Class A | Class C | Class R | Class Y | Class I | ||
Maximum Sales Charge (Load) imposed on purchases (as % of offering price) | 3.50% | None | None | None | None | |
| ||||||
Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) | None | 1% | None | None | None |
Class A | Class C | Class R | Class Y | Class I | ||
Management Fees | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% | |
| ||||||
Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% | None | None | |
| ||||||
Other Expenses | ||||||
| ||||||
Interest and Fees from Borrowings | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | |
| ||||||
Other Expenses | 0.16% | 0.16% | 0.16% | 0.16% | 0.05% | |
| ||||||
Total Other Expenses | 0.29% | 0.29% | 0.29% | 0.29% | 0.18% | |
| ||||||
Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | |
| ||||||
Total Annual Fund Operating Expenses | 1.14% | 1.89% | 1.39% | 0.89% | 0.78% | |
| ||||||
Fee Waiver and/or Expense Reimbursement2 | (0.01)% | (0.01)% | (0.01)% | (0.01)% | (0.01)% | |
| ||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.13% | 1.88% | 1.38% | 0.88% | 0.77% |
1. | Expenses have been restated to reflect current fees. |
2. | After discussions with the Fund’s Board, the Manager has contractually agreed to waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in funds managed by the Manager or its affiliates. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board. |
If shares are redeemed | If shares are not redeemed | ||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | ||
Class A | $462 | $701 | $958 | $1,694 | $462 | $701 | $958 | $1,694 | |
| |||||||||
Class C | $293 | $598 | $1,030 | $2,231 | $193 | $598 | $1,030 | $2,231 | |
| |||||||||
Class R | $141 | $442 | $765 | $1,679 | $141 | $442 | $765 | $1,679 | |
| |||||||||
Class Y | $90 | $284 | $494 | $1,100 | $90 | $284 | $494 | $1,100 | |
| |||||||||
Class I | $79 | $249 | $434 | $969 | $79 | $249 | $434 | $969 |
Oppenheimer Senior Floating Rate Fund | 1 |
■ | the borrower’s past and expected future financial performance |
■ | the experience and depth of the borrower’s management |
■ | the status of the borrower’s industry and its position in that industry |
■ | the collateral for the loan or other debt security |
■ | the borrower’s assets and cash flows |
■ | the credit quality of the debt obligations of the bank servicing the loan and other intermediaries imposed between the borrower and the Fund. |
2 | Oppenheimer Senior Floating Rate Fund |
Oppenheimer Senior Floating Rate Fund | 3 |
4 | Oppenheimer Senior Floating Rate Fund |
Oppenheimer Senior Floating Rate Fund | 5 |
1 Year | 5 Years | 10 Years (or life of class, if less) |
||
Class A Shares (inception 09/08/99) | ||||
Return Before Taxes | 0.14% | 3.42% | 4.16% | |
Return After Taxes on Distributions | (1.61)% | 1.41% | 2.37% | |
Return After Taxes on Distributions and Sale of Fund Shares | 0.06% | 1.67% | 2.59% | |
| ||||
Class C Shares (inception 09/08/99) | 3.00% | 3.42% | 3.92% | |
| ||||
Class R Shares (inception 10/26/12) | 3.64% | 3.89% | 3.96% | |
| ||||
Class Y Shares (inception 11/28/05) | 4.16% | 4.44% | 4.81% | |
| ||||
Class I Shares (inception 10/26/12) | 4.23% | 4.52% | 4.58% | |
| ||||
J.P. Morgan Leveraged Loan Index | 4.26% | 4.40% | 5.04% | |
(reflects no deduction for fees, expenses, or taxes) | 4.45%* |
* | From 10/26/12 |
6 | Oppenheimer Senior Floating Rate Fund |
■ | Interest Rate Risk. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund’s investments in debt securities to decline. The values of debt securities usually change when prevailing interest rates change. When interest rates rise, the values of outstanding debt securities generally fall, and those securities may sell at a discount from their face amount. Additionally, when interest rates rise, the decrease in values of outstanding debt securities may not be offset by higher income from new investments. When interest rates fall, the values of already-issued debt securities generally rise and the Fund’s investments in new securities may be at lower yields and may reduce the Fund’s income. The values of longer-term debt securities usually change more than the values of shorter-term debt securities when interest rates change; thus, interest rate risk is usually greater for securities with longer maturities or durations. “Zero-coupon” or “stripped” securities may be particularly sensitive to interest rate changes. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are near historic lows. Interest rate changes may have different effects on the values of mortgage-related securities because of prepayment and extension risks. |
■ | Duration Risk. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities are more volatile and thus more likely to decline in price, and to a greater extent, than shorter-duration debt securities, in a rising interest-rate environment. “Effective duration” attempts to measure the expected percentage change in the value of a bond or portfolio resulting from a change in prevailing interest rates. The change in the value of a bond or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bond’s value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the bond’s value to increase 3%. The duration of a debt security may be equal to or shorter than the full maturity of a debt security. |
■ | Credit Risk. Credit risk is the risk that the issuer of a security might not make interest and principal payments on the security as they become due. U.S. government securities generally have lower credit risks than securities issued by private issuers or certain foreign governments. If an issuer fails to pay interest, the Fund’s income might be reduced, and if an issuer fails to repay principal, the value of the security might fall and the Fund could lose the amount of its investment in the security. The extent of this risk varies based on the terms of the particular security and the financial condition of the issuer. A downgrade in an issuer’s credit rating or other adverse news about an issuer, for any reason, can reduce the market value of that issuer’s securities. |
■ | Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of the Fund’s lower-rated and unrated securities. Some unrated securities may not have an active trading market or may trade less actively than rated securities, which means that the Fund might have difficulty selling them promptly at an acceptable price. |
■ | Extension Risk. Extension risk is the risk that, if interest rates rise rapidly, prepayments on certain debt securities may occur at a slower rate than expected, and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. Extension risk is particularly prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security’s call date. Such a decision by the issuer could have the effect of lengthening the debt security’s expected maturity, making it more vulnerable to interest rate risk and reducing its market value. |
