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Global Debt

The strategy uses top down macro and bottom up country analyses to invest across foreign exchange, interest rates and credit securities in international and emerging markets.
Cumulative Total Returns

as of 2/28/17

Since Inception 6/15/95
371%
Performance & Distributions
×

Global Debt

Gross Expense Ratio:
      1.05%
    Net Expense Ratio:   1.04%

    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 3/22/17
      1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 6.13 3.61
    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 6.00
    Capital Gains Distributions ($ per share)
    Data as of 3/23/17
      2012 2013 2014 2015 2016
    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 2/28/17

    as of 12/30/16

    • A
    YTD (as of 3/22/17)
    • C
    3.61%
    1 Year 9.42%
    3 Year 1.56%
    5 Year 1.55%
    10 Year 4.26%
    Since Inception 7.40%
    YTD (as of 3/22/17)
    • C
    3.61%
    1 Year 4.23%
    3 Year -0.07%
    5 Year 0.56%
    10 Year 3.75%
    Since Inception 7.16%
    YTD (as of 3/22/17)
    • C
    3.61%
    1 Year 6.13%
    3 Year 0.83%
    5 Year 1.71%
    10 Year 4.09%
    Since Inception 7.32%
    YTD (as of 3/22/17)
    • C
    3.61%
    1 Year 1.09%
    3 Year -0.79%
    5 Year 0.72%
    10 Year 3.58%
    Since Inception 7.08%
    Gross Expense Ratio
    1.05%
    Net Expense Ratio
    1.04%
    NAV
    • D
    as of 3/22/17
    $5.75
    Yields

    monthly as of 2/28/17

    Standardized SEC Yield 3.65%
    Dividend Yield
    with sales charge
    4.08%
    Dividend Yield
    w/o sales charge
    4.28%

    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.

    Top 20 Countries

    as of 2/28/17

    United Kingdom
    12.5%
    Brazil
    11.4%
    India
    7.8%
    Mexico
    6.9%
    Russia
    4.0%
    Italy
    4.0%
    France
    3.8%
    Spain
    3.4%
    Argentina
    3.3%
    South Africa
    2.9%
    Netherlands
    2.9%
    Indonesia
    2.3%
    Ireland
    2.2%
    Switzerland
    1.9%
    Peru
    1.8%
    Greece
    1.5%
    Australia
    1.4%
    Hungary
    1.0%
    Ukraine
    1.0%
    Ivory Coast
    0.8%
    ×
    • 12.5 %
      United Kingdom
    CREDIT RATING ALLOCATION AA
    ×
    • 11.4 %
      Brazil
    CREDIT RATING ALLOCATION BB
    ×
    • 7.8 %
      India
    CREDIT RATING ALLOCATION Unrated
    ×
    • 6.9 %
      Mexico
    CREDIT RATING ALLOCATION A
    ×
    • 4.0 %
      Russia
    CREDIT RATING ALLOCATION BBB
    ×
    • 4.0 %
      Italy
    CREDIT RATING ALLOCATION BBB
    ×
    • 3.8 %
      France
    CREDIT RATING ALLOCATION AA
    ×
    • 3.4 %
      Spain
    CREDIT RATING ALLOCATION BB
    ×
    • 3.3 %
      Argentina
    CREDIT RATING ALLOCATION B
    ×
    • 2.9 %
      South Africa
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.9 %
      Netherlands
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.3 %
      Indonesia
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.2 %
      Ireland
    CREDIT RATING ALLOCATION BB
    ×
    • 1.9 %
      Switzerland
    CREDIT RATING ALLOCATION BB
    ×
    • 1.8 %
      Peru
    CREDIT RATING ALLOCATION Unrated
    ×
    • 1.5 %
      Greece
    CREDIT RATING ALLOCATION B
    ×
    • 1.4 %
      Australia
    CREDIT RATING ALLOCATION AAA
    ×
    • 1.0 %
      Hungary
    CREDIT RATING ALLOCATION BBB
    ×
    • 1.0 %
      Ukraine
    CREDIT RATING ALLOCATION B
    ×
    • 0.8 %
      Ivory Coast
    CREDIT RATING ALLOCATION B
    Holdings Breakdown

    as of 2/28/17

    Developed Markets 6
    Emerging Markets 6
    31.4%

    Europe

    No Top Countries
    in
    Europe
    1.7%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    0.1%

