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Domestic Debt

The Strategy typically invests in senior loans with the flexibility to include high yield bonds and actively employ leverage.
Cumulative Total Returns

as of 8/31/16

Since Inception 8/23/13
9%
Performance & Distributions
×

Domestic Debt

Gross Expense Ratio:
      2.02%
    Net Expense Ratio:   1.85%

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

    Cumulative Returns
    • A

    Compare to Indices

    Senior Floating Rate Plus 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 9/28/16
      2014 2015 YTD
    • C
    Senior Floating Rate Plus Fund 1.13 -3.18 9.53
    J.P. Morgan Leveraged Loan Index (Linked Index) 2.40 0.54
    Capital Gains Distributions ($ per share)
    Data as of 9/29/16
      2011 2012 2013 2014 2015
    Short Term 0.0359
    Long Term
    Total Amount of Distribution 0.0359
    Record Date 12/31/14
    Ex Div Date 12/31/14
    Pay Date 12/31/14

    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 investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. 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 9/28/16)
    • C
    9.53%
    1 Year 2.98%
    3 Year 2.79%
    Since Inception 2.77%
    YTD (as of 9/28/16)
    • C
    9.53%
    1 Year 2.98%
    3 Year 2.79%
    Since Inception 2.77%
    YTD (as of 9/28/16)
    • C
    9.53%
    1 Year -0.46%
    Since Inception 1.92%
    YTD (as of 9/28/16)
    • C
    9.53%
    1 Year -0.46%
    Since Inception 1.92%
    Gross Expense Ratio
    2.02%
    Net Expense Ratio
    1.85%
    NAV
    • D
    as of 9/28/16
    $9.26
    Yields

    monthly as of 8/31/16

    Dividend Yield
    with sales charge
    N/A
    Dividend Yield
    w/o sales charge
    5.39%
    Standardized YLD 6.52%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. 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

    Services
    13.1%
    Technology
    12.3%
    Healthcare
    10.2%
    Gaming Lodging and Leisure
    9.5%
    Retail
    5.7%
    Broadcasting
    5.7%
    Diversified Media
    5.2%
    Utility
    5.1%
    Telecommunications
    5.1%
    Cable and Satellite
    4.5%
    Automotive
    4.5%
    Chemicals
    4.4%
    Financial
    4.1%
    Energy
    4.1%
    Paper and Packaging
    3.1%
    Industrials
    2.9%
    Metals and Mining
    2.9%
    Transportation
    2.9%
    Consumer Products
    2.4%
    Food and Beverages
    2.2%
    ×
    • 13.1 %
      Services
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 12.3 %
      Technology
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 10.2 %
      Healthcare
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 9.5 %
      Gaming Lodging and Leisure
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 5.7 %
      Retail
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 5.7 %
      Broadcasting
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION CCC
    ×
    • 5.2 %
      Diversified Media
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 5.1 %
      Utility
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 5.1 %
      Telecommunications
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.5 %
      Cable and Satellite
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.5 %
      Automotive
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.4 %
      Chemicals
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.1 %
      Financial
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.1 %
      Energy
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 3.1 %
      Paper and Packaging
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.9 %
      Industrials
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.9 %
      Metals and Mining
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION D
    ×
    • 2.9 %
      Transportation
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.4 %
      Consumer Products
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.2 %
      Food and Beverages
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    Holdings Breakdown

    as of 8/31/16

    100.7%

    United States

    2.3%

    United Kingdom

    2.2%

    Netherlands

    1.2%

    Luxembourg

    1.0%

    Germany

    0.9%

    Australia

    0.7%

    Canada

    0.6%

    Jersey

    0.4%

    Puerto Rico

    0.3%

    New Zealand

    0.3%

    Ireland

    0.3%

    France

    0.2%

    India

    0.1%

    Cyprus

    0.0%

    No Top Industries
    in
    AAA
    3.8%

    38.8%

    54.1%

    7.5%

    0.2%

    1.8%

    3.8%

    1.0%

    103.9%

    6.1%

    1.0%

    -11.1%

    No Top Industries
    in
    Net Cash and Equivalents
    Morningstar
    • E

    as of 8/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 221
    Category Bank Loan
    Risk Measurements