■ | Reinvestment Risk. Reinvestment risk is the risk that when interest rates fall, the Fund may be required to reinvest the proceeds from a security’s sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk than non-callable bonds. |
Oppenheimer Senior Floating Rate Fund | 7 |
■ | Prepayment Risk. Certain fixed-income securities (in particular mortgage-related securities) are subject to the risk of unanticipated prepayment. Prepayment risk is the risk that, when interest rates fall, the issuer will redeem the security prior to the security’s expected maturity, or that borrowers will repay the loans that underlie these fixed-income securities more quickly than expected, thereby causing the issuer of the security to repay the principal prior to expected maturity. The Fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If the Fund buys those securities at a premium, accelerated prepayments on those securities could cause the Fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security’s price volatility. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. |
■ | Event Risk. If an issuer of debt securities is the subject of a buyout, debt restructuring, merger or recapitalization that increases its debt load, it could interfere with its ability to make timely payments of interest and principal and cause the value of its debt securities to fall. |
8 | Oppenheimer Senior Floating Rate Fund |
■ | Prices of below-investment-grade securities may be subject to extreme price fluctuations, even under normal market conditions. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of below-investment-grade securities than on the prices of investment-grade securities. |
■ | Below-investment-grade securities may be issued by less creditworthy issuers and may be more likely to default than investment-grade securities. Issuers of below-investment-grade securities may have more outstanding debt relative to their assets than issuers of investment-grade securities. Issuers of below-investment-grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of the holders of below-investment-grade securities. |
■ | Below-investment-grade securities may be less liquid than investment-grade securities, even under normal market conditions. There are fewer dealers in the below-investment-grade securities market and there may be significant differences in the prices quoted by the dealers. Because they are less liquid, judgment may play a greater role in valuing certain of the Fund’s securities than is the case with securities trading in a more liquid market. |
■ | Below-investment-grade securities typically contain redemption provisions that permit the issuer of the securities containing such provisions to redeem the securities at its discretion. If the issuer redeems below-investment-grade securities, the Fund may have to invest the proceeds in securities with lower yields and may lose income. |
■ | Below-investment-grade securities markets may be more susceptible to real or perceived adverse credit, economic, or market conditions than investment-grade securities. |
Oppenheimer Senior Floating Rate Fund | 9 |
10 | Oppenheimer Senior Floating Rate Fund |
■ | the prime rate offered by one or more major U.S. banks (referred to as the “Prime Rate”), or |
■ | the London Inter-Bank Offered Rate (“LIBOR”). |
Oppenheimer Senior Floating Rate Fund | 11 |
12 | Oppenheimer Senior Floating Rate Fund |
Oppenheimer Senior Floating Rate Fund | 13 |
■ | U.S. Treasury Obligations. These include Treasury bills (which have maturities of one year or less when issued), Treasury notes (which have maturities greater than one year and up to ten years when issued), and Treasury bonds (which have maturities of more than ten years when issued). Treasury securities are backed by the full faith and credit of the United States as to timely payments of interest and repayments of principal. The Fund can also buy U.S. Treasury securities that have been “stripped” of their coupons by a Federal Reserve Bank, zero-coupon U.S. Treasury securities described below and Treasury Inflation-Protection Securities (“TIPS”). |
■ | Obligations Issued or Guaranteed by U.S. Government Agencies or Instrumentalities. These include direct obligations and mortgage-related securities that have different levels of credit support from the U.S. Government. Some are supported by the full faith and credit of the U.S. Government, such as Ginnie Maes. Some are supported by the right of the issuer to borrow from the U.S. Treasury under certain circumstances, such as Fannie Mae bonds and Freddie Mac obligations. Others are supported only by the credit of the entity that issued them. Securities issued by Fannie Mae and Freddie Mac are also supported by commitments from the U.S. Treasury to purchase certain of those agencies’ securities during market conditions in which the U.S. Treasury deems it necessary for the promotion of market stability. |
■ | Short-Term, Investment-Grade Debt Obligations. The Fund can hold cash and invest in cash equivalents such as highly-rated commercial paper, bank obligations, repurchase agreements, Treasury bills and short-term U.S. government securities that are investment grade. |
14 | Oppenheimer Senior Floating Rate Fund |
■ | Foreign Market Risk. If there are fewer investors in a particular foreign market, securities traded in that market may be less liquid and more volatile than U.S. securities and more difficult to price. Foreign markets may also be subject to delays in the settlement of transactions and difficulties in pricing securities. If the Fund is delayed in settling a purchase or sale transaction, it may not receive any return on the invested assets or it may lose money if the value of the security declines. It may also be more expensive for the Fund to buy or sell securities in certain foreign markets than in the United States, which may increase the Fund’s expense ratio. |
■ | Foreign Economy Risk. Foreign economies may be more vulnerable to political or economic changes than the U.S. economy. They may be more concentrated in particular industries or may rely on particular resources or trading partners to a greater extent. Certain foreign economies may be adversely affected by shortages of investment capital or by high rates of inflation. Changes in economic or monetary policy in the U.S. or abroad may also have a greater impact on the economies of certain foreign countries. |
