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If you suffered losses and would like a davenport investments ii llc formation consultation with a securities attorney, then please call Galvin Legal, PLLC at Rule is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Galvin Legal, PLLC is a national securities arbitrationsecurities mediationsecurities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. First Name required. Last Name required. Phone Number required.

George leavey first colonial investments boston forex between emotion and mind

George leavey first colonial investments boston

Those who can pay for their passage—usually about or 80 [ livres tournois ]—arrive in America free to take any engagement that suits them. Those who cannot pay are carried at the expense of the shipowner, who in order to recoup his money, advertises on arrival that he has imported artisans, laborers and domestic servants and that he has agreed with them on his own account to hire their services for a period normally of three, four, or five years for men and women and 6 or 7 years for children.

In modern terms, the shipowner was acting as a contractor , hiring out his laborers. Such circumstances affected the treatment a captain gave his valuable human cargo. After indentures were forbidden, the passage had to be prepaid, giving rise to the inhumane conditions of Irish ' coffin ships ' in the second half of the 19th century. Starting in the late 17th century, in southern New England and parts of Long Island, Native Americans were increasingly pulled into an exploitative debt-peonage system designed to control and assimilate Native American people into the dominant culture as well as channel their labor into the market-based Atlantic economy.

Due to restricted access to resources, land loss , and changes to the environment caused by European settlement, many Native Americans, especially coastal groups, could no longer practice traditional subsistence activities and therefore became increasingly dependent on European trade goods—cloth, tools, guns, alcohol, and increasingly, food. Merchants trading these items to Native Americans often inflated the cost and, based on a predatory lending scheme, advanced them credit for these purchases, knowing full well most Native Americans would not be able to repay the debts.

Eventually when debts mounted, Native Americans were hauled into court by their creditors. When they could not pay either their lands, or more commonly their labor, was seized to settle the debt. Native American debtors were then indentured to their creditors for terms ranging from a few months to sometimes years. Rare cases exist when Native Americans were indentured for a decade or more and a few were enslaved for life this was quite rare however.

Assessing how many Native Americans experienced indenture is difficult as exact Native American populations during the colonial period are unknown. However, Historian John Sainsbury was able to document that by the midth century about a third of all Native Americans in Rhode Island were indentured servants living and working in white households. Also, the Massachusetts state archives contains numerous petitions, written from the s to s from Native American tribes in their jurisdiction complaining about abuses in the indenture system and predatory lending by whites.

Statutes were eventually passed attempting to regulate practices. Colonial military records do provide some data on Native American indenture as well. Enlistment records from to show that almost two-thirds of Native Americans who joined the army were indentured at the time of their enlistment.

Records from to show a decline in this rate, but still show almost a third of Native American recruits being bound to white masters at the time of their enlistment. One Connecticut regiment raised in during King George's War containing men total contained Native American men.

Almost half of them had signed their wages over to white creditors before being deployed. While many Native American men, women and children became servants in New England households, the labor of many adult men was funneled into the whaling industry on Long Island, Rhode Island, Cape Cod and the islands of Martha's Vineyard and Nantucket, as well as the coast of eastern Connecticut.

These whaling indentures were somewhat distinct from normal indenture contracts, and stipulated that Native Americans serve not as servants in white households but instead as crew members on a certain number of whaling voyages or 'seasons' of whaling typically November through April.

Throughout most of the colonial period indentured or heavily indebted Native American whalers were the primary labor force in the early whaling industry. They remained an important source of labor into the Revolutionary and early national era, but as their numbers dwindled and the industry expanded exponentially, they made up a decreasingly small proportion of the labor force.

Indentured servitude appeared in the Americas in the s and remained in use as late as The end of debtors' prisons may have created a limited commitment pitfall in which indentured servants could agree to contracts with ship captains and then refuse to sell themselves once they arrived in the colonies.

Increased lobbying from immigrant aid societies led to increased regulation of the indentured labor market, further increasing the difficulty of enforcing contracts. With less ability to enforce the contracts, demand for indentured servants may have fallen. However, most debtor prisons were still in service when indentured servitude disappeared and many regulations on indentured servitude were put in place well before the practice's disappearance.

A rise in European per-capita income compared to passage fare during the nineteenth century may also explain the disappearance of indentured servitude. While passage from England to the colonies in would cost roughly 51 percent of English per-capita income, that ratio would decrease to between 20 and 30 percent by With no need for transit capital, fewer laborers would have become indentured, and the supply of indentured servants would have decreased.

Labor substitutions may have led employers away from indentured servants and towards slaves or paid employees. In many places, African slaves became cheaper for unskilled and then eventually skilled labor, and most farmhand positions previously filled by indentured servants were ultimately filled by slaves. In comparison, firing an indentured servant would mean a loss on the original capital investment spent purchasing the servant's contract.

An additional problem for employers was that, compared to African slaves, European indentured servants who ran away could not always be easily distinguished from the general white population, so they were more difficult to re-capture.

Indentured servitude's decline for white servants was also largely a result of changing attitudes that accrued over the 18th century and culminated in the early 19th century. Over the 18th century, the penal sanctions that were used against all workers were slowly going away from colonial codes, leaving indentured servants the only adult white labor subject to penal sanctions with the notable exception of seaman, whose contracts could be criminally enforced up to the 20th century.

These penal sanctions for indentured laborers continued in the United States until the s, and by this point treatment of European laborers under contract became the same as the treatment of wage laborers however, this change in treatment didn't apply to workers of color. This change in treatment can be attributed to a number of factors, such as the growing identification of white indented labor with slavery at a time when slavery was coming under attack in the Northern states, the growing radicalism of workers influenced with the rhetoric of the American Revolution, and the expansion of suffrage in many states which empowered workers politically.

Penal sanctions, previously considered perfectly in line with free labor, became in the 19th century a way to transform ordinary labor into "contracts of slavery. Given the rapid expansion of colonial export industries in the 17th and 18th century, natural population growth and immigration were unable to meet the increasing demand for workers.

As a result, the cost of indentured servants rose substantially. As a result, the companies that generated indentures disrupted the price signaling effect , [ further explanation needed ] and thus the supply of immigrants did not expand sufficiently to meet demand. Some actors in the market attempted to generate incentives for workers by shortening the length of indenture contracts, based on the productivity of the prospective emigrant.

The rising cost of indentured labor and its inelastic supply pushed American producers towards a cheaper alternative: enslaved workers. Not only were they substantially cheaper, the supply was more abundant; in contrast with indentured workers, they had to emigrate whether they wanted to or not. No incentives were necessary, although higher prices motivated slave traders to expand "production" in the form of raiding expeditions.

Supply was relatively elastic. Slavery thus was better able to satisfy labor demands in colonies requiring large quantities of unskilled agricultural workers for example, plantation colonies in the Caribbean. Indentures, however, prevailed in colonies that required skilled workers, since the cost of an indenture was less than the cost of training an enslaved worker.

