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Global Debt

Fund Focus: The Strategy typically invests in international fixed income securities in both developed and emerging market countries.
SUMMARY
DETAILED
Cumulative Total Returns

as of 1/31/16

Since Inception 6/15/95
332%
Performance & Distributions
×

Global Debt

Gross Expense Ratio:
      1.02%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    International Bond Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 2/12/16
      1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD
    • C
    International Bond Fund 19.29 2.46 -4.36 11.00 6.85 2.15 20.81 25.89 15.56 3.29 8.65 13.59 -0.69 13.07 7.87 -0.28 10.77 -4.16 0.33 -3.72 -1.20
    50% Citi non US WGBI /30% JPM GBI-EM Global Diversified /20% JP EMBI Global Diversified 12.44 4.86 10.26 8.03 4.06 9.08 -5.95 -1.59 -7.04 -7.04
    Capital Gains Distributions ($ per share)
    Data as of 2/13/16
      2011 2012 2013 2014 2015
    Short Term
    Long Term 0.04 0.0022
    Total Amount of Distribution 0.04 0.0022
    Record Date 12/28/12 12/30/13
    Ex Div Date 12/28/12 12/30/13
    Pay Date 12/28/12 12/30/13

    There is no guarantee of the payment of any dividend or other distributions at any level.

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 1/29/16

    as of 12/31/15

    • A
    YTD (as of 2/12/16)
    • C
    -1.20%
    1 Year -4.65%
    3 Year -2.76%
    5 Year 0.67%
    10 Year 4.01%
    Since Inception 7.35%
    YTD (as of 2/12/16)
    • C
    -1.20%
    1 Year -9.18%
    3 Year -4.32%
    5 Year -0.30%
    10 Year 3.51%
    Since Inception 7.10%
    YTD (as of 2/12/16)
    • C
    -1.20%
    1 Year -3.72%
    3 Year -2.54%
    5 Year 0.45%
    10 Year 4.33%
    Since Inception 7.38%
    YTD (as of 2/12/16)
    • C
    -1.20%
    1 Year -8.30%
    3 Year -4.11%
    5 Year -0.53%
    10 Year 3.83%
    Since Inception 7.13%
    Gross Expense Ratio
    1.02%

    Share Price
    • D
    as of 2/12/16
    $5.43

    Yields

    monthly as of 1/31/16

    Dividend Yield
    with sales charge
    3.39%
    Dividend Yield
    w/o sales charge
    3.56%
    Standardized YLD 3.16%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.

    Top 20 Countries

    as of 12/31/15

    Mexico
    13.6%
    United Kingdom
    10.8%
    France
    8.9%
    Brazil
    7.4%
    Italy
    6.6%
    India
    5.7%
    Japan
    3.2%
    China
    2.4%
    Portugal
    2.3%
    Netherlands
    2.2%
    Australia
    2.2%
    Germany
    2.0%
    Ireland
    1.7%
    Switzerland
    1.6%
    Spain
    1.5%
    South Africa
    1.3%
    Romania
    1.2%
    Canada
    1.1%
    Hungary
    1.1%
    Peru
    1.0%
    ×
    • 13.6 %

      Mexico

    CREDIT RATING ALLOCATION A
    ×
    • 10.8 %

      United Kingdom

    CREDIT RATING ALLOCATION AA
    ×
    • 8.9 %

      France

    CREDIT RATING ALLOCATION AA
    ×
    • 7.4 %

      Brazil

    CREDIT RATING ALLOCATION BBB
    ×
    • 6.6 %

      Italy

    CREDIT RATING ALLOCATION BBB
    ×
    • 5.7 %

      India

    CREDIT RATING ALLOCATION Unrated
    ×
    • 3.2 %

      Japan

    CREDIT RATING ALLOCATION A
    ×
    • 2.4 %

      China

    CREDIT RATING ALLOCATION Other
    ×
    • 2.3 %

      Portugal

    CREDIT RATING ALLOCATION BB
    ×
    • 2.2 %

      Netherlands

    CREDIT RATING ALLOCATION BBB
    ×
    • 2.2 %

      Australia

    CREDIT RATING ALLOCATION AAA
    ×
    • 2.0 %

      Germany

    CREDIT RATING ALLOCATION AAA
    ×
    • 1.7 %

      Ireland

    CREDIT RATING ALLOCATION BB
    ×
    • 1.6 %

      Switzerland

    CREDIT RATING ALLOCATION BB
    ×
    • 1.5 %

      Spain

    CREDIT RATING ALLOCATION BB
    ×
    • 1.3 %

      South Africa

    CREDIT RATING ALLOCATION BBB
    ×
    • 1.2 %

      Romania

    CREDIT RATING ALLOCATION BBB
    ×
    • 1.1 %

      Canada

    CREDIT RATING ALLOCATION AAA
    ×
    • 1.1 %

      Hungary

    CREDIT RATING ALLOCATION BBB
    ×
    • 1.0 %

      Peru

    CREDIT RATING ALLOCATION BBB

    Holdings Breakdown

    as of 12/31/15

    Developed Markets 5
    Emerging Markets 5
    39.8%

    Europe

    No Top Countries
    in
    Europe
    6.0%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    2.1%

