0001488080 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:C000089844Member oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:C000089845Member oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:C000089846Member oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:C000089847Member oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:C000118960Member oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:C000089844Member rr:AfterTaxesOnDistributionsMember oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:C000089844Member rr:AfterTaxesOnDistributionsAndSalesMember oppenheimer:AAAAMember 2012-09-28 2012-09-28 0001488080 oppenheimer:S000029200Member oppenheimer:referenceindexAAAAMember oppenheimer:AAAAMember 2012-09-28 2012-09-28 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-05-31 Oppenheimer Currency Opportunities Fund 0001488080 false 2012-09-28 2012-09-26 2012-09-28 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Investment Objective.</b> The Fund seeks total return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Fees and Expenses of the Fund.</b> This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial professional and in the section "About Your Account" beginning on page 16 of the prospectus and in the sections "How to Buy Shares" beginning on page 61 and "Appendix A" in the Fund's Statement of Additional Information.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example.</b> The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows: </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> If shares are redeemed </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> If shares are not redeemed </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Principal Investment Strategies.</b> Under normal market conditions, the Fund will invest at least 80% of the value of its assets (plus borrowings for investment purposes) in investments that create foreign currency exposure. The Fund mainly does so by investing in short-term fixed-income instruments (also referred to as "debt securities") and currency derivatives. Normally, the Fund will not expose more than 35% of its total assets to any one foreign currency.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund primarily focuses its investments on countries and markets that are U.S. trading partners and generally in currencies that, in the portfolio manager's opinion, are expected to appreciate versus the U.S. dollar based on an analysis of the global business cycle, relative economic fundamentals and economic policies. The Fund may also have negative exposure to foreign currencies that it expects to depreciate against the U.S. dollar. These negative exposures are usually obtained through the use of currency derivative contracts. All of the Fund's assets will normally be exposed to changes in the values of foreign currency against the U.S. dollar and, because the Fund uses derivatives, its exposure may often be equal to more than 100% of its net asset value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund may invest a substantial portion of its assets in currency derivatives, including forward contracts, futures contracts and options. Forward contracts are foreign currency exchange contracts that are used to buy or sell foreign currency for future delivery at a fixed price. Futures contracts are agreements in which one party agrees to buy an asset from the other party at a later date at a price and quantity agreed-upon when the contract is made. Financial futures contracts are standardized commitments to either purchase or sell designated financial instruments at a future date for a specified price, and may be settled in cash or through delivery of the underlying instrument. A call option gives the buyer the right, but not the obligation, to purchase an underlying asset at a specified price. A put option gives the buyer the right, but not the obligation, to sell an underlying asset at a specified price. The Fund may buy and sell derivatives that trade on U.S. or foreign exchanges.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> When the market for a particular currency is small or relatively illiquid, the Fund may combine investments in forward contracts (including cross-currency forwards) or currency futures contracts (including currency index futures) with investments in U.S. dollar denominated short-term fixed-income instruments to seek an investment result that is substantially the same as a direct investment in a foreign-currency denominated instrument. The Fund may also use this strategy in other circumstances when the portfolio manager believes it will be more efficient than a direct currency-denominated investment.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Other derivative investments may also be used to: help manage interest rate exposure; protect Fund assets; implement a cash or tax management strategy; enhance Fund returns; or obtain net long or net short exposures to selected interest rates, duration or credit risks. Those derivatives may include financial futures contracts (such as interest rate or bond futures), interest rate swaps, options on such futures and options on swap agreements. The portfolio manager considers various factors, including availability and cost, in deciding whether to use a particular instrument or strategy. From time to time, the Fund may use currency derivatives to try to hedge against currency exchange rate fluctuations but the Fund does not attempt to actively hedge its portfolio. Certain derivatives may create "leverage" if the potential return or loss on the instrument is disproportional to the amount invested.