHN@?H*T^.F1C(J+:X*FK1KJHD9TBJ6NLQLP::HAM
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees of
Oppenheimer Discovery Fund:
We consent to the use of our report dated November 21, 2018, with respect to the financial statements and financial highlights of Oppenheimer Discovery Fund as of September 30, 2018, incorporated by reference herein, and to the references to our firm under the headings “Financial Highlights” in the Prospectus, and “Independent Registered Public Accounting Firm” and “Financial Statements” in the Statement of Additional Information.
/s/ KPMG LLP
KPMG LLP
Denver, Colorado
November 27, 2018