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DOMESTIC DEBT

Ultra-Short Duration Fund 1 2 

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Focus: The Strategy typically invests in short-term investment-grade debt securities.
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Management

Christopher Proctor, CFA
Portfolio Manager
Managed fund since 4/11
Adam S. Wilde, CFA
Portfolio Manager
Managed fund since 7/13
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Strategy

The portfolio managers invest in a variety of investment-grade short term debt and money market instruments with a duration of typically one year or less. The team also employs extensive credit research based on credit time seniority and liquidity when construction the portfolio.
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Commentary

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Prior to 11/27/13, the Fund's name was Oppenheimer Short Duration Fund.
Special Risks Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. The Fund is also subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and political and economic uncertainties. Derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, and entail potentially higher volatility and risk of loss compared to traditional stock of bond investments. Asset-backed securities are subject to prepayment risks. 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. Diversification does not guarantee profit or protect against loss

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