Mutual Funds


Global Debt

Our Global Debt team constructs diversified portfolios by analyzing and managing the three primary risks inherent in global fixed income markets: interest rates, credit and currency.

Quick Facts (all share classes)

  • 4 Funds
  • Over $15 billion in mutual fund assets under management as of 4/30/15
  • Global investments in over 69 countries
Performance  |  Prices
AVERAGE ANNUAL TOTAL RETURNS (%)
International Bond Fund
OIBAX Global Debt
1 2
6/15/1995 -0.47 -0.12 1.35 2.59 5.44 7.92
-
1.00
Global Strategic Income Fund OPSIX Global Debt
3 4 5
10/16/1989 2.60 3.12 4.21 5.91 5.79 7.50
1.01
11 12
1.04
 
5/3/1993 2.45 3.06 4.26 5.86 5.61 6.24
0.72
11 12
0.75
Emerging Markets Local Debt Fund OEMAX Global Debt
8 9 10
6/30/2010 -3.53 -8.16 -3.17 - - 0.69
1.25
12
1.43
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. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class R  are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class R shares. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Class Y shares are not subject to a sales charge. 

A 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.
B "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.
1 Effective March 31, 2015, The Fund's Portfolio Managers will be Hemant Baijal and Christopher Kelly.
2 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 and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Currency derivative investments may be particularly volatile and involve significant risks. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.
3 Effective March 31, 2015, the Fund's Portfolio Managers will be Michael Mata, Krishna Memani and Hemant Baijal.
4 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 and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. The Fund invests in Gold ETFs, which involve additional fees and risks. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
5 The Fund's investment objective changed from "seeks high current income to "seeks total return" on 6/4/12.
6 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. Mortgage-related securities are subject to default risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Sovereign debt instruments are subject to the risk that a government entity may be unable, to pay interest or repay principal on its debt. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Derivative instruments, whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. The Fund invests in Gold ETFs, which involve additional fees and risks. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
7 Effective 4/30/13, The Fund's investment objective changed from "seeks high current income" to "seeks total return."
8 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 and geopolitical risks. The Fund typically invests at least 80% of its net assets in debt securities that are economically tied to emerging market countries and denominated in local (non-U.S.) currencies. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. The Fund may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments.
9 Effective March 31, 2015, the Fund's Portfolio Manager will be Hemant Baijal.
10 Prior to 2/4/14, The Fund's name was Oppenheimer Emerging Markets Debt Fund.
11 The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
12 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.