    Supranational

    No Top Countries
    in
    Supranational
    -0.3%

    Americas

    No Top Countries
    in
    Americas
    26.2%

    Americas

    No Top Countries
    in
    Americas
    11.9%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    8.6%

    Europe

    No Top Countries
    in
    Europe
    4.6%

    Africa

    No Top Countries
    in
    Africa
    0.3%

    Middle East

    No Top Countries
    in
    Middle East
    31.9%

    28.4%

    24.1%

    15.7%

    No Top Countries
    in
    Net Cash and Equivalents
    31.9%
    Global Tactical Rates
    0.0%
    Global Tactical FX
    28.4%
    Global Core Rates
    0.0%
    Global Core FX
    16.9%
    Emerging Markets
    7.2%
    Developed Markets
    0.0%
    Cash
    0.0%

    No Top Countries
    in
    Treasury
    1.4%

    7.3%

    13.3%

    27.7%

    22.0%

    9.3%

    0.1%

    0.1%

    0.0%

    8.6%

    -5.5%

    17.5%

    Euro

    No Top Countries
    in
    Euro
    11.2%

    Japanese Yen

    No Top Countries
    in
    Japanese Yen
    3.4%

    Indonesian Rupiah

    No Top Countries
    in
    Indonesian Rupiah
    3.0%

    Brazilian Real

    No Top Countries
    in
    Brazilian Real
    2.2%

    Indian Rupee

    No Top Countries
    in
    Indian Rupee
    1.9%

    Hungarian Forint

    No Top Countries
    in
    Hungarian Forint
    1.8%

    Argentine Peso

    No Top Countries
    in
    Argentine Peso
    1.7%

    Polish Zloty

    No Top Countries
    in
    Polish Zloty
    1.5%

    British Pound

    No Top Countries
    in
    British Pound
    0.9%

    Peruvian New Sol

    No Top Countries
    in
    Peruvian New Sol
    0.6%

    Danish Krone

    No Top Countries
    in
    Danish Krone
    0.5%

    South African Rand

    No Top Countries
    in
    South African Rand
    0.5%

    Singapore Dollar

    No Top Countries
    in
    Singapore Dollar
    0.3%

    Philippine Peso

    No Top Countries
    in
    Philippine Peso
    0.2%

    Chilean Peso

    No Top Countries
    in
    Chilean Peso
    0.1%

    Egyptian Pound

    No Top Countries
    in
    Egyptian Pound
    0.1%

    Korean Won

    No Top Countries
    in
    Korean Won
    Morningstar
    • E

    as of 2/28/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 314
    Category World Bond
    Risk Measurements

    as of 2/28/17

    Alpha 1.83%
    Beta 0.56
    R-Squared
    73.31
    Sharpe Ratio
    0.30
    Standard Deviation
    5.0%
    Equity Style
    Total Assets (all classes)
    as of 2/28/17
    $5.3 BN
    Portfolio Statistics

    as of 2/28/17

    Turnover Ratio
    128.0%
    Duration (yrs)
    4.64
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • B
    Est Frequency Monthly
    Last Pay Date 2/28/17
    Per Share ($) 0.0188
    12-Month Distribution ($) 0.2620
    Distribution Sources
    Net Income 96.90%
    Net Profit from Sale 0.00%
    Other Capital Sources 3.10%
    Top 20 Countries

    as of 2/28/17

    United Kingdom
    12.5%
    Brazil
    11.4%
    India
    7.8%
    Mexico
    6.9%
    Russia
    4.0%
    Italy
    4.0%
    France
    3.8%
    Spain
    3.4%
    Argentina
    3.3%
    South Africa
    2.9%
    Netherlands
    2.9%
    Indonesia
    2.3%
    Ireland
    2.2%
    Switzerland
    1.9%
    Peru
    1.8%
    Greece
    1.5%
    Australia
    1.4%
    Hungary
    1.0%
    Ukraine
    1.0%
    Ivory Coast
    0.8%
    Holdings Breakdown

    as of 2/28/17

    Reset
    31.4%

    Europe

    No Top Countries
    in
    Europe
    1.7%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    0.1%

