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Domestic Debt

The Strategy typically invests in U.S. and foreign high yield bonds.
Cumulative Total Returns

as of 8/31/16

Since Inception 11/8/13
8%
Performance & Distributions
×

Domestic Debt

Gross Expense Ratio:
      1.79%
    Net Expense Ratio:   1.24%

    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 4.75% 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

    Global High Yield 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 9/23/16
      2014 2015 YTD
    • C
    Global High Yield Fund 0.28 -4.41 10.76
    J.P. Morgan Global High Yield Index 1.67 -4.25
    Capital Gains Distributions ($ per share)
    Data as of 9/23/16
      2011 2012 2013 2014 2015
    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 4.75% 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 8/31/16

    as of 6/30/16

    • A
    YTD (as of 9/23/16)
    • C
    10.76%
    1 Year 5.80%
    Since Inception 2.61%
    YTD (as of 9/23/16)
    • C
    10.76%
    1 Year 0.78%
    Since Inception 0.85%
    YTD (as of 9/23/16)
    • C
    10.76%
    1 Year -0.08%
    Since Inception 1.31%
    YTD (as of 9/23/16)
    • C
    10.76%
    1 Year -4.82%
    Since Inception -0.53%
    Gross Expense Ratio
    1.79%
    Net Expense Ratio
    1.24%
    NAV
    • D
    as of 9/23/16
    $9.35
    Yields

    monthly as of 8/31/16

    Dividend Yield
    with sales charge
    4.16%
    Dividend Yield
    w/o sales charge
    4.36%
    Standardized YLD 3.87%

    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 4.75% 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 8/31/16

    Energy
    12.1%
    Healthcare
    8.8%
    Financial
    6.5%
    Housing
    6.3%
    Telecommunications
    5.9%
    Metals And Mining
    5.1%
    Technology
    4.9%
    Services
    4.7%
    Cable And Satellite
    4.5%
    Gaming Lodging And Leisure
    3.9%
    Food And Beverages
    3.7%
    Paper And Packaging
    3.6%
    Automotive
    3.1%
    Broadcasting
    3.1%
    Industrials
    2.8%
    Utility
    2.8%
    Retail
    2.4%
    Chemicals
    2.3%
    Transportation
    2.3%
    Consumer Products
    2.0%
    ×
    • 12.1 %
      Energy
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 8.8 %
      Healthcare
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 6.5 %
      Financial
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 6.3 %
      Housing
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 5.9 %
      Telecommunications
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 5.1 %
      Metals And Mining
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BBB
    ×
    • 4.9 %
      Technology
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 4.7 %
      Services
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 4.5 %
      Cable And Satellite
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 3.9 %
      Gaming Lodging And Leisure
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 3.7 %
      Food And Beverages
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 3.6 %
      Paper And Packaging
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 3.1 %
      Automotive
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 3.1 %
      Broadcasting
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 2.8 %
      Industrials
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.8 %
      Utility
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.4 %
      Retail
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.3 %
      Chemicals
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 2.3 %
      Transportation
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.0 %
      Consumer Products
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    Holdings Breakdown

    as of 8/31/16

    70.5%

    United States

    3.5%

    Canada

    3.0%

    Russia

    2.5%

    Brazil

    1.6%

    Mexico

    1.2%

    Netherlands

    0.9%

    Luxembourg

    0.9%

    Argentina

    0.8%

    China

    0.8%

    Ireland

    0.6%

    Chile

    0.5%

    Colombia

    0.5%

    Kazakhstan

    0.4%

    Peru

    0.4%

    France

    0.4%

    Germany

    0.4%

    Barbados

    0.4%

    Jersey

    0.3%

    India

    0.3%

    Greece

    1.0%

    No Top Industries
    in
    Treasury
    0.0%

    No Top Industries
    in
    AAA
    0.2%

    No Top Industries
    in
    A
    10.7%

    44.4%

    31.1%

    4.9%

    0.1%

    0.7%

    -2.3%

    80.0%

    10.4%

    1.0%

    0.3%

    0.3%

    -0.3%

    -0.8%

    9.2%

    No Top Industries
    in
    Net Cash and Equivalents
    62.4%
    U.S.
    10.3%
    Emerging Markets
    7.3%
    Developed Markets
    6.8%
    U.S.
    2.3%
    Emerging Markets
    1.3%
    Developed Markets
    1.0%
    U.S. Government
    0.3%
    Senior Loans
    0.3%
    Equity
    0.0%
    Other
    -0.3%
    Hard Currency
    -0.8%
    Developed Markets Government
    Morningstar
    Category High Yield Bond
    Equity Style
    Total Assets (all classes)
    as of 8/31/16
    $57.9 MM
    Portfolio Statistics