Alison Smith and Abbott E. Smith's analysis of London port records shows how the destinations of indentured emigrants shifted from the West Indies towards New England as early as the s, [65] supporting the theory that indentured servitude might have declined in some regions because of labor market dynamics. The railroad made non-port cities a much cheaper destination for immigrants. The steamboat was not necessarily cheaper than older sailing technologies, but it made transatlantic travel much easier and comfortable, an attractive factor for high-income classes that could easily afford immigration without indentures.

Safer seas implied smaller crews for there was no need to man weapons on board and also reduced insurance costs ships were at lower risk of being captured. The composition of immigrants also shifted from single males towards entire families. Single males usually left their homes with little if any savings. Instead, families generally liquidated assets in Europe to finance their venture.

The American Revolution severely limited immigration to the United States. Economic historians differ however on the long-term impact of the Revolution. Sharon Salinger argues that the economic crisis that followed the war made long-term labor contracts unattractive.

But these were temporary rather than lasting". Existing slaves became indentured servants. That status was finally ended in and all the indentured obtained full freedom. A number of acts passed by both the American and the British governments fostered the decline of indentures. The English Passenger Vessels Act of , which regulated travel conditions aboard ships, attempted to make transportation more expensive in order to stop emigration.

The American abolition of imprisonment of debtors by federal law passed in made prosecution of runaway servants more difficult, increasing the risk of indenture contract purchases. In the 19th century, most indentures of this nature occurred in the old Northwest Territory. The permissibility of such indentures centered on the interpretation of "involuntary servitude" per the Northwest Ordinance , which declared:.

There shall be neither slavery nor involuntary servitude in the territory otherwise than in the punishment of crimes, whereof the Party shall have been duly convicted. The permissibility or not of penal sanctions in labor became an issue of "fundamental law", in which it was questioned whether those sanctions or specific performance enforcements turned indentured servitude into "involuntary servitude".

At the time when the Northwest Ordinance was constructed, white adult servants were still being imported into the United States, and thus, historically, it seems likely that the Ordinance's framers considered indenture to be a form of "voluntary" servitude.

In essence, this means the indentured servant chose to work for someone who bought them something. The Territory of Hawaii was the last place in the United States to widely use indentures, as by the practice had been abolished in the rest of the country and replaced by alternatives such as the credit-ticket system used to transport Chinese laborers.

In the Hawaiian Organic Act of the U. A half million Europeans went as indentured servants to the Caribbean primarily the English-speaking islands of the Caribbean before However, forceful indenture also provided part of the servants: contemporaries report that youngsters were sometimes tricked into servitude in order to be exploited in the colonies. The landowners on the islands would pay for a servant's passage and then provide the servant with food, clothes, shelter and instruction during the agreed term.

The servant would then be required to work in the landowner's field for a term of bondage usually four to seven years. During this term of bondage the servant had a status similar to a son of the master. For example, the servant was not allowed to marry without the master's permission. Servants could own personal property. They could also complain to a local magistrate about mistreatment that exceeded community norms. However, a servant's contract could be sold or given away by his master.

After the servant's term was complete he became independent and was paid "freedom dues". These payments could take the form of land which would give the servant the opportunity to become an independent farmer or a free laborer. As free men with little money they became a political force that stood in opposition to the rich planters. Indentured servitude was a common part of the social landscape in England and Ireland during the 17th century. During the 17th century, British and Irish went to Barbados as both masters and as indentured servants.

Some went as prisoners. After , fewer indentured servants came from Europe to the Caribbean. Newly freed servant farmers, given 25—50 acres of land, were unable to make a living because profitable sugar plantations needed to cover hundreds of acres. However, profit could still be made through the tobacco trade, which was what these small acre farms did to live comfortably.

In the 17th century, the islands became known as death traps, as between 33 and 50 percent of indentured servants died before they were freed, many from yellow fever , malaria and other diseases. When slavery ended in the British Empire in , plantation owners turned to indentured servitude for inexpensive labor. These servants arrived from across the globe; the majority came from India where many indentured laborers came from to work in colonies requiring manual labor.

From Wikipedia, the free encyclopedia. By country or region. Opposition and resistance. See also: Irish indentured servants. Further information: Indian indenture system. Labor History. The Journal of Southern History. Balkin, Richard ed. Revolutionary America to New York: Facts on File. The Journal of Economic History. Cambridge University Press. America at A Social Portrait.

Knopf Doubleday. The Fund invests in Oppenheimer Institutional Money Market Fund, rather than purchasing individual short-term investments, to seek a higher yield than it could obtain on its own. It invests in a variety of short-term, high-quality, dollar-denominated money market instruments issued by the U.

Government, domestic and foreign corporations, other financial institutions, and other entities. Those investments may have a higher rate of return than the investments that would be available to the Fund directly. At the time of an investment, the Fund cannot always predict what the yield of the Oppenheimer Institutional Money Market Fund will be because of the wide variety of instruments that fund holds in its portfolio. The return on those investments may, in some cases, be lower than the return that would have been derived from other types of investments that would provide liquidity.

As a shareholder, the Fund will be subject to its proportional share of the expenses of Oppenheimer Institutional Money Market Fund's Class E shares, including its advisory fee. However, the Manager will waive a portion of the Fund's advisory fee to the extent of the Fund's share of the advisory fee paid to the Manager by Oppenheimer Institutional Money Market Fund. Temporary Defensive and Interim Investments.

Government securities. The Fund might also hold these types of securities as interim investments pending the investment of proceeds from the sale of Fund shares or the sale of Fund portfolio securities or to meet anticipated redemptions of Fund shares. To the extent the Fund invests in these securities, it might not achieve its investment objective. A change in the securities held by the Fund is known as "portfolio turnover. Increased portfolio turnover may result in higher brokerage fees or other transaction costs, which can reduce performance.

If the Fund realizes capital gains when it sells investments, it generally must pay those gains to shareholders, increasing its taxable distributions. The Financial Highlights table at the end of this prospectus shows the Fund's portfolio turnover rates during past fiscal years.

Significant policy changes will be described in supplements to this prospectus. The Fund's investment objective is not a fundamental policy but will not be changed by the Board without advance notice to shareholders. Investment restrictions that are fundamental policies are listed in the Fund's Statement of Additional Information.

An investment policy is not fundamental unless this prospectus or the Statement of Additional Information states that it is. The Fund's portfolio holdings are included in its semi-annual and annual reports that are distributed to its shareholders within 60 days after the close of the applicable reporting period. The Fund also discloses its portfolio holdings in its Statements of Investments on Form N-Q, which are public filings that are required to be made with the Securities and Exchange Commission within 60 days after the end of the Fund's first and third fiscal quarters.

Therefore, the Fund's portfolio holdings are made publicly available no later than 60 days after the end of each of its fiscal quarters. A description of the Fund's policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund's Statement of Additional Information. The Manager carries out its duties, subject to the policies established by the Fund's Board of Trustees, under an investment advisory agreement that states the Manager's responsibilities.