    Americas

    No Top Countries
    in
    Americas
    0.5%

    Middle East

    No Top Countries
    in
    Middle East
    0.4%

    Supranational

    No Top Countries
    in
    Supranational
    26.1%

    Americas

    No Top Countries
    in
    Americas
    9.4%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    6.1%

    Europe

    No Top Countries
    in
    Europe
    2.7%

    Africa

    No Top Countries
    in
    Africa
    -0.4%

    Middle East

    No Top Countries
    in
    Middle East
    50.0%

    29.9%

    12.8%

    7.3%

    No Top Countries
    in
    Net Cash and Equivalents
    50.0%
    Global Core Rates
    0.0%
    Global Core FX
    19.3%
    Emerging Markets
    10.6%
    Developed Markets
    12.8%
    Global Tactical Rates
    0.0%
    Global Tactical FX
    0.0%
    Cash
    0.0%

    No Top Countries
    in
    Treasury
    0.0%

    4.4%

    12.5%

    20.5%

    32.9%

    16.1%

    3.7%

    0.2%

    0.0%

    4.2%

    -1.9%

    10.4%

    Euro

    No Top Countries
    in
    Euro
    8.9%

    Japanese Yen

    No Top Countries
    in
    Japanese Yen
    4.6%

    British Pound

    No Top Countries
    in
    British Pound
    3.3%

    Norwegian Krone

    No Top Countries
    in
    Norwegian Krone
    2.3%

    Offshore Chinese Ren

    No Top Countries
    in
    Offshore Chinese Ren
    1.1%

    Swedish Krona

    No Top Countries
    in
    Swedish Krona
    0.5%

    Danish Krone

    No Top Countries
    in
    Danish Krone
    0.5%

    Canadian Dollar

    No Top Countries
    in
    Canadian Dollar
    0.4%

    Russian Ruble

    No Top Countries
    in
    Russian Ruble
    0.2%

    Colombian Peso

    No Top Countries
    in
    Colombian Peso
    0.2%

    Indian Rupee

    No Top Countries
    in
    Indian Rupee

    Morningstar
    • E

    as of 1/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 324
    Category World Bond

    Lipper Peer Ranking
    • F

    as of 9/30/15

    International Income Funds
    Percentile Rank
    1 year 24 30 / 126
    5 year 40 31 / 78
    10 year 35 14 / 39
    (based on total return)

    Risk Measurements

    as of 1/31/16

    Alpha 0.00%
    Beta 0.62
    R-Squared
    70.91
    Sharpe Ratio
    -0.58
    Standard Deviation
    4.7%

    Equity Style

    Total Assets (all classes)
    as of 1/31/16
    $6.2 BN

    Portfolio Statistics

    as of 1/31/16

    Turnover Ratio
    111.0%
    Duration (yrs)
    5.29

    Investment Minimums

    Initial
    $1,000

    Dividends ($ per share)
    • B

    Est Frequency Monthly
    Last Pay Date 1/29/16
    Per Share ($) 0.0166
    12-Month Distribution ($) 0.1876

    Distribution Sources

    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%

    Top 20 Countries

    as of 12/31/15

    Mexico
    13.6%
    United Kingdom
    10.8%
    France
    8.9%
    Brazil
    7.4%
    Italy
    6.6%
    India
    5.7%
    Japan
    3.2%
    China
    2.4%
    Portugal
    2.3%
    Netherlands
    2.2%
    Australia
    2.2%
    Germany
    2.0%
    Ireland
    1.7%
    Switzerland
    1.6%
    Spain
    1.5%
    South Africa
    1.3%
    Romania
    1.2%
    Canada
    1.1%
    Hungary
    1.1%
    Peru
    1.0%

    Holdings Breakdown

    as of 12/31/15

    Reset
    39.8%

    Europe

    No Top Countries
    in
    Europe
    6.0%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    2.1%

    Americas

    No Top Countries
    in
    Americas
    0.5%

    Middle East

    No Top Countries
    in
    Middle East
    0.4%

    Supranational

    No Top Countries
    in
    Supranational
    26.1%

    Americas

    No Top Countries
    in
    Americas
    9.4%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    6.1%