    as of

    Duration (yrs)
    3.68
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • B
    Est Frequency Monthly
    Last Pay Date 8/31/16
    Per Share ($) 0.0348
    12-Month Distribution ($) 0.4410
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top 20 Industries

    as of 8/31/16

    Energy
    12.1%
    Healthcare
    8.8%
    Financial
    6.5%
    Housing
    6.3%
    Telecommunicati...
    5.9%
    Metals And Mini...
    5.1%
    Technology
    4.9%
    Services
    4.7%
    Cable And Satel...
    4.5%
    Gaming Lodging ...
    3.9%
    Food And Bevera...
    3.7%
    Paper And Packa...
    3.6%
    Automotive
    3.1%
    Broadcasting
    3.1%
    Industrials
    2.8%
    Utility
    2.8%
    Retail
    2.4%
    Chemicals
    2.3%
    Transportation
    2.3%
    Consumer Produc...
    2.0%
    Holdings Breakdown

    as of 8/31/16

    Reset
    70.5%

    United States

    3.5%

    Canada

    3.0%

    Russia

    2.5%

    Brazil

    1.6%

    Mexico

    1.2%

    Netherlands

    0.9%

    Luxembourg

    0.9%

    Argentina

    0.8%

    China

    0.8%

    Ireland

    0.6%

    Chile

    0.5%

    Colombia

    0.5%

    Kazakhstan

    0.4%

    Peru

    0.4%

    France

    0.4%

    Germany

    0.4%

    Barbados

    0.4%

    Jersey

    0.3%

    India

    0.3%

    Greece

    1.0%

    No Top Industries
    in
    Treasury
    0.0%

    No Top Industries
    in
    AAA
    0.2%

    No Top Industries
    in
    A
    10.7%

    44.4%

    31.1%

    4.9%

    0.1%

    0.7%

    -2.3%

    80.0%

    10.4%

    1.0%

    0.3%

    0.3%

    -0.3%

    -0.8%

    9.2%

    No Top Industries
    in
    Net Cash and Equivalents
    ×
    • 12.1 %
      Energy
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 8.8 %
      Healthcare
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 6.5 %
      Financial
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 6.3 %
      Housing
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 5.9 %
      Telecommunications
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 5.1 %
      Metals And Mining
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BBB
    ×
    • 4.9 %
      Technology
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 4.7 %
      Services
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 4.5 %
      Cable And Satellite
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 3.9 %
      Gaming Lodging And Leisure
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 3.7 %
      Food And Beverages
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 3.6 %
      Paper And Packaging
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 3.1 %
      Automotive
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 3.1 %
      Broadcasting
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 2.8 %
      Industrials
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.8 %
      Utility
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.4 %
      Retail
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.3 %
      Chemicals
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION B
    ×
    • 2.3 %
      Transportation
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB
    ×
    • 2.0 %
      Consumer Products
    COUNTRY United States
    ASSET CLASS High Yield Corporates
    CREDIT RATING ALLOCATION BB

    Management

    Michael A. Mata

    Managed Fund since 3/15

    Chris Kelly, CFA

    Managed Fund since 3/15

    Ruta Ziverte

    Managed Fund since 1/16

    Investment Approach

    The portfolio managers compare top-down macroeconomic views, issuer level fundamentals and bond valuations across geographic regions to identify the most attractive high yield opportunities globally. They seek to mitigate the risk of the overall portfolio by setting risk-control limits at the country, industry and issuer level.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    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. Risk Management Overview

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

    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. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    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. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

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

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

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

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

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×

    Tools

    1. 1. Special Risks 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. Will invest at least 80% in below-investment-grade (“high yield” or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Regulation S securities are privately offered securities, may be illiquid, and involve a high degree of risk which may result in substantial losses to the Fund. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund.
    2. 2. 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.
    3. 3. The net expense ratio (where applicable) 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.
    4. 4. Access index definitions.
    5. 5. 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.
    6. 6. 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.
    7. 7. 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.
    8. 8. 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 S&P Global Ratings ("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.
    9. 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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    10. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    11. 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.
    12. 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.
    ×
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