The agreement sets the fees the Fund pays to the Manager and describes the expenses that the Fund is responsible to pay to conduct its business. The Manager has been an investment adviser since Advisory Fees. The Transfer Agent has voluntarily agreed to limit its fees to 0.

Under the Fund's Custody Agreement, the Fund receives certain credits from the Fund's custodian that, during the fiscal year, reduced its custodial expenses for all share classes by less than 0. After all waivers, reimbursements and other credits, the actual total annual operating expenses for the fiscal year ended April 30, were 1.

The Fund's management fee and other annual operating expenses may vary in future years. The Fund's portfolio is managed by Randall Dishmon, who is primarily responsible for the day-to-day management of the Fund's investments. Dishmon has been a portfolio manager of the Manager since August and a Vice President of the Manager since January Oppenheimer funds may be purchased either directly or through a variety of "financial intermediaries" that offer Fund shares to their clients.

Financial intermediaries include securities dealers, financial advisors, brokers, banks, trust companies, insurance companies and the sponsors of fund "supermarkets," fee-based advisory or wrap fee programs or college and retirement savings programs. Currently only Class A shares of the Fund are available for sale to individual investors. The Fund offers investors five different classes of shares.

The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and will usually have different share prices. When you buy shares, be sure to specify the class of shares you wish to purchase. If you do not choose a class, your investment will be made in Class A shares. The amount of the sales charge will vary depending on the amount you invest.

The sales charge rates for different investment amounts are listed in "About Class A Shares" below. If you buy Class B shares, you will pay no sales charge at the time of purchase, but you will pay an annual asset-based sales charge distribution fee over a period of approximately six years. The amount of the contingent deferred sales charge varies depending on how long you own your shares, as described in "About Class B Shares" below. If you buy Class C shares, you will pay no sales charge at the time of purchase, but you will pay an ongoing asset-based sales charge.

If you sell your shares within 12 months after buying them, you will normally pay a contingent deferred sales charge of 1. Class N shares are available only through certain retirement plans. If you buy Class N shares, you will pay no sales charge at the time of purchase, but you will pay an ongoing asset-based sales charge. If you sell your shares within 18 months after the retirement plan's first purchase of Class N shares, you may pay a contingent deferred sales charge of 1.

Class Y shares are offered only to certain institutional investors that have a special agreement with the Distributor and to 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.

See "About Class Y Shares" below. The minimum additional investment requirement does not apply to reinvested dividends from the Fund or from other Oppenheimer funds or to omnibus account purchases. Reduced initial minimums are available in certain circumstances, including under the following investment plans:. Minimum Account Balance. The fee is automatically deducted from each applicable Fund account annually in September.

See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed. Once you decide that the Fund is an appropriate investment for you, deciding which class of shares is best suited to your needs depends on a number of factors that you should discuss with your financial advisor. The Fund's operating costs that apply to a share class and the effect of the different types of sales charges on your investment will affect your investment results over time.

For example, the net asset value and the dividends of Class B, Class C, and Class N shares will be reduced by additional expenses borne by those classes, such as the asset-based sales charge. Two of the factors to consider are how much you plan to invest and, while future financial needs cannot be predicted with certainty, how long you plan to hold your investment.

For example, with larger purchases that qualify for a reduced initial sales charge on Class A shares, the effect of paying an initial sales charge on purchases of Class A shares may be less over time than the effect of the asset-based sales charges on Class B, Class C, or Class N shares. For retirement plans that qualify to purchase Class N shares, Class N will generally be the most advantageous share class. If your goals and objectives change over time and you plan to purchase additional shares, you should re-evaluate each of the factors to see if you should consider a different class of shares.

The discussion below is not intended to be investment advice or a recommendation, because each investor's financial considerations are different. The discussion below assumes that you will purchase only one class of shares and not a combination of shares of different classes. These examples are based on approximations of the effects of current sales charges and expenses projected over time, and do not detail all of the considerations in selecting a class of shares.

You should analyze your options carefully with your financial advisor before making that choice. Dealers or other financial intermediaries are responsible for determining the suitability of a particular share class for an investor.

Some account features may not be available for all share classes. Other features may not be advisable because of the effect of the contingent deferred sales charge. Therefore, you should carefully review how you plan to use your investment account before deciding which class of shares to buy. The Class B, Class C, and Class N contingent deferred sales charges and asset-based sales charges have the same purpose as the front-end sales charge or contingent deferred sales charge on Class A shares: to compensate the Distributor for concessions and expenses it pays to brokers, dealers and other financial intermediaries for selling Fund shares.

Those financial intermediaries may receive different compensation for selling different classes of shares. The Manager or Distributor may also pay dealers or other financial intermediaries additional amounts from their own resources based on the value of Fund shares held by the intermediary for its own account or held for its customers' accounts.

For more information about those payments, see "Payments to Financial Intermediaries and Service Providers" below. Class A shares are sold at their offering price, which is the net asset value of the shares described below plus, in most cases, an initial sales charge.

The Fund receives the amount of your investment, minus the sales charge, to invest for your account. The Class A sales charge rate varies depending on the amount of your purchase. The current sales charge rates and concessions paid are shown in the table below. Amount of Purchase. Concession As a Percentage of Offering Price. Due to rounding, the actual sales charge for a particular transaction may be higher or lower than the rates listed above.

Reduced Class A Sales Charges. The Fund reserves the right to modify or to cease offering these programs at any time. If you are buying shares directly from the Fund, you must inform the Distributor of your eligibility and holdings at the time of your purchase in order to qualify for the Right of Accumulation.

If you are buying shares through a financial intermediary you must notify the intermediary of your eligibility for the Right of Accumulation at the time of your purchase. Shares purchased under a Letter of Intent may also qualify as eligible holdings under a Right of Accumulation.

Submitting a Letter of Intent does not obligate you to purchase the specified amount of shares. If you do not complete the anticipated purchases, you will be charged the difference between the sales charge that you paid and the sales charge that would apply to the actual value of shares you purchased. A certain portion of your shares will be held in escrow by the Fund's Transfer Agent for this purpose.

You may also be able to apply the Right of Accumulation to purchases you make under a Letter of Intent. The Class A contingent deferred sales charge does not apply to shares purchased by the reinvestment of dividends or capital gain distributions and will not exceed the aggregate amount of the concessions the Distributor pays on all of your purchases of Class A shares, of all Oppenheimer funds, that are subject to the contingent deferred sales charge.

The Distributor pays concessions from its own resources equal to 1. The concession will not be paid on shares purchased by exchange or shares that were previously subject to a front-end sales charge and concession. In addition, there is no contingent deferred sales charge on redemptions of certain Class A retirement plan shares offered through financial intermediaries or other service providers.