    Europe

    No Top Countries
    in
    Europe
    2.7%

    Africa

    No Top Countries
    in
    Africa
    -0.4%

    Middle East

    No Top Countries
    in
    Middle East
    50.0%

    29.9%

    12.8%

    7.3%

    No Top Countries
    in
    Net Cash and Equivalents
    0.0%

    No Top Countries
    in
    Treasury
    0.0%

    4.4%

    12.5%

    20.5%

    32.9%

    16.1%

    3.7%

    0.2%

    0.0%

    4.2%

    -1.9%

    10.4%

    Euro

    No Top Countries
    in
    Euro
    8.9%

    Japanese Yen

    No Top Countries
    in
    Japanese Yen
    4.6%

    British Pound

    No Top Countries
    in
    British Pound
    3.3%

    Norwegian Krone

    No Top Countries
    in
    Norwegian Krone
    2.3%

    Offshore Chinese Ren

    No Top Countries
    in
    Offshore Chinese Ren
    1.1%

    Swedish Krona

    No Top Countries
    in
    Swedish Krona
    0.5%

    Danish Krone

    No Top Countries
    in
    Danish Krone
    0.5%

    Canadian Dollar

    No Top Countries
    in
    Canadian Dollar
    0.4%

    Russian Ruble

    No Top Countries
    in
    Russian Ruble
    0.2%

    Colombian Peso

    No Top Countries
    in
    Colombian Peso
    0.2%

    Indian Rupee

    No Top Countries
    in
    Indian Rupee
    ×
    • 13.6 %

      Mexico

    CREDIT RATING ALLOCATION A
    ×
    • 10.8 %

      United Kingdom

    CREDIT RATING ALLOCATION AA
    ×
    • 8.9 %

      France

    CREDIT RATING ALLOCATION AA
    ×
    • 7.4 %

      Brazil

    CREDIT RATING ALLOCATION BBB
    ×
    • 6.6 %

      Italy

    CREDIT RATING ALLOCATION BBB
    ×
    • 5.7 %

      India

    CREDIT RATING ALLOCATION Unrated
    ×
    • 3.2 %

      Japan

    CREDIT RATING ALLOCATION A
    ×
    • 2.4 %

      China

    CREDIT RATING ALLOCATION Other
    ×
    • 2.3 %

      Portugal

    CREDIT RATING ALLOCATION BB
    ×
    • 2.2 %

      Netherlands

    CREDIT RATING ALLOCATION BBB
    ×
    • 2.2 %

      Australia

    CREDIT RATING ALLOCATION AAA
    ×
    • 2.0 %

      Germany

    CREDIT RATING ALLOCATION AAA
    ×
    • 1.7 %

      Ireland

    CREDIT RATING ALLOCATION BB
    ×
    • 1.6 %

      Switzerland

    CREDIT RATING ALLOCATION BB
    ×
    • 1.5 %

      Spain

    CREDIT RATING ALLOCATION BB
    ×
    • 1.3 %

      South Africa

    CREDIT RATING ALLOCATION BBB
    ×
    • 1.2 %

      Romania

    CREDIT RATING ALLOCATION BBB
    ×
    • 1.1 %

      Canada

    CREDIT RATING ALLOCATION AAA
    ×
    • 1.1 %

      Hungary

    CREDIT RATING ALLOCATION BBB
    ×
    • 1.0 %

      Peru

    CREDIT RATING ALLOCATION BBB

    Management

    Hemant Baijal

    Managed Fund since 1/13

    Chris Kelly, CFA

    Managed Fund since 3/15

    Investment Approach

    The portfolio managers dynamically manage the allocation across the three key levers of foreign currency, interest rates, and credit. The managers employ an investment process that combines top-down macro analysis with bottom-up country and credit analysis while separating views with respect to those three levers.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodity team monitors and manages risk at the commodity, sector and strategy levels. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    ×

    Tools

    1. 1. Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Currency derivative investments may be volatile and involve significant risks. Small and mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized or mid-sized company, if any gain is realized at all. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund.
    2. 2. Access index definitions.
    3. 3. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    4. 4. Standardized yield for each share class is based on the Fund's net investment income for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    5. 5. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    6. 6. If included in the credit rating breakdown table above, all securities except for those labeled "Treasury", "Agency"and "Unrated", and except for certain securities issued or guaranteed by a foreign sovereign, have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as Standard & Poor's ("S&P"). The credit rating table values may not total 100% due to rounding. For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned the Fund's S&P rating, which is currently AAA. Unrated securities do not necessarily indicate low credit quality. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.) Securities not rated by an NRSRO may or may not be equivalent of investment grade. Please consult the Fund's Prospectus for further information. Additional information can be found in the Fund's Statement of Additional Information.
    7. 7. The table for the top currency positioning is based on the net foreign exchange exposure of each currency after converting all currencies to a common currency, in this case the U.S. dollar.
    8. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    9. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    10. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    11. D. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily.
    12. E. Class A shares rated 3 stars overall by Morningstar among  324  World Bond funds for the 3-, 5-, and 10 year period ended 1/31/16 based on risk-adjusted performance.
    13. F. Lipper ranking is for class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of the above date, without considering sales charges. Different share classes may have different expenses and performance characteristics. Past performance does not guarantee future results.
    ×
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