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> To try to reduce interest rate and credit risk, the Fund typically maintains a weighted average portfolio maturity of less than eighteen months. The Fund only buys money market instruments or other short-term corporate debt instruments that are rated in the top three ratings by U.S. nationally recognized ratings services, or unrated securities that the Fund considers to be comparable in quality. These ratings limits do not apply to sovereign debt. At times, the Fund may invest in a basket of currency denominated investments to reduce its exposure to any one currency. If the portfolio manager considers a currency crisis to be likely, the Fund's investments may be concentrated in only a few currencies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund has established a Cayman Islands company that is wholly-owned and controlled by the Fund (the "Subsidiary"). The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange-traded funds related to gold or other special minerals ("Gold ETFs"). The Subsidiary may also invest in certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. Investments in the Subsidiary are intended to provide the Fund with exposure to commodities market returns within the limitations of the federal tax requirements that apply to the Fund. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Fund's investment in the Subsidiary may vary based on the portfolio manager's use of different types of commodity-linked derivatives, fixed-income securities, Gold ETFs, and other investments. Since the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold certain of the investments described in this prospectus, the Fund may be considered to be investing indirectly in those investments through its Subsidiary. Therefore, references in this prospectus to investments by the Fund also may be deemed to include the Fund's indirect investments through the Subsidiary.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Principal Risks.</b> The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. <i>These risks mean that you can lose money by investing in the Fund.</i> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Foreign Investing</b>. Foreign securities are subject to special risks. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult to evaluate a foreign company's operations or financial condition. 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 and in the value of any income or distributions the Fund may receive on those securities. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the U.S. or abroad, expropriation or nationalization of a company's assets, or other political and economic factors. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. These risks may be greater for investments in developing or emerging market countries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Foreign securities may trade on weekends or other days when the Fund does not price its shares. As a result, the value of the Fund's net assets may change on days when you will not be able to purchase or redeem the Fund's shares.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i>Foreign Currency Risk.</i> </b> Fluctuations in foreign currency values will result in fluctuations 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The portfolio manager'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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i>Special Risks of Developing and Emerging Markets.</i> </b> The economies of developing or emerging market countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes. The governments of developing and emerging market countries may also be more unstable than the governments of more developed countries. These countries generally have less developed securities markets or exchanges, and less developed legal and accounting systems. Securities may be more difficult to sell at an acceptable price and may be more volatile than securities in countries with more mature markets. The value of developing or emerging market currencies may fluctuate more than the currencies of countries with more mature markets. Investments in developing or emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company's assets, restrictions on foreign ownership of local companies and restrictions on withdrawing assets from the country. Investments in securities of issuers in developing or emerging market countries may be considered speculative.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Fixed-Income Securities.</b> Fixed-income securities may be subject to credit risk, interest rate risk, prepayment risk and extension risk. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay interest or repay principal, the Fund's income or share value might be reduced. Adverse news about an issuer or a downgrade in an issuer's credit rating, for any reason, can also reduce the market value of the issuer's securities. