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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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a
b
3 
4 
5 
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Shares Ticker CUSIP Inception
Date
Pricec Price Change 12 Month High 12 Month
Low
Y OSDYX 68385K206 4/25/11 10.02 0.00

as of 4/17/14

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 These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.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.

 

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 These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.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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Fund Management

Christopher Proctor, CFA

Managed Fund since 4/11

Adam S. Wilde, CFA

Managed Fund since 7/13

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Investment Minimums

Initial: $250,000 6 

Total Assets

$567.1 million

(all classes as of 3/31/14)

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Morningstar
Rating

This fund is not currently rated. —— ——
c
ac

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 These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.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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Top Issuers 7  as of 3/31/14
 View More Issuers
  % 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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—— Income Dividends ($ per share) 8 d
Dividend/Share ($) 12-Month Distribution ($)
Y

Frequency: Pay Date:

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—— Capital Gains Distributions ($ per share)as of 4/17/14
  Short-Term ($) Long-Term ($) Total Amount of Distribution ($) Record Date Ex Div Date Pay Date
2013
2012 0.0100 0.0000 0.0100 9/28/12 9/28/12 9/28/12
2011
2010
2009
2008
2007
2006
2005
2004

There is no guarantee of the payment of any dividend or other distributions at any level.

 

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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

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.

Currently, Class Y shares of the Fund are being offered to institutional investors with a minimum initial investment of $250,000.

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.

While the Dividend/Share column is updated the next business day after a dividend payment (as stated in the date below the table), the 12-Month Distribution ($) column is updated monthly. Therefore, there may be a time where the 12-Month Yield data is inconsistent with the Dividend/Share data.

"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.

There is no guarantee of the payment of any dividend or other distributions at any level.

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