There is no contingent deferred sales charge on redemptions of Class A group retirement plan shares except for shares of certain group retirement plans that were established prior to March 1, "grandfathered retirement plans". Shares purchased in grandfathered retirement plans are subject to the contingent deferred sales charge if they are redeemed within 18 months after purchase. The concession for grandfathered retirement plan purchases is 0. Those payments are subject to certain exceptions described in "Retirement Plans" in the Statement of Additional Information.

Class B shares are sold at net asset value per share without an initial sales charge. However, if Class B shares are redeemed within six years from the beginning of the calendar month in which they were purchased, a contingent deferred sales charge will be deducted from the redemption proceeds. The Class B contingent deferred sales charge and asset-based sales charge are paid to compensate the Distributor for providing distribution-related services to the Fund in connection with the sale of Class B shares.

The amount of the Class B contingent deferred sales charge will depend on the number of years since you invested, according to the following schedule:. More than 6. In the table, a "year" is a month period. In applying the contingent deferred sales charge, all purchases are considered to have been made on the first regular business day of the month in which the purchase was made.

Automatic Conversion of Class B Shares. Class B shares automatically convert to Class A shares six years 72 months after you purchase them. This conversion eliminates the Class B asset-based sales charge, however, the shares will be subject to the ongoing Class A fees and expenses. The conversion is based on the relative net asset value of the two classes, and no sales load or other charge is imposed. When any Class B shares that you hold convert to Class A shares, all other Class B shares that were acquired by reinvesting dividends and distributions on the converted shares will also convert.

For further information on the conversion feature and its tax implications, see "Class B Conversion" in the Statement of Additional Information. Class C shares are sold at net asset value per share without an initial sales charge. Class N shares are sold at net asset value without an initial sales charge.

A contingent deferred sales charge of 1. Retirement plans that offer Class N shares may impose charges on plan participant accounts. For more information about buying and selling shares through a retirement plan, see the section "Investment Plans and Services - Retirement Plans" below.

Class Y shares are sold at net asset value per share without a sales charge directly to institutional investors that have special agreements with the Distributor for that purpose. They may include insurance companies, registered investment companies, employee benefit plans and Section plans, among others. An institutional investor that buys Class Y shares for its customers' accounts may impose charges on those accounts.

Instructions for buying, selling, exchanging or transferring Class Y shares must be submitted by the institutional investor, not by its customers for whose benefit the shares are held. Shares may be purchased at their offering price which is the net asset value per share plus any initial sales charge that applies. Shares are redeemed at their net asset value per share less any contingent deferred sales charge that applies.

Your financial intermediary can provide you with more information regarding the time you must submit your purchase order and whether the intermediary is an authorized agent for the receipt of purchase and redemption orders. Net Asset Value. The NYSE normally closes at p. The Fund's "other assets" might include, for example, cash and interest or dividends from its portfolio securities that have been accrued but not yet collected. The Fund's securities are valued primarily on the basis of current market quotations.

The net asset value per share for each share class is determined by dividing the net assets of the class by the number of outstanding shares of that class. Fair Value Pricing. If market quotations are not readily available or in the Manager's judgment do not accurately reflect the fair value of a security, or if after the close of the principal market on which a security held by the Fund is traded and before the time as of which the Fund's net asset value is calculated that day, an event occurs that the Manager learns of and believes in the exercise of its judgment will cause a material change in the value of that security from the closing price of the security on the principal market on which it is traded, that security may be valued by another method that the Board believes would more accurately reflect the security's fair value.

In determining whether current market prices are readily available and reliable, the Manager monitors the information it receives in the ordinary course of its investment management responsibilities. It seeks to identify significant events that it believes, in good faith, will affect the market prices of the securities held by the Fund.

Those may include events affecting specific issuers for example, a halt in trading of the securities of an issuer on an exchange during the trading day or events affecting securities markets for example, a foreign securities market closes early because of a natural disaster. The Board has adopted valuation procedures for the Fund and has delegated the day-to-day responsibility for fair value determinations to the Manager's "Valuation Committee.

Fair value determinations by the Manager are subject to review, approval and ratification by the Board at its next scheduled meeting after the fair valuations are determined. The Fund's use of fair value pricing procedures involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

Accordingly, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its net asset value per share. Pricing Foreign Securities.

The Fund may use fair value pricing more frequently for securities primarily traded on foreign exchanges. The Manager believes that foreign securities values may be affected by volatility that occurs in U. The Manager's fair valuation procedures therefore include a procedure whereby foreign securities prices may be "fair valued" to take those factors into account. Because some foreign securities trade in markets and on exchanges that operate on weekends and U. Contingent Deferred Sales Charge.

If you redeem shares during their applicable contingent deferred sales charge holding period, the contingent deferred sales charge generally will be deducted from the redemption proceeds. In some circumstances you may be eligible for one of the waivers described in "Sales Charge Waivers" below and in the "Special Sales Charge Arrangements and Waivers" Appendix to the Statement of Additional Information.

You must advise the Transfer Agent or your financial intermediary of your eligibility for a waiver when you place your redemption request. A contingent deferred sales charge will be based on the net asset value of the redeemed shares at the time of redemption or the original net asset value, whichever is lower.

A contingent deferred sales charge is not imposed on:. You are not charged a contingent deferred sales charge when you exchange shares of the Fund for shares of other Oppenheimer funds. However, if you exchange your shares within the applicable holding period, your original holding period will carry over to the shares you acquire, even if the new fund has a different holding period.

The Fund and the Distributor offer the following opportunities to purchase shares without front-end or contingent deferred sales charges. The Fund reserves the right to amend or discontinue these programs at any time without prior notice. In addition, the "Special Sales Charge Arrangements and Waivers" Appendix to the Statement of Additional Information provides detailed information about certain other initial sales charge and contingent deferred sales charge waivers and arrangements.

A description of those sales charge waivers and arrangements is available for viewing on the OppenheimerFunds website at www. You can buy shares in several ways. The Distributor has appointed certain financial intermediaries, including brokers, dealers and others, as servicing agents to accept purchase and redemption orders.

The Distributor or servicing agent must receive your order, in proper form, by the close of the NYSE for you to receive that day's offering price. If your order is received on a day when the NYSE is closed or after it has closed, the order will receive the next offering price that is determined. To be in proper form, your purchase order must comply with the procedures described below.

The Distributor, in its sole discretion, may reject any purchase order for the Fund's shares. You can buy shares through any servicing agent a broker, dealer, or other financial intermediary that has a sales agreement with the Distributor. Your servicing agent will place your order with the Distributor on your behalf. A servicing agent may charge a processing fee for that service. Your account information will be shared with the financial intermediary designated as the dealer of record for the account.

Buying Shares Through the Distributor. We recommend that you discuss your investment with a financial advisor before you make a purchase to be sure that the Fund is appropriate for you. If you want to purchase shares directly from the Distributor, complete an OppenheimerFunds new account application and mail it with a check payable in U. If you do not list a dealer on your application, the Distributor is designated as the broker-dealer of record, but solely for the purpose of acting as your agent to purchase the shares and Class A shares are your only purchase option.