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally fall, and may be worth less than the amount the Fund paid for them. When interest rates change, the values of longer-term debt securities usually change more than the values of shorter-term debt securities. When interest rates fall, the issuers of debt securities may repay principal more quickly than expected and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt securities may be repaid more slowly than expected and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." Interest rate changes normally have different effects on variable or floating rate securities than they do on securities with fixed interest rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i>Fixed-Income Market Risks</i> </b>. Economic and other market developments can adversely affect fixed-income securities markets in the United States, Europe and elsewhere. At times, participants in debt securities markets may develop concerns about the ability of certain issuers of debt securities to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt securities to facilitate an orderly market. Those concerns can cause increased volatility in those debt securities or debt securities markets. Under some circumstances, as was the case during the latter half of 2008 and early 2009, those concerns could cause reduced liquidity in certain debt securities markets. A lack of liquidity or other adverse credit market conditions may hamper the Fund's ability to sell the debt securities in which it invests or to find and purchase suitable debt instruments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i>Special Risks of Lower-Grade Securities.</i> </b> Lower-grade securities, whether rated or unrated, may be subject to wider market fluctuation, greater credit risk and greater risk of loss of income and principal than investment-grade securities. The market for lower-grade securities may be less liquid and therefore they may be harder to sell at an acceptable price, especially during times of market volatility or decline.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Special Risks of Sovereign Debt.</b> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of such sovereign debt may be collected. A restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, a flight to quality debt instruments, disruptions in common trading markets or unions, reduced liquidity, increased volatility, and heightened financial sector, foreign securities and currency risk, among others. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Risks of Non-Diversification.</b> The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks of Derivative Investments.</b> Derivatives may be volatile and may involve significant risks. The underlying security or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The Fund may also lose money on a derivative investment if the issuer or counterparty fails to pay the amount due. Certain derivative investments may be illiquid, making it difficult to close out an unfavorable position. Derivative transactions may require the payment of premiums and can increase portfolio turnover. As a result of these risks, the Fund could realize little or no income or lose money from its investment, or a hedge might be unsuccessful.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i> Main Risks of Forward Contracts.</i> </b> The value of securities denominated in foreign currencies will change as a consequence of market movements between the date the forward contract is entered into and the date it is sold. Investments in forward contracts involve the risk that anticipated currency movements will not be accurately predicted, causing the Fund losses on these contracts and to pay additional transaction costs.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i> Main Risks of Futures Contracts.</i> </b> Futures contracts have historically been more volatile than stocks or bonds and to the extent that participants in the futures market decide to make or take delivery, market liquidity could be reduced.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i> Special Risks of Options.</i> </b> If the Fund sells a put option, there is a risk that it may be required to buy the underlying investment at a disadvantageous price and if it sells a call option, there is a risk that it may be required to sell the underlying investment at a disadvantageous price. Options may involve economic leverage, which could result in greater price volatility than other investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> <i> Risks of Leverage.</i> </b> Derivatives may involve leverage. Leverage occurs when an investor has the right to a return on an investment that exceeds the return that the investor would be expected to receive based on the amount contributed to the investment. The Fund's use of certain leveraged derivatives can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the Fund uses derivatives that entail leverage, the Fund's share price will tend to be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the Fund's investments. The Fund has limits on the leverage ratio of its overall portfolio. The Fund is also subject to legal requirements that it must identify liquid assets on its books with respect to certain derivatives or engage in other measures to seek to reduce derivatives risks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks of Commodity-Linked Investments.</b> Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods due to a variety of factors, including for example agricultural, economic and regulatory developments. These risks may make commodity-linked investments more volatile than other types of investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Main Risks Of Investments In The Fund's Wholly-Owned Subsidiary.</b> The Subsidiary is not registered under the Investment Company Act of 1940 and is not subject to its investor protections (except as otherwise noted in this prospectus). As an investor in the Subsidiary, the Fund does not have all of the protections offered to investors by the Investment Company Act of 1940. However, the Subsidiary is wholly-owned and controlled by the Fund and managed by the Manager. Therefore, the Fund's ownership and control of the Subsidiary make it unlikely that the Subsidiary would take actions contrary to the interests of the Fund or its shareholders.