    as of 8/31/16

    Alpha -2.82%
    Beta 1.49
    R-Squared
    93.79
    Sharpe Ratio
    0.67
    Standard Deviation
    4.1%
    Equity Style
    Total Assets (all classes)
    as of 8/31/16
    $41.8 MM
    Portfolio Statistics

    as of 8/31/16

    Duration (yrs)
    0.45
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • B
    Est Frequency Monthly
    Last Pay Date 8/31/16
    Per Share ($) 0.0420
    12-Month Distribution ($) 0.5247
    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

    Services
    13.1%
    Technology
    12.3%
    Healthcare
    10.2%
    Gaming Lodging ...
    9.5%
    Retail
    5.7%
    Broadcasting
    5.7%
    Diversified Med...
    5.2%
    Utility
    5.1%
    Telecommunicati...
    5.1%
    Cable and Satel...
    4.5%
    Automotive
    4.5%
    Chemicals
    4.4%
    Financial
    4.1%
    Energy
    4.1%
    Paper and Packa...
    3.1%
    Industrials
    2.9%
    Metals and Mini...
    2.9%
    Transportation
    2.9%
    Consumer Produc...
    2.4%
    Food and Bevera...
    2.2%
    Holdings Breakdown

    as of 8/31/16

    Reset
    100.7%

    United States

    2.3%

    United Kingdom

    2.2%

    Netherlands

    1.2%

    Luxembourg

    1.0%

    Germany

    0.9%

    Australia

    0.7%

    Canada

    0.6%

    Jersey

    0.4%

    Puerto Rico

    0.3%

    New Zealand

    0.3%

    Ireland

    0.3%

    France

    0.2%

    India

    0.1%

    Cyprus

    0.0%

    No Top Industries
    in
    AAA
    3.8%

    38.8%

    54.1%

    7.5%

    0.2%

    1.8%

    3.8%

    1.0%

    103.9%

    6.1%

    1.0%

    -11.1%

    No Top Industries
    in
    Net Cash and Equivalents
    ×
    • 13.1 %
      Services
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 12.3 %
      Technology
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 10.2 %
      Healthcare
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 9.5 %
      Gaming Lodging and Leisure
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 5.7 %
      Retail
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 5.7 %
      Broadcasting
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION CCC
    ×
    • 5.2 %
      Diversified Media
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 5.1 %
      Utility
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 5.1 %
      Telecommunications
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.5 %
      Cable and Satellite
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.5 %
      Automotive
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.4 %
      Chemicals
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 4.1 %
      Financial
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 4.1 %
      Energy
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION BB
    ×
    • 3.1 %
      Paper and Packaging
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.9 %
      Industrials
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.9 %
      Metals and Mining
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION D
    ×
    • 2.9 %
      Transportation
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.4 %
      Consumer Products
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B
    ×
    • 2.2 %
      Food and Beverages
    COUNTRY United States
    ASSET CLASS Senior Loans
    CREDIT RATING ALLOCATION B

    Management

    Joseph Welsh, CFA

    Managed Fund since 8/13

    David Lukkes, CFA

    Managed Fund since 10/15

    Investment Approach

    The team seeks to invest in the most attractively valued opportunities across the credit spectrum commensurate with underlying risks and other factors. While portfolio managers establish the overall strategy and continuously monitor portfolio level risk exposures, credit analysts are charged with conducting bottom-up, fundamental analysis across the credit spectrum that drives industry allocation and security selection decisions. The result is an actively managed, diversified portfolio of attractively valued senior loans.

    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: 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 below-investment-grade securities. The Fund may invest a variable amount in debt rated below "B." 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, regulatory and geopolitical 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. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Leverage (borrowing) involves transaction and interest costs on amounts borrowed, which may reduce performance.
    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. 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 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.
    7. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    8. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    9. 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.
    10. 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.
    11. E. Class Y shares rated 3 stars overall by Morningstar among  221  Bank Loan funds for the 3-, 5-, and 10 year period ended 8/31/16 based on risk-adjusted performance.
    ×
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