OOSNX

Senior Floating Rate Fund

^A

1

2

HOW TO BUY

Fact Sheet Prospectus

Overview

The Strategy typically invests in senior loans.

Inception Date: October 26, 2012

Investment Style: Senior Floating Rate Loans

Fund Index: J.P. Morgan Leveraged Loan Index

CUSIP: 68381K507

NAV: (as of 01/22/2019); $7.85

Total Assets: (as of 12/31/2018); $13.47 BN

Gross Expense Ratio: (as of 12/31/2018); 1.39%

Net Expense Ratio

(as of 12/31/2018)

1.38%

Performance

Average Annual Total Returns

Cumulative Returns

Calendar Year Returns

Capital Gains Distributions

Domestic Debt

Senior Floating Rate Fund

CLASS R: OOSNX

Average Annual Returns as of 12/31/2018

as of 12/31/2018

Include Sales Charge

	Cumulative		Annualized
	ytd as of 2018-12-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Senior Floating Rate Fund (NAV) As of Quarter end 12/31/2018	-1.13%	-1.13%	4.84%	2.43%	-	3.12%
J.P. Morgan Leveraged Loan Index As of Quarter end 12/31/2018	1.08%	1.08%	4.98%	3.56%	8.42%	-

	Cumulative		Annualized
	ytd as of 2018-12-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Senior Floating Rate Fund (with sales charge) As of Quarter end 12/31/2018	-1.13%	-1.13%	4.84%	2.43%	-	3.12%
J.P. Morgan Leveraged Loan Index As of Quarter end 12/31/2018	1.08%	1.08%	4.98%	3.56%	8.42%	-

	Cumulative		Annualized
	ytd as of 2018-12-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Senior Floating Rate Fund (NAV) As of month end 12/31/2018	-1.13%	-1.13%	4.84%	2.43%	-	3.12%
J.P. Morgan Leveraged Loan Index As of month end 12/31/2018	1.08%	1.08%	4.98%	3.56%	8.42%	-

	Cumulative		Annualized
	ytd as of 2018-12-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Senior Floating Rate Fund (with sales charge) As of month end 12/31/2018	-1.13%	-1.13%	4.84%	2.43%	-	3.12%
J.P. Morgan Leveraged Loan Index As of month end 12/31/2018	1.08%	1.08%	4.98%	3.56%	8.42%	-

Gross Expense Ratio: 1.39% | Net Expense Ratio: 1.38%

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

Calendar Year Returns as of 12/31/2018

as of 12/31/2018

View Table Graph Print

Year	Senior Floating Rate Fund	J.P. Morgan Leveraged Loan Index 4
2013	6.11%	6.15%
2014	0.30%	2.40%
2015	-2.43%	0.54%
2016	12.45%	9.78%
2017	3.64%	4.25%
2018	-1.13%	1.08%

