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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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Top Issuers 3  as of 3/31/14
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  % Net Assets
1 Opp. Institutional Money Mkt 3.3
2 Hitachi Capital 3.2
3 FMC Corp. 2.9
4 Nordea Bank AB 2.9
5 GE Capital Corp. 2.7
6 Skandinaviska Enskilda Banken, NY 2.4
7 Capital One Financial Corp. 2.3
8 Bank Of America Corp. 2.2
9 Daimler Finance NA LLC 2.2
10 Citigroup, Inc. 2.1
  Total 26.2
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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
Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.

*SEC Form N-MFP is available 60 days after the end of the month.

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