Domestic Debt

Fund Focus: The Strategy typically invests in senior loans.

Cumulative Total Returns

as of 5/31/15

Since Inception 9/8/99
115%
Performance & Distributions
×

Domestic Debt

Standardized Performance
Gross Expense Ratio:
      1.17%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Senior Floating Rate Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 6/30/15
      2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
    • C
    Senior Floating Rate Fund 7.47 0.18 1.92 11.23 7.20 5.64 7.11 1.52 -29.48 43.51 13.15 2.37 8.44 6.41 0.55 1.85
    J.P. Morgan Leveraged Loan Index (Linked Index) 5.69 7.33 1.88 -28.53 44.87 9.97 1.82 9.40 6.15 2.40
    Capital Gains Distributions ($ per share)
    Data as of 6/30/15
      2010 2011 2012 2013 2014
    Short Term
    Long Term
    Total Amount of Distribution
    Record Date
    Ex Div Date
    Pay Date

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

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 6/30/15

    as of 6/30/15

    • A
    YTD (as of 6/30/15)
    • C
    1.85%
    1 Year 0.36%
    3 Year 4.40%
    5 Year 5.39%
    10 Year 4.57%
    Since Inception 4.90%
    YTD (as of 6/30/15)
    • C
    1.85%
    1 Year -3.15%
    3 Year 3.16%
    5 Year 4.64%
    10 Year 4.20%
    Since Inception 4.67%
    YTD (as of 6/30/15)
    • C
    1.85%
    1 Year 0.36%
    3 Year 4.40%
    5 Year 5.39%
    10 Year 4.57%
    Since Inception 4.90%
    YTD (as of 6/30/15)
    • C
    1.85%
    1 Year -3.15%
    3 Year 3.16%
    5 Year 4.64%
    10 Year 4.20%
    Since Inception 4.67%
    Gross Expense Ratio
    1.17%

    Share Price
    • D
    as of 6/30/15
    $8.09

    Yields

    monthly as of 5/31/15

    Dividend Yield
    with sales charge
    3.85%
    Dividend Yield
    w/o sales charge
    3.99%
    Standardized YLD 4.19%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    "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.

    Top 20 Industries

    as of 5/31/15

    Healthcare
    12.6%
    Services
    12.0%
    Technology
    10.2%
    Retail
    6.7%
    Gaming Lodging and Leisure
    6.7%
    Industrials
    6.4%
    Diversified Media
    4.6%
    Telecommunications
    4.3%
    Chemicals
    4.3%
    Broadcasting
    4.2%
    Utility
    4.0%
    Financial
    4.0%
    Automotive
    3.7%
    Food and Beverages
    3.2%
    Energy
    2.7%
    Transportation
    2.4%
    Paper and Packaging
    2.1%
    Cable and Satellite
    1.7%
    Housing
    1.5%
    Consumer Products
    1.0%
    ×
    • 12.6 %

      Healthcare

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 12.0 %

      Services

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 10.2 %

      Technology

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 6.7 %

      Retail

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 6.7 %

      Gaming Lodging and Leisure

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 6.4 %

      Industrials

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.6 %

      Diversified Media

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.3 %

      Telecommunications

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.3 %

      Chemicals

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.2 %

      Broadcasting

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.0 %

      Utility

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.0 %

      Financial

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 3.7 %

      Automotive

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 3.2 %

      Food and Beverages

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.7 %

      Energy

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.4 %

      Transportation

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.1 %

      Paper and Packaging

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 1.7 %

      Cable and Satellite

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 1.5 %

      Housing

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 1.0 %

      Consumer Products

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B

    Holdings Breakdown

    as of 5/31/15

    90.3%

    United States

    1.9%

    United Kingdom

    1.6%

    Netherlands

    1.0%

    Germany

    1.0%

    Luxembourg

    0.9%

    Australia

    0.8%

    Canada

    0.5%

    Israel

    0.3%

    Ireland

    0.3%

    India

    0.2%

    Puerto Rico

    0.2%

    Cyprus

    0.0%

    No Top Industries
    in
    AAA
    2.3%

    23.1%

    62.8%

    2.8%

    0.9%

    6.4%

    0.8%

    98.2%

    0.8%

    1.0%

    No Top Industries
    in
    Net Cash and Equivalents

    Morningstar
    • E

    as of 5/31/15

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 194
    Category Bank Loan

    Risk Measurements

    as of 5/31/15

    Alpha -0.90%
    Beta 0.99
    R-Squared
    90.12
    Sharpe Ratio
    2.66
    Standard Deviation
    1.7%