■ | Foreign Governmental and Regulatory Risks. Foreign companies may not be subject to the same accounting and disclosure requirements as U.S. companies. As a result there may be less accurate information available regarding a foreign company’s operations and financial condition. Foreign companies may be subject to capital controls, nationalization, or confiscatory taxes. There may be less government regulation of foreign issuers, exchanges and brokers than in the United States. Some countries also have restrictions that limit foreign ownership and may impose penalties for increases in the value of the Fund’s investment. The value of the Fund’s foreign investments may be affected if it experiences difficulties in enforcing legal judgments in foreign courts. |
■ | Foreign Currency Risk. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. If the U.S. dollar rises in value against a foreign currency, a security denominated in that currency will be worth less in U.S. dollars and if the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency will be worth more in U.S. dollars. The dollar value of foreign investments may also be affected by exchange controls. Foreign currency exchange transactions may impose additional costs on the Fund. The Fund can also invest in derivative instruments linked to foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of derivatives linked to that foreign currency. The investment adviser’s selection of foreign currency denominated investments may not perform as expected. Currency derivative investments may be particularly volatile and subject to greater risks than other types of foreign-currency denominated investments. |
■ | Foreign Custody Risk. There may be very limited regulatory oversight of certain foreign banks or securities depositories that hold foreign securities and foreign currency and the laws of certain countries may limit the ability to recover such assets if a foreign bank or depository or their agents goes bankrupt. There may also be an increased risk of loss of portfolio securities. |
■ | Time Zone Arbitrage. If the Fund invests a significant amount of its assets in foreign securities, it may be exposed to “time-zone arbitrage” attempts by investors seeking to take advantage of differences in the values of foreign securities that might result from events that occur after the close of the foreign securities market on which a security is traded and before the close of the New York Stock Exchange that day, when the Fund’s net asset value is calculated. If such time zone arbitrage were successful, it might dilute the interests of other shareholders. However, the Fund’s use of “fair value pricing” under certain circumstances, to adjust the closing market prices of foreign securities to reflect what the investment adviser and the Board believe to be their fair value, may help deter those activities. |
■ | Globalization Risks. The growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, the adoption or prolongation of protectionist trade policies by one or more countries, changes in economic or monetary policy in the United States or abroad, or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. |
■ | Regional Focus. At times, the Fund might increase the relative emphasis of its investments in a particular region of the world. Securities of issuers in a region might be affected by changes in economic conditions or by changes in government regulations, availability of basic resources or supplies, or other events that affect that region more than others. If the Fund has a greater emphasis on investments in a particular region, it may be subject to greater risks from adverse events that occur in that region than a fund that invests in a different region or that is more geographically diversified. Political, social or economic disruptions in the region may adversely affect the values of the Fund’s holdings. |
Oppenheimer Senior Floating Rate Fund | 15 |
16 | Oppenheimer Senior Floating Rate Fund |
Oppenheimer Senior Floating Rate Fund | 17 |
18 | Oppenheimer Senior Floating Rate Fund |
Oppenheimer Senior Floating Rate Fund | 19 |
■ | Traditional and Roth IRA accounts as well as Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts may be opened with a minimum initial investment of $500. |
■ | For wrap fee-based programs, salary reduction plans and other retirement plans and accounts, there is no minimum initial investment. |
20 | Oppenheimer Senior Floating Rate Fund |
■ | Investing for the Shorter Term. While the Fund is meant to be a long-term investment, if you have a relatively short-term investment horizon, you should consider investing in Class C shares in most cases. That is because the effect of the initial sales charge on most Class A shares may be greater than the effect of the ongoing asset-based sales charge on Class C shares over the short-term. The Class C contingent deferred sales charge does not apply to redemptions of shares held for more than one year. |
■ | Investing for the Longer Term. If you have a longer-term investment horizon, Class A shares may be more appropriate in most cases. That is because the effect of the ongoing asset-based sales charge on Class C shares might be greater than the effect of the initial sales charge on Class A shares, regardless of the amount of your investment. |
■ | Amount of Your Investment. Your choice will also depend on how much you plan to invest. As your investment horizon increases and/or your eligibility for a reduced front-end sales charge applies, Class C shares might not be as advantageous as Class A shares with a sales charge. That is because the effect of the ongoing asset-based sales charge on Class C shares may be greater than the effect of the reduced front-end sales charge on Class A share purchases. For an investor who is eligible to invest in Class I shares, that share class will be the most advantageous. For other investors who invest $1 million or more or in other arrangements that qualify for a sales charge waiver, Class A shares will be more advantageous than Class C shares in most cases, no matter how long you intend to hold your shares. |
Oppenheimer Senior Floating Rate Fund | 21 |
Amount of Purchase | Front-End Sales Charge As a Percentage of Offering Price |
Front-End Sales Charge As a Percentage of Net Amount Invested |
Concession As a Percentage of Offering Price |
|
Less than $100,000 | 3.50% | 3.63% | 3.00% | |
| ||||
$100,000 or more but less than $250,000 | 3.00% | 3.09% | 2.50% | |
| ||||
$250,000 or more but less than $500,000 | 2.00% | 2.04% | 1.75% | |
| ||||
$500,000 or more but less than $1 million | 1.50% | 1.52% | 1.25% |
22 | Oppenheimer Senior Floating Rate Fund |
