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DOMESTIC DEBT

Senior Floating Rate Fund 1 

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Focus: The Strategy typically invests in senior loans.
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Management

Joseph Welsh, CFA
Head of High Yield Corporate Debt Team and Portfolio Manager
Managed fund since 9/99
Margaret Hui, CFA
Portfolio Manager
Managed fund since 10/99
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Strategy

The portfolio managers primarily invest in senior loans issued by companies with leading market share, innovative products, valuable assets, and well-regarded management. The team employs a fundamental, bottom-up (security-by-security) investment process to carefully evaluate each potential issuer's ability to service their debt and identify the most attractively valued opportunities in the market, commensurate with their risks.
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Commentary

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Special Risks: 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 lower-rated securities. The Fund may invest a variable amount in debt rated below "B." The Fund may invest without limit in lower rated securities. The Fund 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 and geopolitical risks. Emerging and developing market investments may be especially volatile. 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 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 may use leverage (borrowing) which involves transaction and interest costs on amounts the Fund borrows, which may reduce performance.

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.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008