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Changes in the laws of the Cayman Islands (where the Subsidiary is organized) could prevent the Subsidiary from operating as described in this prospectus and could negatively affect the Fund and its shareholders. For example, the Cayman Islands currently does not impose certain taxes on exempted companies like the Subsidiary, including income and capital gains tax, among others. If Cayman Islands laws were changed to require such entities to pay Cayman Islands taxes, the investment returns of the Fund would likely decrease.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Who Is the Fund Designed For?</b> The Fund may be appropriate for investors seeking total return in a currency managed investment. Those investors should be willing to accept the greater risks associated with investments in foreign currencies and in derivatives. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </b> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's Past Performance.</b> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance (for Class A Shares) from year to year and by showing how the Fund's average annual returns for one year and the life of the Fund compare with those of a broad measure of market performance. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund's website at: <u>https://www.oppenheimerfunds.com/fund/CurrencyOpportunitiesFund</u> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Sales charges are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 2.28% (1st Qtr 11) and the lowest return was -7.08% (3rd Qtr 11). For the period from January 1, 2012 to June 30, 2012 the cumulative return before taxes was -0.63%.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Performance information for Class I shares will be provided after those shares have one full calendar year of performance. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Average Annual Total Returns for the periods ended December 31, 2011</b></p> <div style="display:none">~http://oppenheimer/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000029200Member ~</div> 0.0225 0 0 0.01 0 0.01 0 0 0 0 <div style="display:none">~ http://oppenheimer/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000029200Member ~</div> 0.0069 0.0025 0.0058 0.0012 0.007 0.0001 0.0165 -0.0043 0.0122 0.0069 0.01 0.0084 0.0012 0.0096 0.0001 0.0266 -0.0069 0.0197 0.0069 0.005 0.0086 0.0012 0.0098 0.0001 0.0218 -0.0071 0.0147 0.0069 0 0.0064 0.0012 0.0076 0.0001 0.0146 -0.0049 0.0097 0.0069 0 0.0038 0.0012 0.005 0.0001 0.012 -0.0028 0.0092 <div style="display:none">~ http://oppenheimer/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000029200Member ~</div> 347 302 251 99 94 696 770 620 416 355 1069 1366 1116 756 636 2115 2980 2484 1716 1438 <div style="display:none">~ http://oppenheimer/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000029200Member ~</div> 347 202 151 99 94 696 770 620 416 355 1069 1366 1116 756 636 2115 2980 2484 1716 1438 <div style="display:none">~ http://oppenheimer/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000029200Member ~</div> -0.0466 <div style="display:none">~ http://oppenheimer/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact oppenheimer_S000029200Member ~</div> -0.08 -0.0869 -0.0519 -0.0628 -0.0581 -0.0442 -0.0017 -0.0176 -0.0302 -0.022 -0.0014 -0.0028 0.0083 0.0999 The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth more or less than what you paid for them. These risks mean that you can lose money by investing in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $100,000 in certain funds in the Oppenheimer family of funds. 0 Risks of Non-Diversification. The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks associated with and developments affecting that issuer than a fund that invests more widely. The Fund's past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. https://www.oppenheimerfunds.com/fund/CurrencyOpportunitiesFund For the period from January 1, 2012 to June 30, 2012 the cumulative return before taxes was -0.63%. -0.0063 2012-06-30 highest return for a calendar quarter was 2.28% (1st Qtr 11) 0.0228 lowest return was -7.08% (3rd Qtr 11) -0.0708 2010-06-30 100000 2010-06-30 2010-06-30 2010-06-30 Estimated expenses for the first full year that Class I shares are offered. Class I shares will first be offered on the date of this prospectus. "Management Fees" reflects the gross management fees paid to the Manager by the Fund during the Fund's most recent fiscal year and the estimated gross management fee of the Subsidiary for its first full fiscal year. Restated to reflect current fees. "Other Expenses of the Subsidiary" are based on estimated amounts for its first full fiscal year. The Manager has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit "Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement" (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other Fund expenses) to annual rates of 1.10% for Class A shares, 1.85% for Class C shares, 1.35% for Class N shares, 0.85% for Class Y shares and 0.80% for Class I shares. The Manager has also voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in funds managed by the Manager or its affiliates. Each of these expense limitations may not be amended or withdrawn until one year from the date of this prospectus. The Manager has also contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and may not be terminated by the Manager unless termination is approved by the Fund's Board of Trustees. Based on estimated expenses for Class I shares for the first fiscal year. As of 6/30/10