■ | Right of Accumulation. To qualify for the reduced Class A sales charge that would apply to a larger purchase than you are currently making, you can add the value of qualified shares that you and your spouse currently own, and other qualified share purchases that you are currently making, to the value of your Class A share purchase of the Fund. The value of the qualified shares you currently own is based on the greater of their current offering price or the amount you paid for the shares. For purposes of calculating that value, only the value of shares owned as of December 31, 2007 and any shares purchased subsequently will be taken into consideration. The value of any shares that you have redeemed will not be counted. In totaling your holdings, you may count shares held in: |
■ | your individual accounts (including IRAs, 403(b) plans and eligible college savings programs), |
■ | your joint accounts with your spouse, |
■ | accounts you or your spouse hold as trustees or custodians on behalf of children who are minors. |
■ | Letter of Intent. You may also qualify for reduced Class A sales charges by submitting a Letter of Intent to the Fund. A Letter of Intent is a written statement of your intention to purchase a specified value of qualified shares over a 13-month period. The total amount of your intended purchases in the same types of accounts identified above under “Right of Accumulation” will determine the reduced sales charge rate that will apply to your Class A share purchases during that period. You must notify your financial intermediary of any qualifying college savings program purchases or purchases through other financial intermediaries. |
Oppenheimer Senior Floating Rate Fund | 23 |
■ | Wrap fee-based programs and fee-based clients of a broker, dealer, registered investment advisor or other financial intermediary; |
■ | Commissionable brokerage platforms where the financial intermediary, acting as broker on behalf of its customer, charges the customer a transaction-based commission outside of the Fund; |
■ | “Institutional investors” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement and deferred compensation plans; retirement plan platforms; insurance companies; registered investment advisor firms; registered investment companies; bank trusts; college savings programs; and family offices; and |
■ | Eligible employees, which are present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. |
■ | be an “institutional investor” which may include corporations; trust companies; endowments and foundations; defined contribution, defined benefit, and other employer sponsored retirement plans and deferred compensation plans; service provider platforms; insurance companies; registered investment advisor firms; registered investment companies; bank trusts; college savings programs; and family offices; |
■ | make a minimum initial investment of $1 million or more per account (waived for service provider platforms); and |
■ | trade through an omnibus, trust, trust networked or similar pooled account. |
■ | any increase in net asset value over the initial purchase price, |
■ | shares purchased by the reinvestment of dividends or capital gains distributions, or |
■ | shares eligible for a sales charge waiver (see “Sales Charge Waivers” below). |
24 | Oppenheimer Senior Floating Rate Fund |
■ | shares acquired by the reinvestment of dividends or capital gains distributions, |
■ | other shares that are not subject to the contingent deferred sales charge, and |
■ | shares held the longest during the holding period. |
■ | Dividend Reinvestment. Dividends or capital gains distributions may be reinvested in shares of the Fund, or any of the other Oppenheimer funds into which shares of the Fund may be exchanged, without a sales charge. |
■ | Exchanges by a financial intermediary of Class Y shares for Class A shares of the same Fund in connection with a change in account type or otherwise in accordance with the intermediary’s policies and procedures that renders a shareholder ineligible for Class Y shares. The availability of this sales charge waiver depends on the policies, procedures and trading platforms of the intermediary. |
■ | Exchanges of Shares. There is no sales charge on exchanges of shares except for Class A shares of Oppenheimer Government Money Market Fund or Oppenheimer Government Cash Reserves on which you have not paid a sales charge. |
■ | Reinvestment Privilege. There is no sales charge on reinvesting the proceeds from redemptions of Class A shares that occurred within the previous three months if you paid an initial or contingent deferred sales charge on the redeemed shares. This reinvestment privilege does not apply to reinvestment purchases made through automatic investment options. |
■ | Shares issued in plans of reorganization, such as mergers, asset acquisitions and exchange offers, to which the Fund is a party. |
■ | Purchases made with the reinvestment of loan repayments by a participant in a retirement plan if the participant previously paid a sales charge on those shares. |
■ | Purchases made in amounts of less than $5 for accounts held directly with the Transfer Agent. |
■ | Purchases by the Manager or its affiliates. |
■ | Purchases by present or former officers, directors, trustees and employees (and their “immediate families”) of the Fund, the Manager and its affiliates, and retirement plans established by the Manager or its affiliates for their employees. The term “immediate family” refers to one’s spouse, children, grandchildren, grandparents, parents, parents in law, brothers and sisters, sons and daughters in law, a sibling’s spouse, a spouse’s siblings, aunts, uncles, nieces and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included. |
■ | Purchases by current employees and registered representatives (and their spouses) of any financial intermediaries if permitted by the intermediary’s policies. The purchaser must certify to the Distributor at the time of purchase that the purchase is for the purchaser’s own account (or for the benefit of such employee’s spouse or minor children). |
■ | Purchases made through an advisory fee or wrap fee-based platform. |
■ | Purchases by group omnibus retirement plans under section 401(a), 401(k), 403(b) and 457 of the Internal Revenue Code. |
■ | Purchases by taxable accounts held directly with the Transfer Agent that are established with the proceeds of Required Minimum Distributions from retirement plans and accounts. |
■ | Rollover purchases in an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent made with the proceeds of a retirement plan distribution that was previously invested in an Oppenheimer fund. |
■ | Purchases by former shareholders of Atlas Strategic Income Fund for any Oppenheimer fund into which shareholders of Oppenheimer Global Strategic Income Fund may exchange if permitted by the intermediary’s policies. |
■ | Purchases by former shareholders of Oppenheimer Total Return Fund Periodic Investment Plan for any Oppenheimer fund into which shareholders of Oppenheimer Main Street Fund may exchange if permitted by the intermediary’s policies. |