Cumulative Returns & Income Dividends

View Table Graph Print

Time Period

YTD

INCEPTION

Date	Senior Floating Rate Fund	J.P. Morgan Leveraged Loan Index (Linked Index) 4	BBG Barclays Agg 4
12/31/2008	0.00	0.00	0.00
1/31/2009	2.26	5.78	-0.88
2/28/2009	2.29	6.14	-1.26
3/31/2009	2.28	7.17	0.12
4/30/2009	9.23	15.75	0.59
5/31/2009	16.86	22.35	1.32
6/30/2009	24.66	27.10	1.90
7/31/2009	29.16	32.37	3.54
8/31/2009	32.26	35.32	4.62
9/30/2009	36.37	39.77	5.72
10/31/2009	38.45	40.68	6.24
11/30/2009	39.72	41.08	7.61
12/31/2009	43.51	44.87	5.93
1/31/2010	46.72	47.49	7.55
2/28/2010	47.86	47.97	7.95
3/31/2010	50.89	51.16	7.82
4/30/2010	53.46	53.10	8.94
5/31/2010	51.33	49.95	9.86
6/30/2010	51.11	49.58	11.58
7/31/2010	53.23	51.72	12.77
8/31/2010	54.14	52.27	14.22
9/30/2010	56.21	54.22	14.34
10/31/2010	58.96	56.47	14.75
11/30/2010	60.07	57.23	14.09
12/31/2010	62.38	59.32	12.86
1/31/2011	64.84	62.45	12.99
2/28/2011	66.12	63.31	13.27
3/31/2011	66.37	63.54	13.34
4/30/2011	67.68	64.53	14.78
5/31/2011	68.00	64.63	16.27
6/30/2011	67.73	64.09	15.93
7/31/2011	68.01	64.36	17.77
8/31/2011	60.88	57.52	19.49
9/30/2011	61.39	57.92	20.36
10/31/2011	65.34	62.01	20.49
11/30/2011	64.66	61.40	20.39
12/31/2011	66.23	62.21	21.71
1/31/2012	69.65	65.45	22.78
2/29/2012	70.95	66.68	22.75
3/31/2012	72.34	67.85	22.08
4/30/2012	73.04	69.17	23.43
5/31/2012	71.91	68.30	24.55
6/30/2012	72.65	69.55	24.60
7/31/2012	74.02	71.20	26.32
8/31/2012	75.70	73.00	26.40
9/30/2012	77.66	74.87	26.57
10/31/2012	78.23	75.46	26.82
11/30/2012	79.05	76.17	27.02
12/31/2012	80.25	77.46	26.84
1/31/2013	82.11	79.44	25.95
2/28/2013	82.88	80.14	26.58
3/31/2013	84.53	81.67	26.69
4/30/2013	85.97	83.03	27.97
5/31/2013	86.36	83.45	25.68
6/30/2013	85.65	82.45	23.74
7/31/2013	87.29	84.39	23.91
8/31/2013	87.64	84.46	23.28
9/30/2013	88.07	85.00	24.44
10/31/2013	89.50	86.49	25.45
11/30/2013	90.65	87.37	24.98
12/31/2013	91.81	88.38	24.27
1/31/2014	92.65	89.71	26.11
2/28/2014	93.06	90.13	26.78
3/31/2014	93.70	90.83	26.56
4/30/2014	93.68	91.26	27.63
5/31/2014	94.63	92.44	29.08
6/30/2014	95.73	93.60	29.15
7/31/2014	95.94	93.51	28.83
8/31/2014	95.72	93.97	30.25
9/30/2014	94.54	92.96	29.37
10/31/2014	94.82	93.85	30.64
11/30/2014	95.49	94.74	31.56
12/31/2014	92.87	92.89	31.69
1/31/2015	92.87	93.70	34.45
2/28/2015	95.42	96.42	33.18
3/31/2015	95.86	97.37	33.80
4/30/2015	97.27	99.05	33.32
5/31/2015	97.69	99.25	33.00
6/30/2015	96.44	98.69	31.55
7/31/2015	96.94	99.29	32.47
8/31/2015	95.67	98.19	32.28
9/30/2015	94.18	97.18	33.17
10/31/2015	93.97	97.24	33.19
11/30/2015	91.49	95.41	32.84
12/31/2015	88.90	93.94	32.41
1/31/2016	86.25	92.72	34.23
2/29/2016	85.04	91.89	35.19
3/31/2016	90.91	97.22	36.43
4/30/2016	94.99	100.62	36.95
5/31/2016	97.88	102.44	36.98
6/30/2016	98.21	102.30	39.45
7/31/2016	101.12	105.12	40.33
8/31/2016	102.96	106.67	40.17
9/30/2016	106.10	108.39	40.09
10/31/2016	108.95	109.70	39.01
11/30/2016	109.96	110.49	35.73
12/31/2016	112.94	112.91	35.92
1/31/2017	113.94	113.81	36.18
2/28/2017	115.62	115.07	37.10
3/31/2017	115.59	115.20	37.03
4/30/2017	115.98	115.94	38.08
5/31/2017	116.38	116.73	39.15
6/30/2017	116.00	116.84	39.01
7/31/2017	117.81	118.47	39.61
8/31/2017	117.65	118.32	40.86
9/30/2017	117.81	119.24	40.19
10/31/2017	119.14	120.69	40.27
11/30/2017	119.10	121.05	40.09
12/31/2017	120.97	121.95	40.73
1/31/2018	123.08	124.33	39.11
2/28/2018	123.72	124.67	37.79
3/31/2018	123.62	125.45	38.68
4/30/2018	124.01	126.45	37.64
5/31/2018	124.80	126.93	38.63
6/30/2018	124.49	127.12	38.46
7/31/2018	126.42	128.93	38.49
8/31/2018	127.07	130.04	39.38
9/30/2018	128.77	131.66	38.48
10/31/2018	127.71	131.57	37.39
11/30/2018	124.68	129.65	38.21
12/31/2018	119.00	124.35	40.75

Date	Dividends
1/31/2014	0.0347
2/28/2014	0.0262
3/31/2014	0.0264
4/30/2014	0.0274
5/30/2014	0.0293
6/30/2014	0.0255
7/31/2014	0.0274
8/29/2014	0.0288
9/30/2014	0.0275
10/31/2014	0.0303
11/28/2014	0.0265
12/31/2014	0.0378
1/30/2015	0.0282
2/27/2015	0.0255
3/31/2015	0.0264
4/30/2015	0.0269
5/29/2015	0.0259
6/30/2015	0.0265
7/31/2015	0.0286
8/31/2015	0.0265
9/30/2015	0.0274
10/30/2015	0.0299
11/30/2015	0.0277
12/31/2015	0.0337
1/29/2016	0.0316
2/29/2016	0.03
3/31/2016	0.0326
4/29/2016	0.0303
5/31/2016	0.0326
6/30/2016	0.0313
7/29/2016	0.0326
8/31/2016	0.0301
9/30/2016	0.0304
10/31/2016	0.0286
11/30/2016	0.0272
12/30/2016	0.0328
1/31/2017	0.0268
2/28/2017	0.0226
3/31/2017	0.0269
4/28/2017	0.0233
5/31/2017	0.0231
6/30/2017	0.024
7/31/2017	0.0263
8/31/2017	0.0324
9/29/2017	0.0243
10/31/2017	0.0278
11/30/2017	0.0266
12/29/2017	0.0272
1/31/2018	0.026
2/28/2018	0.0218
3/29/2018	0.0246
4/30/2018	0.0226
5/31/2018	0.0268
6/29/2018	0.027
7/31/2018	0.0281
8/31/2018	0.0313
9/28/2018	0.0293
10/31/2018	0.0306
11/30/2018	0.0311
12/31/2018	0.0375