Class B, Class C or Class N shares may not be purchased by a new investor directly from the Distributor without the investor designating another registered broker-dealer. However, if a current investor no longer has a broker-dealer of record for an existing Class B, Class C or Class N account, the Distributor is automatically designated as the broker-dealer of record, but solely for the purpose of acting as your agent to purchase the shares.

If you submit a purchase request to the Distributor without designating the Fund you wish to invest in, your investments will be made in Class A shares of Oppenheimer Money Market Fund, Inc. This policy does not apply to purchases by or for certain retirement plans or accounts.

For more information regarding undesignated investments, please call the Transfer Agent at the number on the back cover of this prospectus. Identification Requirements. Federal regulations may require the Fund to obtain your name, your date of birth for a natural person , your residential street address or principal place of business, and your Social Security Number, Employer Identification Number or other government-issued identification when you open an account.

Additional information may be required to open a corporate account or in certain other circumstances. The Fund or the Transfer Agent may use this information to verify your identity. The Fund may not be able to establish an account if the necessary information is not received. The Fund may also place limits on account transactions while it is in the process of verifying your identity.

Additionally, if the Fund is unable to verify your identity after your account is established, the Fund may be required to redeem your shares and close your account. Suspension of Share Offering. The offering of Fund shares may be suspended during any period in which the determination of net asset value is suspended, and may be suspended by the Board at any time the Board believes it is in the Fund's best interest to do so. You can generally redeem sell some or all of your shares on any regular business day.

You may redeem your shares by writing a letter, by wire, by telephone or on the Internet. You can also set up an Automatic Withdrawal Plan to redeem shares on a regular basis. The redemption of Fund shares may be suspended under certain circumstances described in the Statement of Additional Information. If you have questions about any of these procedures, and especially if you are redeeming shares in a special situation, such as due to the death of the owner or from a retirement plan account, please call your financial intermediary or the Transfer Agent for assistance.

Redemption Price. Your shares will be redeemed at net asset value less any applicable sales charge or other fees. The net asset value used will be the next one calculated after your order is received, in proper form, by the Transfer Agent or your authorized financial intermediary. To be in proper form, your redemption order must comply with the procedures described below.

The redemption price will normally differ for each class of shares. The redemption price of your shares may be more or less than their original cost. Redemptions "In-Kind. That means that the redemption proceeds will be paid in securities from the Fund's portfolio on a pro-rata basis, possibly including illiquid securities. If the Fund redeems your shares in-kind, you may bear transaction costs and will bear market risks until such securities are converted into cash.

Payment Delays. Payment for redeemed shares is usually made within seven days after the Transfer Agent receives redemption instructions in proper form. The Transfer Agent may delay processing redemption payments for recently purchased shares until the purchase payment has cleared.

That delay may be avoided if you purchase shares by Federal Funds wire or certified check. Under unusual circumstances, the right to redeem shares or the payment of redemption proceeds may be delayed or suspended as permitted under the Investment Company Act of You can exchange all or part of your Fund shares for shares of the same class of other Oppenheimer funds that offer the exchange privilege. The funds available for exchange can change from time to time.

The Fund may amend, suspend or terminate the exchange privilege at any time. You will receive 60 days' notice of any material change in the exchange privilege unless applicable law allows otherwise. The OppenheimerFunds exchange privilege affords investors the ability to switch their investments among Oppenheimer funds if their investment needs change.

However, there are limits on that privilege. If large dollar amounts are involved in exchange or redemption transactions, the Fund might be required to sell portfolio securities at unfavorable times to meet those transaction requests, and the Fund's brokerage or administrative expenses might be increased. There is no guarantee that those policies and procedures, described below, will be sufficient to identify and deter all excessive short-term trading.

If a direct shareholder exchanges shares of another Oppenheimer fund account for shares of the Fund, his or her Fund account will be "blocked" from exchanges into any other fund for a period of 30 calendar days from the date of the exchange, subject to certain exceptions described below. Likewise, if a Fund shareholder exchanges Fund shares for shares of another eligible Oppenheimer fund, that fund account will be "blocked" from further exchanges for 30 calendar days. The block will apply to the full account balance and not just to the amount exchanged into the account.

A shareholder whose account is registered on the Fund's books showing the name, address and tax ID number of the beneficial owner is a "direct shareholder. Limitations on Exchanges in Omnibus Accounts. If you hold your Fund shares through a financial advisor or other firm such as a broker-dealer, a bank, an insurance company separate account, an investment adviser, an administrator or a trustee of a retirement plan that holds your shares in an account under its name these are sometimes referred to as "omnibus" or "street name" accounts , that financial intermediary may impose its own restrictions or limitations to discourage short-term or excessive trading.

You should consult your financial intermediary to find out what trading restrictions, including limitations on exchanges, may apply. The Fund, the Distributor, the Manager and the Transfer Agent encourage those financial intermediaries to apply the Fund's policies to their customers who invest indirectly in the Fund. However, the Transfer Agent may not be able to detect excessive short-term trading activity in accounts maintained in "omnibus" or "street name" form where the underlying beneficial owners are not identified.

The Transfer Agent will attempt to monitor overall purchase and redemption activity in those accounts to seek to identify patterns that may suggest excessive trading by the underlying owners. If evidence of possible excessive trading activity is observed by the Transfer Agent, the financial intermediary that is the registered owner will be asked to review the account activity, and to confirm to the Transfer Agent and the Fund that appropriate action has been taken to curtail any excessive trading activity.

Other Limitations on Exchanges. There are a number of other special conditions and limitations that apply to certain types of exchanges. Those conditions and circumstances are described in the section "How to Exchange Shares" in the Statement of Additional Information. For information about sales charges that may apply to exchanges of shares see the sections "Contingent Deferred Sales Charge" and "Sales Charge Waivers" above.

Requirements for Exchanges of Shares. To exchange shares of the Fund, you must meet several conditions. The Fund may amend the following requirements at any time:. Timing of Exchange Transactions. Exchanged shares are normally redeemed from one fund and the proceeds are reinvested in the fund selected for exchange on the same regular business day on which the Transfer Agent or its agent such as a financial intermediary holding the investor's shares in an "omnibus" or "street name" account receives an exchange request that conforms to these policies.

The request must be received by the close of the NYSE that day in order to receive that day's net asset value on the exchanged shares. For requests received after the close of the NYSE the shares being exchanged will be valued at the next net asset value calculated after the request is received.

The Transfer Agent may delay transmitting the proceeds from an exchange for up to five business days, however, if it determines, in its discretion, that an earlier transmittal of the redemption proceeds would be detrimental to either the fund from which shares are being exchanged or the fund into which the exchange is being made.

The exchange proceeds will be invested in the new fund at the next net asset value calculated after the proceeds are received. In the event that a delay in the reinvestment of proceeds occurs, the Transfer Agent will notify you or your financial intermediary. Taxes on Exchanges.