    Equity Style

    Total Assets (all classes)
    as of 5/31/15
    $16.1 BN

    Portfolio Statistics
    • 7

    as of 5/31/15

    Turnover Ratio
    57.0%
    Duration (yrs)
    0.11

    Investment Minimums

    Initial
    $1,000

    Dividends ($ per share)
    • B

    Est Frequency Monthly
    Last Pay Date 6/30/15
    Per Share ($) 0.0282
    12-Month Distribution ($) 0.3585

    Distribution Sources

    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%

    Top 20 Industries

    as of 5/31/15

    Healthcare
    12.6%
    Services
    12.0%
    Technology
    10.2%
    Retail
    6.7%
    Gaming Lodging ...
    6.7%
    Industrials
    6.4%
    Diversified Med...
    4.6%
    Telecommunicati...
    4.3%
    Chemicals
    4.3%
    Broadcasting
    4.2%
    Utility
    4.0%
    Financial
    4.0%
    Automotive
    3.7%
    Food and Bevera...
    3.2%
    Energy
    2.7%
    Transportation
    2.4%
    Paper and Packa...
    2.1%
    Cable and Satel...
    1.7%
    Housing
    1.5%
    Consumer Produc...
    1.0%

    Holdings Breakdown

    as of 5/31/15

    Reset
    90.3%

    United States

    1.9%

    United Kingdom

    1.6%

    Netherlands

    1.0%

    Germany

    1.0%

    Luxembourg

    0.9%

    Australia

    0.8%

    Canada

    0.5%

    Israel

    0.3%

    Ireland

    0.3%

    India

    0.2%

    Puerto Rico

    0.2%

    Cyprus

    0.0%

    No Top Industries
    in
    AAA
    2.3%

    23.1%

    62.8%

    2.8%

    0.9%

    6.4%

    0.8%

    98.2%

    0.8%

    1.0%

    No Top Industries
    in
    Net Cash and Equivalents
    ×
    • 12.6 %

      Healthcare

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 12.0 %

      Services

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 10.2 %

      Technology

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 6.7 %

      Retail

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 6.7 %

      Gaming Lodging and Leisure

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 6.4 %

      Industrials

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.6 %

      Diversified Media

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.3 %

      Telecommunications

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.3 %

      Chemicals

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.2 %

      Broadcasting

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.0 %

      Utility

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.0 %

      Financial

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 3.7 %

      Automotive

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 3.2 %

      Food and Beverages

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.7 %

      Energy

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.4 %

      Transportation

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.1 %

      Paper and Packaging

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 1.7 %

      Cable and Satellite

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 1.5 %

      Housing

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 1.0 %

      Consumer Products

    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B

    Management

    Joseph Welsh, CFA

    Managed Fund since 9/99

    Margaret Hui, CFA

    Managed Fund since 10/99

    Investment Approach

    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.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Learn More

    We focus on investing in companies with attractive risk-reward profiles to construct portfolios that we believe can deliver long-term alpha while providing some downside protection. Learn More

    We utilize rigorous fundamental research to identify securities which have the potential to offer asymmetrical risk/return opportunities. Learn More

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Learn More

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Learn More

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Learn More

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Learn More

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Learn More

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Learn More

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Learn More

    The Commodity team monitors and manages risk at the commodity, sector and strategy levels. Learn More

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Learn More

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Learn More

    We emphasize capital preservation by avoiding MLPs that may cut distributions. We seek to build diversified portfolios comprised of MLPs with attractive risk-adjusted total return potential. Learn More

    ×

    Tools

    1. 1. 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 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.
    2. 2. Access index definitions.
    3. 3. 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.
    4. 4. 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.
    5. 5. 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.
    6. 6. If included in the credit rating breakdown table above, all securities except for those labeled "Treasury", "Agency"and "Unrated", and except for certain securities issued or guaranteed by a foreign sovereign, have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as Standard & Poor's ("S&P"). The credit rating table values may not total 100% due to rounding. For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned the Fund's S&P rating, which is currently AAA. Unrated securities do not necessarily indicate low credit quality. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.) Securities not rated by an NRSRO may or may not be equivalent of investment grade. Please consult the Fund's Prospectus for further information. Additional information can be found in the Fund's Statement of Additional Information.
    7. 7. Certain senior loans have a feature that prevents their interest rates from adjusting below a specified minimum level, possibly resulting in the prices of these senior loans becoming more sensitive to changes in interest rates should short term interest rates rise but remain below that minimum level. This feature is not accounted for in the duration figure quoted above.
    8. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    9. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    10. C. "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.
    11. D. 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.
    12. E. Class A shares rated 4 stars overall by Morningstar among  194  Bank Loan funds for the 3-, 5-, and 10 year period ended 5/31/15 based on risk-adjusted performance.
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