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We have described each proposal contained within Proposal 2 separately and listed them in order below. The table at the front of this Proxy Statement will assist you in determining which proposals apply to your Funds and which investment policy or restriction changes are proposed for each Fund.
Each sub-proposal item contained in Proposal 2 requires the approval of a "majority of the outstanding voting securities" of each Fund voting separately. Abstentions will have the effect of a "no" vote of obtaining requisite approval for the sub-proposals in Proposal 2.
Each Fund operates in accordance with its investment objective, policies and restrictions, which are described in its prospectus and statement of additional information together, the "prospectus".
Each Fund's policies generally are classified as either "fundamental" or "non-fundamental. Non-fundamental policies may be changed by the Trustees without shareholder approval, although significant changes will be described in amendments to the Fund's prospectus.
The Funds' current fundamental investment restrictions are included in each Fund's statement of additional information.
The Investment Company Act requires that certain policies of the Funds be classified as fundamental. Proposal 2 is intended to modernize the Funds' policies as well as standardize their policies by reclassifying fundamental policies that are not required to be fundamental as non-fundamental or by eliminating them entirely.
The proposals are designed to provide the Funds with maximum flexibility to pursue their investment objective and respond to an ever-changing investment environment. The Funds, however, have no current intention of significantly changing their actual investment strategies should shareholders approve the proposed changes.
Since the organization of many of the Funds, many of the legal and regulatory requirements applicable to mutual funds have changed. For example, certain restrictions imposed by state laws and regulations were preempted by the National Securities Markets Improvement Act of "NSMIA" and are no longer applicable to mutual funds.
As a result, some of the Funds continue to be subject to several fundamental investment policies that are either more restrictive than required under current regulations or no longer required at all.
In light of the opportunity afforded by this Special Meeting to review the fundamental investment policies of each Fund, OppenheimerFunds, Inc.
The Board may change non-fundamental policies without shareholder approval, subject to compliance with applicable disclosure requirements under rules promulgated by the SEC.
These changes in each Fund's fundamental investment polices would simplify, streamline and standardize the fundamental investment policies that are required to be stated under the Investment Company Act, as well as provide more flexibility.
The proposed standardized fundamental investment policies cover those areas for which the Investment Company Act requires the Funds to have a fundamental restriction.
They satisfy current regulatory requirements and are written to provide flexibility to respond to future legal, regulatory, market or technical changes.
The proposed changes will not affect each Fund's current investment objectives. These proposals seek shareholder approval of changes that are intended to accomplish the foregoing goals. By making the fundamental policies of all Funds consistent where it is possible to do so, monitoring compliance would be streamlined and more efficient.
Clarifying and modernizing investment restrictions generally would allow the Funds to operate more efficiently within the limits of the Investment Company Act. These revisions should give the Funds greater flexibility to take advantage of, and react to, changes in financial markets and new investment vehicles.
In addition, by reducing to a minimum those policies that can be changed only by shareholder vote, the Funds in the future may be able to avoid the costs and delay associated with a shareholder meeting when the desire or need arises to change a policy, and the Board believes that the Manager's ability to manage the Funds' portfolios in a changing regulatory or investment environment will be enhanced.
As a result, the Board has also concluded that, to the extent possible, it would be in the best interests of all of the Funds to have uniform and consistent fundamental policies. The Trustees believe standardizing and reducing the total number of investment policies that can be changed only by a shareholder vote will assist the Funds and their Manager in maintaining compliance with the various investment restrictions to which the Funds are subject, and will help minimize the costs and delays associated with holding future shareholder meetings to revise fundamental investment policies that become outdated or inappropriate.
The Trustees also believe that the Manager's ability to manage each Fund's assets in a changing investment environment will be enhanced, and that investment management opportunities will be increased by the proposed changes.
Although the proposed changes in the fundamental investment policies will allow the Funds greater flexibility to respond to future investment opportunities, the Board does not anticipate that the changes, individually or in the aggregate, will result in a material change in the level of investment risk associated with investment in any Fund or the manner in which any Fund is managed at the present time.
In addition, the Funds' Trustees do not anticipate that the proposed changes will materially affect the manner in which the Funds are managed. In the future, if the Trustees determine to change materially the manner in which any Fund is managed, that Fund's prospectus will be amended to reflect such a change.
Set forth below are a discussion of the proposed changes to each Fund's fundamental investment policies. After each proposed fundamental investment policy is a commentary that describes the proposed policy and the significance of the proposed change to the Funds.
Each Fund's current fundamental investment policies are then shown.
Each sub-proposal in this Proposal 2 will be voted on separately by shareholders of each Fund. The approval of each sub-proposal will require the approval of a majority of the outstanding voting shares of each Fund as defined in the Investment Company Act.
See "Voting Information" on page If approved by a Fund's shareholders at the Special Meeting, the proposed changes to the Fund's fundamental investment policies will be adopted by the Fund but the effective date of the sub-proposals will be delayed until the Fund's prospectus or statement of additional information can be updated to reflect the changes.OppenheimerFunds Funds.
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