    Supranational

    No Top Countries
    in
    Supranational
    -0.3%

    Americas

    No Top Countries
    in
    Americas
    26.2%

    Americas

    No Top Countries
    in
    Americas
    11.9%

    Asia Pacific

    No Top Countries
    in
    Asia Pacific
    8.6%

    Europe

    No Top Countries
    in
    Europe
    4.6%

    Africa

    No Top Countries
    in
    Africa
    0.3%

    Middle East

    No Top Countries
    in
    Middle East
    31.9%

    28.4%

    24.1%

    15.7%

    No Top Countries
    in
    Net Cash and Equivalents
    0.0%

    No Top Countries
    in
    Treasury
    1.4%

    7.3%

    13.3%

    27.7%

    22.0%

    9.3%

    0.1%

    0.1%

    0.0%

    8.6%

    -5.5%

    17.5%

    Euro

    No Top Countries
    in
    Euro
    11.2%

    Japanese Yen

    No Top Countries
    in
    Japanese Yen
    3.4%

    Indonesian Rupiah

    No Top Countries
    in
    Indonesian Rupiah
    3.0%

    Brazilian Real

    No Top Countries
    in
    Brazilian Real
    2.2%

    Indian Rupee

    No Top Countries
    in
    Indian Rupee
    1.9%

    Hungarian Forint

    No Top Countries
    in
    Hungarian Forint
    1.8%

    Argentine Peso

    No Top Countries
    in
    Argentine Peso
    1.7%

    Polish Zloty

    No Top Countries
    in
    Polish Zloty
    1.5%

    British Pound

    No Top Countries
    in
    British Pound
    0.9%

    Peruvian New Sol

    No Top Countries
    in
    Peruvian New Sol
    0.6%

    Danish Krone

    No Top Countries
    in
    Danish Krone
    0.5%

    South African Rand

    No Top Countries
    in
    South African Rand
    0.5%

    Singapore Dollar

    No Top Countries
    in
    Singapore Dollar
    0.3%

    Philippine Peso

    No Top Countries
    in
    Philippine Peso
    0.2%

    Chilean Peso

    No Top Countries
    in
    Chilean Peso
    0.1%

    Egyptian Pound

    No Top Countries
    in
    Egyptian Pound
    0.1%

    Korean Won

    No Top Countries
    in
    Korean Won
    ×
    • 12.5 %
      United Kingdom
    CREDIT RATING ALLOCATION AA
    ×
    • 11.4 %
      Brazil
    CREDIT RATING ALLOCATION BB
    ×
    • 7.8 %
      India
    CREDIT RATING ALLOCATION Unrated
    ×
    • 6.9 %
      Mexico
    CREDIT RATING ALLOCATION A
    ×
    • 4.0 %
      Russia
    CREDIT RATING ALLOCATION BBB
    ×
    • 4.0 %
      Italy
    CREDIT RATING ALLOCATION BBB
    ×
    • 3.8 %
      France
    CREDIT RATING ALLOCATION AA
    ×
    • 3.4 %
      Spain
    CREDIT RATING ALLOCATION BB
    ×
    • 3.3 %
      Argentina
    CREDIT RATING ALLOCATION B
    ×
    • 2.9 %
      South Africa
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.9 %
      Netherlands
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.3 %
      Indonesia
    CREDIT RATING ALLOCATION BBB
    ×
    • 2.2 %
      Ireland
    CREDIT RATING ALLOCATION BB
    ×
    • 1.9 %
      Switzerland
    CREDIT RATING ALLOCATION BB
    ×
    • 1.8 %
      Peru
    CREDIT RATING ALLOCATION Unrated
    ×
    • 1.5 %
      Greece
    CREDIT RATING ALLOCATION B
    ×
    • 1.4 %
      Australia
    CREDIT RATING ALLOCATION AAA
    ×
    • 1.0 %
      Hungary
    CREDIT RATING ALLOCATION BBB
    ×
    • 1.0 %
      Ukraine
    CREDIT RATING ALLOCATION B
    ×
    • 0.8 %
      Ivory Coast
    CREDIT RATING ALLOCATION B

    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 Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. 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

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. 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. Regulation S securities are privately offered securities, may be illiquid, and involve a high degree of risk which may result in substantial losses to the Fund. 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. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
    3. 3. Access index definitions.
    4. 4. 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.
    5. 5. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses 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.
    6. 6. 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.
    7. 7. 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 S&P Global Ratings ("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. 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.
    8. 8. 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.
    9. 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.
    10. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    11. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). 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.
    12. 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.
    13. E. Class A shares rated 3 stars overall by Morningstar among  314  World Bond funds for the 3-, 5-, and 10 year period ended 2/28/17 based on risk-adjusted performance.
    ×
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