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

Capital Gains and Distributions ($ per share) as of 01/18/2019

$ per share as of 01/18/2019

Date	2014	2015	2016	2017	2018
Short Term	—	—	—	—	—
Long Term	—	—	—	—	—
Total Amount of Distribution	—	—	—	—	—
Record Date	—	—	—	—	—
Ex Div Date	—	—	—	—	—
Pay Date	—	—	—	—	—

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

Portfolio

Top Industries

5

(95.5% of assets as of 12/31/2018)

Domestic Debt

Senior Floating Rate Fund

CLASS R: OOSNX

Portfolio Holdings Breakdown as of 12/31/2018

Portfolio Holdings Breakdown

5

Asset Allocation

Credit Rating Allocation ⁶

Asset Allocation	Senior Floating Rate Fund	J.P. Morgan Leveraged Loan Index	Overweight / Underweight
Senior Loans	91.9%	100.0%	-8.1%
Equity	3.4%	-	-
Corporate Bonds	1.4%	-	-

Credit Rating Allocation	Senior Floating Rate Fund	J.P. Morgan Leveraged Loan Index	Overweight / Underweight
BBB	1.6%	9.7%	-8.1%
BB	29.8%	31.2%	-1.4%
B	53.9%	49.3%	4.6%
CCC	2.6%	2.0%	0.6%
D	0.1%	-	-
Unrated	5.3%	7.8%	-2.6%
Other	3.4%	-	-

Analytics

Domestic Debt

Senior Floating Rate Fund

CLASS R: OOSNX

Analytics as of 12/31/2018

(As of 12/31/2018)

Morningstar 12/31/2018 (based on risk adjusted performance)

Overall Rating

Number of Funds

213

Joseph Welsh, CFA

Head of Senior Corporate Loan Team

Joseph Welsh, CFA is the Head of the Senior Corporate Loan Team and has been a portfolio manager of Oppenheimer Senior Floating Rate Fund and Oppenheimer Senior Floating Rate Plus Fund since their inceptions. He also co-manages several institutional portfolios that invest in senior loans. He has been with the Firm since 1995.

David Lukkes, CFA

Portfolio Manager

David Lukkes, CFA is a portfolio manager of Oppenheimer Senior Floating Rate Fund and Oppenheimer Senior Floating Rate Plus Fund. Additionally, he co-manages several institutional portfolios that invest in senior loans. Previously, Mr. Lukkes served as a senior research analyst for the Senior Corporate Loan Team.

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1. Loans, as mentioned in the Fund's prospectus, are know as Senior Loans. Certain senior loans have a feature that prevents their interest rates from adjusting below a specific minimum level, possibly resulting in the prices of these senior loans becoming more sensitive to changes in interest rates should short term interest rates rise but remain below that minimum level. This feature is not accounted for in the duration figure quoted above.
2. Senior loans are typically lower-rated and may be illiquid investments (which may not have a ready market). The Fund may invest without limit in below-investment-grade securities. The Fund may invest a variable amount in debt rated below "B." May invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Leverage (borrowing) involves transaction and interest costs on amounts borrowed, which may reduce performance.
3. 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.
4. The index returns are made up of the returns of (i) Credit Suisse Leveraged Loan Index through September 30, 2014, and (ii) J.P. Morgan Leveraged Loan Index from October 1, 2014 to present. The J.P. Morgan Leveraged Loan Index tracks the performance of U.S. dollar denominated senior floating rate bank loans. The Credit Suisse Leveraged Loan Index® is a composite index of U.S. dollar denominated senior loan returns representing an unleveraged investment in senior loans that is broadly based across the spectrum of senior floating rate loans and includes reinvestment of income (to represent real assets). The indices are unmanaged, include reinvestment of dividends, and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
5. Holdings are subject to change, and are dollar weighted based on total new 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. If included in the credit rating breakdown table above, all securities except for those labeled “Treasury,” “Agency,” and “Unrated,” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds 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 do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. “Investment-grade” securities are securities rated within the NRSRO’s four highest rating categories, which include AAA, AA, A and BBB. Please consult the Fund’s Prospectus and Statement of Additional Information for further information.
7. 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.
8. 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.
9. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional information.
A. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. Past performance is no guarantee of future results ↩
B. 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 7:00pm ET daily. ↩
C. 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 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment. ↩
D. "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. ↩
E. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
F. 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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated. Class C shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
G. The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
H. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class R shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
↩

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