Ultra-Short Duration Fund Performance
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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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  Select share class for all charts and tables
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The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.

 

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Morningstar Ratingd: Ultrashort Bond

This fund is not currently rated. ——
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
Access index definitions.
The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
Standardized yield for each share class is based on the Fund's net investment income for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
"Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
Index performance will be available approximately five days after each month-end.
Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star with some adjustments for multiple share class portfolios.   The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five and ten-year (if applicable) Morningstar Rating Metrics.  Oppenheimer Ultra-Short Duration Fund was rated against the following numbers of U.S.-domiciled Ultrashort Bond over the following time periods ended 3/31/14:  funds in the last three years, funds in the last five years, and in the last ten years.  With respect to these Ultrashort Bond funds, Oppenheimer Ultra-Short Duration Fund received a Morningstar Rating of — stars, — stars and — stars for the three-, five-, and ten-year periods, respectively.  Morningstar Rating is for the Y share class only and rating may include more than one share class of funds in the category, including other share classes of this Fund. Different share classes may have different expenses, performance characteristics and Morningstar ratings.  Past performance is no guarantee of future results.

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