For tax purposes, an exchange of shares of the Fund is considered a sale of those shares and a purchase of the shares of the fund into which you are exchanging. Therefore, an exchange may result in a capital gain or loss for tax purposes. The Fund may impose other limits on transactions that it believes would be disruptive and may refuse any purchase or exchange order. Share transactions may be requested by telephone or internet, in writing, through your financial intermediary, or by establishing one of the Investor Services plans described below.

Certain transactions may also be submitted by fax. If an account has more than one owner, the Fund and the Transfer Agent may rely on instructions from any one owner or from the financial intermediary's representative of record for the account, unless that authority has been revoked. Internet and Telephone Transaction Requests. Purchase, redemption and exchange requests may be submitted on the OppenheimerFunds website, www.

Those requests may also be made by calling the telephone number on the back cover and either speaking to a service representative or accessing PhoneLink, the OppenheimerFunds automated telephone system that enables shareholders to perform certain account transactions automatically using a touch-tone phone. You will need to obtain a user I. Some internet and telephone transactions require the Oppenheimer AccountLink feature, described below, that links your Fund account with an account at a U.

The Transfer Agent will record any telephone calls to verify data concerning transactions. The Transfer Agent has adopted procedures to confirm that telephone and internet instructions are genuine. Callers are required to provide service representatives with tax identification numbers and other account data and PhoneLink and internet users are required to use PIN numbers. The Transfer Agent will also send you written confirmations of share transactions. The Transfer Agent and the Fund will not be liable for losses or expenses that occur from telephone or internet instructions reasonably believed to be genuine.

Purchases and Redemptions by Federal Funds Wire. Shares purchased through the Distributor may be paid for by Federal Funds wire. Redemption proceeds may also be transmitted by wire. Before sending a wire purchase, call the Distributor's Wire Department at to notify the Distributor of the wire and to receive further instructions.

To set up wire redemptions on your account or to arrange for a wire redemption, call the Transfer Agent at the telephone number on the back of this prospectus for information. Written Transaction Requests. You can send purchase, exchange or redemption requests to the Transfer Agent at the address on the back cover. Your request must include:. Certain Requests Require a Signature Guarantee.

To protect you and the Fund from fraud, certain redemption requests must be in writing and must include a signature guarantee. A notary public seal will not be accepted for these requests other situations might also require a signature guarantee :. The Transfer Agent will accept a signature guarantee from a number of financial institutions, including:. Fax Requests. You may send requests for certain types of account transactions to the Transfer Agent by fax.

Please call the number on the back of this prospectus for information about which transactions may be handled this way. Transaction requests submitted by fax are subject to the same rules and restrictions as the written, telephone and internet requests described in this prospectus. However, requests that require a signature guarantee may not be submitted by fax. You can submit purchase, redemption or exchange requests through any broker, dealer or other financial intermediary that has a special agreement with the Distributor.

The broker, dealer or other intermediary will place the order with the Distributor on your behalf. A broker or dealer may charge a processing fee for that service. If your shares are held in the name of your financial intermediary, you must redeem them through that intermediary.

Intermediaries that perform account transactions for their clients by participating in "Networking" through the National Securities Clearing Corporation are responsible for obtaining their clients' permission to perform those transactions, and are responsible to their clients who are shareholders of the Fund if the intermediary performs any transaction erroneously or improperly.

Client Account Exchanges by Financial Intermediaries. The Fund and the Transfer Agent permit brokers, dealers and other financial intermediaries to submit exchange requests on behalf of their customers, unless that authority has been revoked. The Fund or the Transfer Agent may limit or refuse exchange requests submitted by such financial intermediaries if, in the Transfer Agent's judgment, exercised in its discretion, the exchanges would be disruptive to any of the funds involved in the transaction.

You can use our AccountLink feature to link your Fund account with an account at a U. AccountLink lets you:. AccountLink privileges should be requested on your account application or on your broker-dealer's settlement instructions if you buy your shares through a broker-dealer.

For an established account, you can request AccountLink privileges by sending signature-guaranteed instructions and proper documentation to the Transfer Agent. Please call the Transfer Agent for more information. Asset Builder Plan. Under an Asset Builder Plan, you may purchase shares of the Fund automatically. An Asset Builder Plan is available only if you have established AccountLink with a bank or other financial institution.

Payments to purchase Fund shares will be debited from your linked account. To establish an Asset Builder Plan at the time you initially purchase Fund shares, complete the "Asset Builder Plan" information on the account application. You may change the amount of your Asset Builder payment or you can terminate your automatic investments at any time by writing to the Transfer Agent. The Transfer Agent requires a reasonable period approximately 10 days after receipt of your instructions to implement the requested changes.

Those documents are available by contacting the Distributor or may be downloaded from our website at www. The Fund reserves the right to amend, suspend or discontinue offering Asset Builder Plans at any time without prior notice. Automatic Redemption and Exchange Plans. The Fund has several plans that enable you to redeem shares automatically or exchange them for shares of another Oppenheimer fund on a regular basis. Retirement Plans. The Distributor offers a number of different retirement plans that individuals and employers can use.

The procedures for buying, selling, exchanging and transferring shares, and the account features applicable to other share classes, generally do not apply to Class N shares offered through a group retirement plan. However, the time that transaction requests must be received in order to purchase, redeem or exchange shares at the net asset value calculated on any business day is the same for all share classes. Purchase, redemption, exchange and transfer requests for a group retirement plan must be submitted by the plan administrator, not by plan participants.

Retirement plans that hold shares of Oppenheimer funds in an omnibus account for the benefit of plan participants other than OppenheimerFunds-sponsored Single DB Plus plans are not permitted to make initial purchases of Class A shares that would be subject to a contingent deferred sales charge. Class B shares are not offered to new omnibus group retirement plans.

The types of retirement plans that the Distributor offers include:. Retirement Plan Accounts. To open an OppenheimerFunds retirement plan account, please call the Distributor for retirement plan documents, which include applications and important plan information. Less Paper, Less Waste. To avoid sending duplicate copies of Fund materials to households, the Fund will mail only one copy of each prospectus, annual and semi-annual report and annual notice of the Fund's privacy policy to shareholders having the same last name and address on the Fund's records.

The consolidation of these mailings, called "householding," benefits the Fund through lower printing costs and reduced mailing expense. If you prefer to receive multiple copies of these materials, you may call the Transfer Agent at the number on the back of this prospectus or you may notify the Transfer Agent in writing. Multiple copies of prospectuses, reports and privacy notices will be sent to you commencing within 30 days after the Transfer Agent receives your request to stop householding.

Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A shares that reimburses the Distributor for a portion of the costs of maintaining accounts and providing services to Class A shareholders. The Distributor currently uses all of those fees to pay brokers, dealers, banks and other financial intermediaries for providing personal service and maintaining the accounts of their customers that hold Class A shares.

Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Because the service fee is paid out of the Fund's assets on an ongoing basis, over time it will increase the cost of your investment. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares to pay the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. The Fund also pays a service fee under the plans at an annual rate of 0.

Because these fees are paid out of the Fund's assets on an ongoing basis, over time they will increase the cost of your investment and may cost you more than other types of sales charges. The Distributor normally pays intermediaries the 0. Class B Shares: The Distributor currently pays a sales concession of 3. Including the advance of the service fee, the total amount paid by the Distributor to the dealer at the time of sale of Class B shares is therefore 4.

The Distributor normally retains the Class B asset-based sales charge. However, for ongoing purchases of Class B shares by certain retirement plans, the Distributor may pay the intermediary the asset-based sales charge and service fee during the first year after purchase instead of paying a sales concession and the first year's service fees at the time of purchase. See the Statement of Additional Information for exceptions.

Class C Shares: At the time of a Class C share purchase, the Distributor generally pays financial intermediaries a sales concession of 0. Therefore, the total amount, including the advance of the service fee, that the Distributor pays the intermediary at the time of a Class C share purchase is 1. See the Statement of Additional Information for exceptions to these arrangements.

Class N Shares: At the time of a Class N share purchase, the Distributor generally pays financial intermediaries a sales concession of 0. The Distributor normally retains the asset-based sales charge on Class N shares. Those cash payments, which may be substantial, are paid to many firms having business relationships with the Manager and Distributor and are in addition to any distribution fees, servicing fees, or transfer agency fees paid directly or indirectly by the Fund to these financial intermediaries and any commissions the Distributor pays to these firms out of the sales charges paid by investors.

Payments by the Manager or Distributor from their own resources are not reflected in the tables in the "Fees and Expenses of the Fund" section of this prospectus because they are not paid by the Fund. The financial intermediaries that may receive those payments include firms that offer and sell Fund shares to their clients, or provide shareholder services to the Fund, or both, and receive compensation for those activities. The financial intermediaries that may receive payments include your securities broker, dealer or financial advisor, sponsors of fund "supermarkets," sponsors of fee-based advisory or wrap fee programs, sponsors of college and retirement savings programs, banks, trust companies and other intermediaries offering products that hold Fund shares, and insurance companies that offer variable annuity or variable life insurance products.

In general, these payments to financial intermediaries can be categorized as "distribution-related" or "servicing" payments. Payments for distribution-related expenses, such as marketing or promotional expenses, are often referred to as "revenue sharing. These payments also may give an intermediary an incentive to cooperate with the Distributor's marketing efforts. A revenue sharing payment may, for example, qualify the Fund for preferred status with the intermediary receiving the payment or provide representatives of the Distributor with access to representatives of the intermediary's sales force, in some cases on a preferential basis over funds of competitors.

Additionally, as firm support, the Manager or Distributor may reimburse expenses related to educational seminars and "due diligence" or training meetings to the extent permitted by applicable laws or the rules of the Financial Industry Regulatory Authority "FINRA" designed to increase sales representatives' awareness about Oppenheimer funds, including travel and lodging expenditures.

However, the Manager does not consider a financial intermediary's sale of shares of the Fund or other Oppenheimer funds when selecting brokers or dealers to effect portfolio transactions for the funds. Various factors are used to determine whether to make revenue sharing payments. Possible considerations include, without limitation, the types of services provided by the intermediary, sales of Fund shares, the redemption rates on accounts of clients of the intermediary or overall asset levels of Oppenheimer funds held for or by clients of the intermediary, the willingness of the intermediary to allow the Distributor to provide educational and training support for the intermediary's sales personnel relating to the Oppenheimer funds, the availability of the Oppenheimer funds on the intermediary's sales system, as well as the overall quality of the services provided by the intermediary and the Manager or Distributor's relationship with the intermediary.

The Manager and Distributor have adopted guidelines for assessing and implementing each prospective revenue sharing arrangement. To the extent that financial intermediaries receiving distribution-related payments from the Manager or Distributor sell more shares of the Oppenheimer funds or retain more shares of the funds in their client accounts, the Manager and Distributor benefit from the incremental management and other fees they receive with respect to those assets.

Payments may also be made by the Manager, the Distributor or the Transfer Agent to financial intermediaries to compensate or reimburse them for administrative or other client services provided such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, account set-up, recordkeeping and other shareholder services.

Payments may also be made for administrative services related to the distribution of Fund shares through the intermediary. Firms that may receive servicing fees include retirement plan administrators, qualified tuition program sponsors, banks and trust companies, and others. These fees may be used by the service provider to offset or reduce fees that would otherwise be paid directly to them by certain account holders, such as retirement plans.

The Statement of Additional Information contains more information about revenue sharing and service payments made by the Manager or the Distributor. The Fund intends to declare and pay dividends annually from its net investment income. The Fund may also realize capital gains on the sale of portfolio securities, in which case it may make distributions out of any net short-term or long-term capital gains annually.

The Fund may also make supplemental distributions of dividends and capital gains following the end of its fiscal year. The Fund has no fixed dividend rate and cannot guarantee that it will pay any dividends or capital gains distributions in a particular year. Dividends and distributions are paid separately for each share class. Options for Receiving Dividends and Distributions. When you open your Fund account, you can specify on your application how you want to receive distributions of dividends and capital gains.

To change that option, you must notify the Transfer Agent. There are four payment options available:. If your shares are not held in a tax-deferred retirement account, you should be aware of the following tax consequences of investing in the Fund. Distributions paid from short-term capital gains and net investment income are taxable as ordinary income and distributions from net long-term capital gains are taxable as long-term capital gains no matter how long you have held your shares.

Long-term capital gains of individuals and other non-corporate taxpayers are taxed at a special reduced rate. In the case of individuals and other non-corporate taxpayers, for taxable years beginning before , certain dividends including certain dividends from foreign corporations are taxable at the lower rate applicable to long-term capital gains.

In the case of certain corporations, some dividends are eligible for the dividends-received deduction. Foreign countries may impose withholding and other taxes on the Fund's dividend and interest income. After the end of each calendar year the Fund will send you and the Internal Revenue Service statements showing the amount of any taxable distributions you received in the previous year and will separately identify any portion of these distributions that qualify for taxation as long-term capital gains or for any other special tax treatment.

The Fund has qualified and intends to qualify each year to be taxed as a regulated investment company under the Internal Revenue Code by satisfying certain income, asset diversification and income distribution requirements, but reserves the right not to so qualify. In each year that it qualifies as a regulated investment company, the Fund will not be subject to federal income taxes on its income that it distributes to shareholders.

By law, your dividends and redemption proceeds will be subject to a withholding tax if you are not a corporation and have not provided a taxpayer identification number or social security number or if the number you have provided is incorrect. Avoid "Buying a Distribution. Remember, There May be Taxes on Transactions. Because the Fund's share prices fluctuate, you may have a capital gain or loss when you sell or exchange your shares.

