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DOMESTIC DEBT

Limited-Term Government Fund 1 2 

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Focus: The Strategy typically invests in shorter-term U.S. Government and agency debt securities.
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Management

Peter Strzalkowski, CFA
Portfolio Manager
Managed fund since 4/09
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Strategy

The portfolio manager aims to combine the relatively conservative profile of short-term U.S. Government and agency bonds with more competitive yields than this asset class typically offers. The portfolio manager  employs "top-down," or global macroeconomic analysis of the fixed income markets, then sets strategic targets to guide decisions on interest rate sensitivity and sector allocations. The manager then pairs these targets with "bottom-up," or security-by-security fundamental research to make individual investment decisions and help manage risks within each bond sector.
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Special 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. Mortgage-backed securities are subject to prepayment risk. The timely payment of interest and principal on U.S. Treasury securities is guaranteed by the U.S. Government and interest in those securities is only taxable at the federal level. The government guarantee does not eliminate market risk, however, because it does not cover any decrease in the market value of U.S. treasury securities. It is important to note that longer maturity bonds have greater volatility and risk when compared to shorter maturity bonds. May invest up to 20% in non-U.S. Government securities, which carry greater credit risk. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. 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's investment objective changed from "seeks high current return and safety of principal" to "seeks income" on 12/28/12.

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.

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