■ | Effective December 4, 2017, purchases made where there is no broker-dealer of record. |
Oppenheimer Senior Floating Rate Fund | 25 |
■ | Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the applicable fund prospectus). |
■ | For distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable: |
1. | Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant’s account was established in an Oppenheimer fund. |
2. | To return excess contributions. |
3. | To return contributions made due to a mistake of fact. |
4. | To make hardship withdrawals, except from IRAs, as defined in the plan. |
5. | To make distributions required under a qualified domestic relations order described in Section 414(p) of the Internal Revenue Code or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code. |
6. | To meet the minimum distribution requirements of the Internal Revenue Code. |
7. | To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code. |
8. | For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from Oppenheimer Single K plans. |
9. | On account of the participant’s separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained. |
10. | Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager). |
11. | Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan. |
12. | Distributions from a participant’s account under an Automatic Withdrawal Plan after the participant reaches age 59 1⁄2, as long as the aggregate value of the distributions does not exceed 12% of the account’s value annually. |
■ | Redemptions of shares under an Automatic Withdrawal Plan for an account (other than a retirement plan) if the aggregate value of the redeemed shares does not exceed 12% of the account’s value annually. |
■ | Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the applicable fund prospectus). |
■ | Redemptions from accounts other than retirement plans following the death or disability of the last surviving shareholder or sole beneficiary of a trust. The death or disability must have occurred after the account was established, and for disability you must provide evidence of a determination of disability by the Internal Revenue Code. |
■ | Redemptions of Class C shares of an Oppenheimer fund, requested in writing by a retirement plan sponsor and submitted more than 12 months after the retirement plan’s first purchase of Class C shares, if the redemption proceeds are invested to purchase Class R shares of one or more Oppenheimer funds. |
■ | Distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable: |
1. | Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant’s account was established in an Oppenheimer fund. |
2. | To return excess contributions. |
3. | To return contributions made due to a mistake of fact. |
4. | To make hardship withdrawals, except from IRAs, as defined in the plan. |
5. | To make distributions required under a qualified domestic relations order described in Section 414(p) of the Internal Revenue Code or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code. |
6. | To meet the minimum distribution requirements of the Internal Revenue Code. |
7. | To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code. |
26 | Oppenheimer Senior Floating Rate Fund |
8. | For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from OppenheimerFunds Single K plans. |
9. | On account of the participant’s separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained. |
10. | Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager). |
11. | Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan. |
12. | For distributions from a participant’s account under an Automatic Withdrawal Plan after the participant reaches age 59 1⁄2, as long as the aggregate value of the distributions does not exceed 10% of the account’s value annually. |
■ | Redemptions of Class C shares under an Automatic Withdrawal Plan from an account other than a retirement plan if the aggregate value of the redeemed shares does not exceed 10% of the account’s value annually. |
■ | Redemptions of shares sold to the Manager or its affiliates. |
■ | Redemptions of shares issued in plans of reorganization to which the Fund is a party. |
■ | Effective December 4, 2017, conversions to Class A share accounts requested by current investors who no longer have a broker-dealer of record for an existing Class C share account. |
Oppenheimer Senior Floating Rate Fund | 27 |
28 | Oppenheimer Senior Floating Rate Fund |
■ | Involuntary Redemptions. In some circumstances, involuntary redemptions may be made to repay any losses from the cancellation of share purchase orders. |
Oppenheimer Senior Floating Rate Fund | 29 |
■ | By Check. The Fund will normally send redemption proceeds by check to the address on your account statement. |
■ | By AccountLink. If you have linked your Fund account to your bank account with AccountLink (described below), you may have redemption proceeds transferred directly into your account. Normally the transfer to your bank is initiated on the bank business day after the redemption. You will not receive dividends on the proceeds of redeemed shares while they are waiting to be transferred. |
■ | By Wire. You can arrange to have redemption proceeds sent by Federal funds wire to an account at a bank that is a member of the Federal Reserve wire system. The redemption proceeds will normally be transmitted on the next bank business day after the shares are redeemed. You will not receive dividends on the proceeds of redeemed shares while they are waiting to be transmitted. |
■ | during any period in which the NYSE is closed other than customary weekend and holiday closings or during any period in which trading on the NYSE is deemed to be restricted; |
■ | during any period in which an emergency exists, as a result of which (i) it is not reasonably practicable for the Fund to dispose of securities owned by it or (ii) it is not reasonably practicable for the Fund to fairly determine the value of its net assets; or |
■ | during such other periods as the Securities and Exchange Commission may by order permit to protect Fund shareholders. |
■ | Shares of the fund selected for exchange must be available for sale in your state of residence. |
■ | The selected fund and share class must offer the exchange privilege. |
■ | You must meet the minimum purchase requirements for the relevant class of the selected fund. |
■ | Generally, exchanges may be made only between identically registered accounts, unless all account owners send written exchange instructions with a signature guarantee. |
■ | Before exchanging into a fund, you should obtain its prospectus and should read it carefully. |
30 | Oppenheimer Senior Floating Rate Fund |
Oppenheimer Senior Floating Rate Fund | 31 |