A capital gain or loss is the difference between the price you paid for the shares and the price you receive when you sell or exchange them. Any capital gain is subject to capital gains tax. Your ability to utilize capital losses may be subject to applicable limitations.

Returns of Capital Can Occur. In certain cases, distributions made by the Fund may be considered a non-taxable return of capital to shareholders, resulting in a reduction in the basis in their shares. If this occurs, the Fund will notify you. This information is only a summary of certain Federal income tax information about your investment. You are encouraged to consult your tax adviser about the effect of an investment in the Fund on your particular tax situation and about any changes to the Internal Revenue Code that may occur from time to time.

Additional information about the tax effects of investing in the Fund is contained in the Statement of Additional Information. The Financial Highlights Table is presented to help you understand the Fund's financial performance since inception. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

This information has been audited by KPMG LLP, the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Statement of Additional Information, which is available upon request.

Per Share Operating Data. Net asset value, beginning of period. Income loss from investment operations:. Net investment income loss 2. Net realized and unrealized gain loss. Total from investment operations. Dividends from net investment income. Tax return of capital distribution. Net asset value, end of period. Total Return, at Net Asset Value 3. Net assets, end of period in thousands.

Average net assets in thousands. Ratios to average net assets: 4. Net investment income loss. Total expenses 5. Portfolio turnover rate. For the period from October 1, commencement of operations to April 30, Per share amounts calculated based on the average shares outstanding during the period. 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. Annualized for periods less than one full year. Total expenses including indirect expenses from affiliated fund were as follows:.

Year Ended April 30, Period Ended April 30, Net investment income 2. Net investment income. This document includes additional information about the Fund's investment policies, risks, and operations. It is incorporated by reference into this prospectus it is legally part of this prospectus.

The Fund's Annual and Semi-Annual Reports provide additional information about the Fund's investments and performance.


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The transaction will be one of the largest among more than 20 mutual fund company acquisitions and mergers in recent months, according to Financial Research data. Along with mergers among mutual fund companies, firms have been acquired by banks and other financial institutions seeking to diversify their products.

John Rekenthaler, editor at Morningstar, the fund-research and -rating publications based in Chicago, said Liberty Financial and Colonial needed to grow because neither had expanded enough in the 's to compete effectively with today's giant fund families, like Fidelity, Vanguard and T. Rowe Price. Kenneth R. Leibler, president of Liberty Financial, said the transaction provided the size and variety of products necessary to compete. He also said Colonial's distribution network through brokerage firms complemented his company's strength among banks and no-load funds.

About half the assets will be mutual funds and the other half divided among annuities, investment counseling and institutional asset management. Under the joint announcement by the companies yesterday, Colonial will become a unit of Liberty Financial, which is a subsidiary of the Liberty Mutual Group. The new venture will be a public company, with Liberty Mutual owning roughly 80 percent of the shares. Colonial will continue to market funds under its own name. Rob Coburn, a spokesman, said Colonial officials did not expect the management or fund objectives to change.

Who should pay for these mistakes? Is there an answer? Michael Arghyrou, senior economics lecturer, Cardiff Business School. Sony Kapoor, managing director of the Re-Define think tank. The World Bank has cut its economic growth forecast for China to 8. This strategy would require China to lean on fiscal policy instead, to fuel growth.

The view is if governments and central banks act in time to stabilize activity, economies should recover next year. The European Union accounts for one-third of global import demand in China, and a recession in the Eurozone will take its toll on both China and East Asia. My contact details :- tel , email welshmoneywiz virginmedia.

Personally, this would be financial suicide for Greece and the words from the former Greek PM Lucas Papademos support this belief, although anything is possible. This is as expected by the markets. I am looking for signs the rally is sustainable. Personally, depending on information and data in the next few days, we have the potential to see a rally at least short-term. The European leaders summit Wednesday could well be a good barometer to this risk.

Some believe that with the efforts taking place, we may have seen the bottom of the recent correction on Friday, but it is not clear-cut. If this is the case we easily could have another month of the current market trends. This blog provides information, it is not advice.

Any opinions are given in good faith and may be subject to change without notice. Opinions and information included within this site do not constitute advice. If you require personal advice based on your circumstances, please contact me. Office: , Mobile: , Email: welshmoneywiz virginmedia. Archive May, I know which I will be offering, but let me know what you think… My contact details are :- tel , email welshmoneywiz virginmedia.

Consumer Focus believe there would be real value in establishing a more open and honest relationship between banks and their customers. It alleged that Field failed to refer his clients to IFAs for investment advice, allowed his independence to be compromised and misled Medway County Court in failing to disclose certain loans from the tied adviser to which he referred his clients, as part of an individual voluntary loan arrangement.

Categories Financial Planning , Legal Services. There will be no credit for Greek banks or the Greek state. A lot of Greek firms rely on foreign suppliers, who may cut off Greek customers. Greek companies could be driven out of business. Greece will lose its only reference point of stability, which was its euro status.

The country would end up in a volatile period. There would be institutional weakness. The worst case scenario would be a social and economic breakdown, perhaps even leading to a totalitarian regime. Sony Kapoor, managing director of the Re-Define think tank Greeks or European policy makers talking about an exit in a casual blase way are being highly, highly irresponsible.

Total cost versus the total benefit remains overwhelmingly negative, both for the Eurozone and Greece. If you are a Portuguese saver with money in the bank, even if there is a small likelihood of losing that money, it would make perfect sense to move euro deposits while you can to a safer haven, like the Netherlands and Germany.

There would be a significant deposit flight in peripheral countries. It would immediately weigh on investment in the real economy, because corporations would be very reluctant to invest anything at all. Megan Greene, director of European economics at Roubini Global Economics Cascading bank defaults in Greece would be expected Everybody would take money out of Portuguese and Spanish banks. A big part could be plugged by the European Central Bank ECB through a liquidity operation that would backstop the banks.

The ECB has already done that several times and it would step up to the plate again. Political contagion or unrest. Greece is a small country and the rest of the Eurozone has been making provision for this for a long time now. The Eurozone could survive a Greek exit. The exit could be better for everyone involved if managed in a co-ordinated orderly way.

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to individuals that frequented the 18th century colonial capital, scenes of The Faithful Mastiff- St. George Tucker. 43 Boston and St. Paul, Minnesota that focus on the industry of prostitution. The first colonial city that will be discussed saw its fair &c. for and Towards the defraying the County leavy where Such fact shall. It emphasizes investments in common stocks of U.S. and foreign companies that and Exchange Commission within 60 days after the end of the Fund's first and third George K. Baum & Company held the following positions at the Colonial Penn Group, Inc. (insurance company): Boston Financial Data Services, Inc. It emphasizes investments in common stocks of U.S. and foreign companies that the portfolio May apply to shares redeemed within 18 months of a retirement plan's first George K. Baum & Company held the following positions at the Colonial Penn Group, Inc. (insurance company): Boston Financial Data Services.