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Emerging Markets Debt Fund Name Change

Effective February 4, 2014, Oppenheimer Emerging Markets Debt Fund will change its name to Oppenheimer Emerging Markets Local Debt Fund. Consistent with this change, the Fund's investment strategy will be modified to reflect that the Fund will invest, under normal market conditions, at least 80% in emerging market debt denominated in local currency. The new name reflects a single, purer strategy approach focused primarily on local currency denominated bonds. The focus on local currencies will increase the Fund’s currency exposure and we believe will position it for potentially greater yield. Sara Zervos, Ph.D., will continue to manage the Fund.

In addition, we will be removing the JP Morgan Emerging Markets Bond Index Global Diversified and the Reference Index from the prospectus as measures of performance. However, removal of these two indices will be reflected in the next update of the Fund’s prospectus, currently scheduled for September 2014.

Summary of Changes

 CurrentNew
Fund NameOppenheimer Emerging Markets Debt FundEffective February 4, 2014: Oppenheimer Emerging Markets Local Debt Fund
Benchmark
  • JP Morgan Government Bond Index – Emerging Markets Global Diversified
  • JP Morgan Emerging Markets Bond Index Global Diversified
  • Reference Index: 70% JP Morgan Government Bond Index – Emerging Markets Global Diversified, 30% JP Morgan Emerging Markets Bond Index Global Diversified
Effective with the Fund’s next prospectus update (currently scheduled for September 2014): 
JP Morgan Government Bond Index – Emerging Markets Global Diversified
 

EMD001.003.1213

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. 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. 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.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008