■ | Exchanges Into Money Market Funds. A shareholder will be permitted to exchange shares of the Fund for shares of an eligible money market fund any time, even if the shareholder has exchanged shares into the Fund during the prior 30 days. Exchanges from that money market fund into another fund will be monitored for excessive activity and the Fund may limit or refuse any exchange order from a money market fund in its discretion pursuant to this policy. |
■ | Dividend Reinvestments and Share Conversions. The reinvestment of dividends or distributions from one fund to purchase shares of another fund and the conversion of shares from one share class to another class within the same fund will not be considered exchanges for purposes of imposing the 30-day limit. |
■ | Asset Allocation Programs. Investment programs by Oppenheimer “funds of funds” that entail rebalancing investments in underlying Oppenheimer funds will not be subject to these limits. However, third-party asset allocation and rebalancing programs will be subject to the 30-day limit described above. Asset allocation firms that want to exchange shares held in accounts on behalf of their customers must identify themselves and execute an acknowledgement and agreement to abide by these policies with respect to their customers’ accounts. “On-demand” exchanges outside the parameters of portfolio rebalancing programs will also be subject to the 30-day limit. |
■ | Automatic Exchange Plans. Accounts that receive exchange proceeds through automatic or systematic exchange plans that are established through the Transfer Agent will not be subject to the 30-day exchange limit as a result of those automatic or systematic exchanges but may be blocked from exchanges, under the 30-day limit, if they receive proceeds from other exchanges. |
■ | Redemptions of Shares. These exchange policy limits do not apply to redemptions of shares. Shareholders are permitted to redeem their shares on any regular business day, subject to the terms of this prospectus. |
■ | Purchases through AccountLink that are submitted through PhoneLink or on the internet are limited to $100,000. |
■ | Purchases through AccountLink that are submitted by calling a service representative are limited to $250,000. |
■ | Redemptions that are submitted by telephone or on the internet and request the proceeds to be paid by check, are limited to $100,000, must be made payable to all owners of record of the shares and must be sent to the address on the account statement. This service is not available within 15 days of changing the address on an account. |
■ | Redemptions by telephone or on the internet that are sent to your bank account through AccountLink are limited to $100,000. |
■ | Exchanges submitted by telephone or on the internet may be made only between accounts that are registered with the same name(s) and address. |
32 | Oppenheimer Senior Floating Rate Fund |
■ | Shares held in an OppenheimerFunds-sponsored qualified retirement plan account may not be redeemed or exchanged by telephone or on the internet. |
■ | The Fund’s name; |
■ | For existing accounts, the Fund account number (from your account statement); |
■ | For new accounts, a completed account application; |
■ | For purchases, a check payable to Oppenheimer funds; |
■ | For redemptions, any special payment instructions; |
■ | For redemptions or exchanges, the dollar amount or number of shares to be redeemed or exchanged; |
■ | For individuals, the names and signatures of all registered owners exactly as they appear in the account registration; |
■ | For corporations, partnerships or other businesses or as a fiduciary, the name of the entity as it appears in the account registration and the names and titles of any individuals signing on its behalf; and |
■ | Other documents requested by the Transfer Agent to assure that the person purchasing, redeeming or exchanging shares is properly identified and has proper authorization to carry out the transaction. |
■ | You wish to redeem more than $100,000; |
■ | The redemption check is not payable to all shareholders listed on the account statement; |
■ | The redemption check is not sent to the address of record on your account statement; |
■ | Shares are being transferred to a Fund account with a different owner or name; or |
■ | Shares are being redeemed by someone (such as an Executor) other than the owners. |
■ | a U.S. bank, trust company, credit union or savings association, |
■ | a foreign bank that has a U.S. correspondent bank, |
■ | a U.S. registered dealer or broker in securities, municipal securities or government securities, or |
■ | a U.S. national securities exchange, a registered securities association or a clearing agency. |
Oppenheimer Senior Floating Rate Fund | 33 |
■ | transmit funds electronically to purchase shares by internet, by telephone or automatically through an Asset Builder Plan. The purchase payment will be debited from your bank account. |
■ | have the Transfer Agent send redemption proceeds or dividends and distributions directly to your bank account. |
■ | Individual Retirement Accounts (IRAs). These include traditional IRAs, Roth IRAs and rollover IRAs. |
■ | SIMPLE IRAs. These are Savings Incentive Match Plan for Employees IRAs for small business owners or self-employed individuals. |
■ | SEP-IRAs. These are Simplified Employee Pension Plan IRAs for small business owners or self-employed individuals. |
■ | 403(b)(7) Custodial Plans. These are tax-deferred plans for employees of eligible tax-exempt organizations, such as schools, hospitals and charitable organizations. |
34 | Oppenheimer Senior Floating Rate Fund |
■ | “Single K” Plans. These are 401(k) plans for self-employed individuals. |
■ | Qualified Plans. These plans are designed for businesses and self-employed individuals. |
■ | Reinvest All Distributions in the Fund. You can elect to reinvest all dividends and capital gains distributions in additional shares of the Fund. |
■ | Reinvest Only Dividends or Capital Gains. You can elect to reinvest some types of distributions in the Fund while receiving the other types of distributions by check or having them sent to your bank account through AccountLink. Different treatment is available for distributions of dividends, short-term capital gains and long-term capital gains. |
■ | Receive All Distributions in Cash. You can elect to receive all dividends and capital gains distributions by check or have them sent to your bank through AccountLink. |
■ | Reinvest Your Distributions in Another Oppenheimer Fund. You can reinvest all of your dividends and capital gains distributions in another Oppenheimer fund that is available for exchanges. You must have an existing account in the same share class in the selected fund. |
Oppenheimer Senior Floating Rate Fund | 35 |
36 | Oppenheimer Senior Floating Rate Fund |
