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GLOBAL DEBT

Global Strategic Income Fund 1 2 

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Focus: The Strategy typically invests in a strategic mix of global fixed income sectors to seek high income and diversification.
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Management

Arthur P. Steinmetz
President
Managed fund since 10/89
Krishna Memani
Chief Investment Officer
Managed fund since 4/09
Sara J. Zervos Ph.D.
Global Debt Team Leader and Portfolio Manager
Managed fund since 10/10
Jack Brown, CFA
Portfolio Manager
Managed fund since 1/13
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Strategy

The portfolio managers strategically invest and dynamically manage a mix of high grade, high yield and international fixed income sectors.  The managers employ an investment process that combines top-down macro analysis to shape the overall posture of the fund while empowering individual "sleeve" managers to select securities.

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Commentary

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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.
The Fund's investment objective changed from "seeks high current income to "seeks total return" on 6/4/12.

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.

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