Oppenheimer Senior Floating Rate Fund | 37 |
Class A | Year
Ended July 31, 2018 |
Year
Ended July 31, 2017 |
Year
Ended July 31, 2016 |
Year
Ended July 31, 2015 |
Year
Ended July 31, 2014 |
|
Per Share Operating Data | ||||||
Net asset value, beginning of period | $8.15 | $7.85 | $8.08 | $8.40 | $8.39 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.37 | 0.37 | 0.37 | 0.36 | 0.37 | |
Net realized and unrealized gain (loss) | (0.05) | 0.27 | (0.21) | (0.32) | 0.01 | |
Total from investment operations | 0.32 | 0.64 | 0.16 | 0.04 | 0.38 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.34) | (0.34) | (0.39) | (0.36) | (0.37) | |
Net asset value, end of period | $8.13 | $8.15 | $7.85 | $8.08 | $8.40 | |
Total Return, at Net Asset Value2 | 3.96% | 8.30% | 2.12% | 0.51% | 4.62% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $3,899,006 | $4,030,774 | $3,883,693 | $5,065,599 | $6,881,421 | |
Average net assets (in thousands) | $3,932,849 | $4,213,255 | $4,268,537 | $5,637,843 | $6,947,675 | |
Ratios to average net assets:3 | ||||||
Net investment income | 4.53% | 4.63% | 4.83% | 4.41% | 4.39% | |
Expenses excluding specific expenses listed below | 0.99% | 0.97% | 0.97% | 0.97% | 0.97% | |
Interest and fees from borrowings | 0.13% | 0.15% | 0.14% | 0.11% | 0.09% | |
Total expenses4 | 1.12% | 1.12% | 1.11% | 1.08% | 1.06% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.11% | 1.11% | 1.11%5 | 1.08%5 | 1.06%5 | |
Portfolio turnover rate | 66% | 77% | 28% | 39% | 57% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
3. | Annualized for periods less than one full year. |
4. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended July 31, 2018 | 1.13% |
Year Ended July 31, 2017 | 1.13% |
Year Ended July 31, 2016 | 1.11% |
Year Ended July 31, 2015 | 1.08% |
Year Ended July 31, 2014 | 1.06% |
5. | Waiver was less than 0.005%. |
38 | Oppenheimer Senior Floating Rate Fund |
Class C | Year
Ended July 31, 2018 |
Year
Ended July 31, 2017 |
Year
Ended July 31, 2016 |
Year
Ended July 31, 2015 |
Year
Ended July 31, 2014 |
|
Per Share Operating Data | ||||||
Net asset value, beginning of period | $8.16 | $7.86 | $8.09 | $8.40 | $8.40 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.31 | 0.32 | 0.32 | 0.30 | 0.31 | |
Net realized and unrealized gain (loss) | (0.06) | 0.26 | (0.22) | (0.31) | 0.002 | |
Total from investment operations | 0.25 | 0.58 | 0.10 | (0.01) | 0.31 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.27) | (0.28) | (0.33) | (0.30) | (0.31) | |
Net asset value, end of period | $8.14 | $8.16 | $7.86 | $8.09 | $8.40 | |
Total Return, at Net Asset Value3 | 3.18% | 7.48% | 1.37% | (0.12)% | 3.77% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $2,497,209 | $2,809,704 | $2,833,205 | $3,537,526 | $4,303,006 | |
Average net assets (in thousands) | $2,618,471 | $2,877,196 | $3,063,608 | $3,843,616 | $3,949,603 | |
Ratios to average net assets:4 | ||||||
Net investment income | 3.78% | 3.89% | 4.09% | 3.65% | 3.68% | |
Expenses excluding specific expenses listed below | 1.74% | 1.72% | 1.72% | 1.73% | 1.67% | |
Interest and fees from borrowings | 0.13% | 0.15% | 0.14% | 0.11% | 0.09% | |
Total expenses5 | 1.87% | 1.87% | 1.86% | 1.84% | 1.76% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.86% | 1.86% | 1.86%6 | 1.84%6 | 1.76%6 | |
Portfolio turnover rate | 66% | 77% | 28% | 39% | 57% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Less than $0.005 per share. |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4. | Annualized for periods less than one full year. |
5. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended July 31, 2018 | 1.88% |
Year Ended July 31, 2017 | 1.88% |
Year Ended July 31, 2016 | 1.86% |
Year Ended July 31, 2015 | 1.84% |
Year Ended July 31, 2014 | 1.76% |
6. | Waiver was less than 0.005%. |
Oppenheimer Senior Floating Rate Fund | 39 |
Class I | Year
Ended July 31, 2018 |
Year
Ended July 31, 2017 |
Year
Ended July 31, 2016 |
Year
Ended July 31, 2015 |
Year
Ended July 31, 2014 |
|
Per Share Operating Data | ||||||
Net asset value, beginning of period | $8.13 | $7.83 | $8.06 | $8.37 | $8.38 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.40 | 0.40 | 0.40 | 0.39 | 0.39 | |
Net realized and unrealized gain (loss) | (0.06) | 0.27 | (0.22) | (0.31) | 0.002 | |
Total from investment operations | 0.34 | 0.67 | 0.18 | 0.08 | 0.39 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.36) | (0.37) | (0.41) | (0.39) | (0.40) | |
Net asset value, end of period | $8.11 | $8.13 | $7.83 | $8.06 | $8.37 | |
Total Return, at Net Asset Value3 | 4.31% | 8.65% | 2.44% | 0.94% | 4.72% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $1,373,036 | $1,100,191 | $915,631 | $1,165,355 | $1,302,876 | |
Average net assets (in thousands) | $1,190,927 | $1,129,050 | $1,014,977 | $1,184,063 | $620,338 | |
Ratios to average net assets:4 | ||||||
Net investment income | 4.88% | 4.91% | 5.15% | 4.72% | 4.62% | |
Expenses excluding specific expenses listed below | 0.65% | 0.65% | 0.66% | 0.65% | 0.65% | |
Interest and fees from borrowings | 0.13% | 0.15% | 0.14% | 0.11% | 0.09% | |
Total expenses5 | 0.78% | 0.80% | 0.80% | 0.76% | 0.74% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.77% | 0.79% | 0.80%6 | 0.76%6 | 0.74%6 | |
Portfolio turnover rate | 66% | 77% | 28% | 39% | 57% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Less than $0.005 per share. |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4. | Annualized for periods less than one full year. |
5. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended July 31, 2018 | 0.79% |
Year Ended July 31, 2017 | 0.81% |
Year Ended July 31, 2016 | 0.80% |
Year Ended July 31, 2015 | 0.76% |
Year Ended July 31, 2014 | 0.74% |
6. | Waiver was less than 0.005%. |
40 | Oppenheimer Senior Floating Rate Fund |
Class R | Year
Ended July 31, 2018 |
Year
Ended July 31, 2017 |
Year
Ended July 31, 2016 |
Year
Ended July 31, 2015 |
Year
Ended July 31, 2014 |
|
Per Share Operating Data | ||||||
Net asset value, beginning of period | $8.14 | $7.85 | $8.08 | $8.39 | $8.39 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.35 | 0.35 | 0.36 | 0.34 | 0.34 | |
Net realized and unrealized gain (loss) | (0.04) | 0.26 | (0.22) | (0.31) | 0.01 | |
Total from investment operations | 0.31 | 0.61 | 0.14 | 0.03 | 0.35 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.32) | (0.32) | (0.37) | (0.34) | (0.35) | |
Net asset value, end of period | $8.13 | $8.14 | $7.85 | $8.08 | $8.39 | |
Total Return, at Net Asset Value2 | 3.82% | 7.90% | 1.87% | 0.37% | 4.22% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $88,230 | $65,597 | $42,546 | $33,417 | $22,949 | |
Average net assets (in thousands) | $74,894 | $52,459 | $36,727 | $27,664 | $15,672 | |
Ratios to average net assets:3 | ||||||
Net investment income | 4.29% | 4.34% | 4.63% | 4.14% | 4.09% | |
Expenses excluding specific expenses listed below | 1.24% | 1.22% | 1.23% | 1.23% | 1.23% | |
Interest and fees from borrowings | 0.13% | 0.15% | 0.14% | 0.11% | 0.09% | |
Total expenses4 | 1.37% | 1.37% | 1.37% | 1.34% | 1.32% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.36% | 1.36% | 1.37%5 | 1.34%5 | 1.32%5 | |
Portfolio turnover rate | 66% | 77% | 28% | 39% | 57% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
3. | Annualized for periods less than one full year. |
4. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended July 31, 2018 | 1.38% |
Year Ended July 31, 2017 | 1.38% |
Year Ended July 31, 2016 | 1.37% |
Year Ended July 31, 2015 | 1.34% |
Year Ended July 31, 2014 | 1.32% |
5. | Waiver was less than 0.005%. |
Oppenheimer Senior Floating Rate Fund | 41 |
Class Y | Year
Ended July 31, 2018 |
Year
Ended July 31, 2017 |
Year
Ended July 31, 2016 |
Year
Ended July 31, 2015 |
Year
Ended July 31, 2014 |
|
Per Share Operating Data | ||||||
Net asset value, beginning of period | $8.13 | $7.83 | $8.07 | $8.38 | $8.37 | |
Income (loss) from investment operations: | ||||||
Net investment income1 | 0.39 | 0.39 | 0.39 | 0.38 | 0.39 | |
Net realized and unrealized gain (loss) | (0.05) | 0.27 | (0.23) | (0.31) | 0.01 | |
Total from investment operations | 0.34 | 0.66 | 0.16 | 0.07 | 0.40 | |
Dividends and/or distributions to shareholders: | ||||||
Dividends from net investment income | (0.36) | (0.36) | (0.40) | (0.38) | (0.39) | |
Net asset value, end of period | $8.11 | $8.13 | $7.83 | $8.07 | $8.38 | |
Total Return, at Net Asset Value2 | 4.21% | 8.58% | 2.24% | 0.87% | 4.88% | |
Ratios/Supplemental Data | ||||||
Net assets, end of period (in thousands) | $7,495,276 | $6,715,590 | $4,102,232 | $6,035,847 | $8,122,500 | |
Average net assets (in thousands) | $6,857,395 | $5,364,472 | $4,648,275 | $6,814,415 | $7,250,969 | |
Ratios to average net assets:3 | ||||||
Net investment income | 4.78% | 4.82% | 5.06% | 4.66% | 4.63% | |
Expenses excluding specific expenses listed below | 0.74% | 0.72% | 0.73% | 0.72% | 0.72% | |
Interest and fees from borrowings | 0.13% | 0.15% | 0.14% | 0.11% | 0.09% | |
Total expenses4 | 0.87% | 0.87% | 0.87% | 0.83% | 0.81% | |
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.86% | 0.86% | 0.87%5 | 0.83%5 | 0.81%5 | |
Portfolio turnover rate | 66% | 77% | 28% | 39% | 57% |
1. | Per share amounts calculated based on the average shares outstanding during the period. |
2. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
3. | Annualized for periods less than one full year. |
4. | Total expenses including indirect expenses from affiliated fund fees and expenses were as follows: |
Year Ended July 31, 2018 | 0.88% |
Year Ended July 31, 2017 | 0.88% |
Year Ended July 31, 2016 | 0.87% |
Year Ended July 31, 2015 | 0.83% |
Year Ended July 31, 2014 | 0.81% |
5. | Waiver was less than 0.005%. |
42 | Oppenheimer Senior Floating Rate Fund |
• | Purchases of Class A shares by retirement plans that have any of the following record-keeping arrangements: |
1. | The record keeping is performed by Merrill Lynch Pierce Fenner & Smith, Inc. (“Merrill Lynch”) on a daily valuation basis for the retirement plan. On the date the plan sponsor signs the record-keeping service agreement with Merrill Lynch, the Plan must have $3 million or more of its assets invested in (a) mutual funds, other than those advised or managed by certain Merrill Lynch investment advisers, as specified by Merrill Lynch (a “Specified Merrill Lynch Investment Adviser”), that are made available under a Service Agreement between Merrill Lynch and the mutual fund’s principal underwriter or distributor, and (b) funds advised or managed by a Specified Merrill Lynch Investment Adviser (the funds described in (a) and (b) are referred to as “Applicable Investments”). |
2. | The record keeping for the retirement plan is performed on a daily valuation basis by a record keeper whose services are provided under a contract or arrangement between the Retirement Plan and Merrill Lynch. On the date the plan sponsor signs the record keeping service agreement with Merrill Lynch, the plan must have $5 million or more of its assets (excluding assets invested in money market funds) invested in Applicable Investments. |
3. | The record keeping for a retirement plan is handled under a service agreement with Merrill Lynch and on the date the plan sponsor signs that agreement, the plan has 500 or more eligible employees (as determined by the Merrill Lynch plan conversion manager). |
• | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
• | Shares purchased by or through a 529 Plan |
• | Shares purchased through a Merrill Lynch affiliated investment advisory program |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
• | Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
• | Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date |
• | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
• | Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) |
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 1⁄2 |
• | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
• | Shares acquired through a right of reinstatement |
• | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only) |
• | Breakpoints as described in this prospectus. |
• | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
• | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |
• | Purchases in an OppenheimerFunds-sponsored Rollover IRA held directly with the Transfer Agent by clients of Mass Mutual Retirement Services. |
• | Shares purchased by clients of LPL who are accessing the Oppenheimer funds through LPL’s Mutual Fund Only Platform. |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, or SAR-SEPs plans. |
• | Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family). |
• | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the |
purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. | |
• | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. |
• | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. |
• | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules. |
• | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund. |
• | Shares purchased through a Morgan Stanley self-directed brokerage account. |
• | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. |
Telephone: | Call OppenheimerFunds Services toll-free: 1.800.CALL OPP (1.800.225.5677) |
Mail: | Use the following address for regular
mail: OppenheimerFunds Services P.O. Box 5270 Denver, Colorado 80217-5270 |
Use the following address for courier or express
mail: OppenheimerFunds Services 6803 S. Tucson Way Centennial, CO 80112-3924 | |
Internet: | You may request documents, and read or download certain documents at www.oppenheimerfunds.com |