OppenheimerFunds Renames Top Decile Fixed Income Fund

Since assuming management of Oppenheimer Core Bond Fund in March 2009, OppenheimerFunds' Investment Grade Debt Team, led by Krishna Memani, CIO, OppenheimerFunds, and Peter Strzalkowski, Portfolio Manager, has generated outstanding performance relative to peers on a total as well as risk-adjusted return basis. During the team's nearly eight year tenure, Oppenheimer Core Bond Fund (Class Y) has generated annual total returns of 7.45%, ranking it in the sixth percentile of the Morningstar Intermediate-Term Bond category. The team has also produced top decile information ratios and Sharpe ratios. The Core Bond Fund in particular has boasted the top-ranked information ratio since the team's inception. In managing the Core Bond Fund, Limited-Term Bond Fund and its other strategies, the team will continue to take a top-down, bottom-up investment approach employing an investment horizon of 6-12 months, within a risk-controlled framework. 

"Through the strength of our overall investment platform, we're focused on delivering superior risk-adjusted returns and long-term outperformance over a full market cycle aligned to our clients' expectations," said Memani.

"In renaming the fund, we further align the product to the team's investment strategy. As we embark on a refreshed era for the fund, we leverage our ability to manage all interest rate environments effectively," said Kamal Bhatia, Head of Investment Products and Solutions, OppenheimerFunds.

"Our goal is to deliver the best value-adjusted outcomes for our clients. We will keep the pricing of our products competitive within our investment peer group, while continuing to add resources such as a dedicated client portfolio and service team, custom risk analysis and analytical advisor support to help clients with their investment outcomes," Bhatia added. To this end, OppenheimerFunds will lower fees on the following mutual funds, primarily via management fee reductions, effective April 3, 2017:

• Core Bond (OPIGX)
  To be renamed Total Return Bond in June 2017, the strategy typically invests in U.S. investment-grade fixed income instruments.
  Net expense ratios of A, Y and I-shares will be reduced by 10, 15 and 11 basis points, respectively.
• Limited Term Bond (OUSGX)
  The strategy typically invests in limited-term, U.S. investment-grade fixed income instruments.
  Net expense ratios of A, Y and I-shares will be reduced by 7, 18 and 6 basis points, respectively.
• Discovery Mid-Cap Growth (OEGAX)
  The strategy typically invests in mid-cap U.S. growth stocks.
  Net expense ratios of A, Y and I-shares will be reduced by 17, 16 and 16 basis points, respectively.
• Emerging Markets Local Debt (OEMAX)
  The strategy typically invests in local currency government and corporate fixed income securities in emerging market countries.
  Net expense ratios of A-shares will be reduced by 10 basis points.

Oppenheimer Core Bond Fund –
Class Y Shares Average Annual Total Returns as of 12/31/16

Gross Expense Ratio Class Y: 0.71%

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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1 800 CALL OPP (225 5677). Fund returns include changes in net asset value with dividends and capital gains reinvested. Class Y shares are not subject to a sales charge and are not available to all investors.

Morningstar Peer Ranking* - Intermediate-Term Bond¹

*Based on Total Return. Source: Morningstar, 12/31/16.

OppenheimerFunds, Inc., a leader in global asset management, is dedicated to providing solutions for its partners and end investors. OppenheimerFunds, including its subsidiaries, manages more than $222 billion in assets for over 13 million shareholder accounts, including sub-accounts, as of February 28, 2017.

Founded in 1959, OppenheimerFunds is an asset manager with a history of providing innovative strategies to its investors. The firm's 15 investment management teams specialize in equity, fixed income, alternative, multi-asset, and revenue-weighted-ETF strategies, including ESG. OppenheimerFunds and its subsidiaries offer a broad array of products and services to clients, who range from endowments and sovereigns to financial advisors and individual investors. OppenheimerFunds and certain of its subsidiaries provide advisory services to the Oppenheimer family of funds, and OFI Global Asset Management offers solutions to institutions. The firm is also active through its Philanthropy & Community initiative: 10,000 Kids by 2020, reaching children with introductions to math literacy programs. For more information on the firm, visit oppenheimerfunds.com.

¹ Rankings are for Y Shares and ranking may include more than one share class of funds in the category, including other share classes of the Fund. Ranking is based on total return as of 12/31/16, without considering sales charges. Different share classes may have different expenses and performance characteristics. The Fund's total-return percentile rank is relative to all funds that are in the Morningstar Intermediate-Term Bond category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top performing fund in a category will always receive a rank of 1. Fund rankings are subject to change monthly.

Fixed income investing entails credit and interest rate risks. 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 to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. Mortgage-backed securities are subject to prepayment risk. Asset-backed securities are subject to prepayment 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.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., 225 Liberty Street, New York, NY, 10281

© 2017 OppenheimerFunds Distributor, Inc. All rights reserved

SOURCE OppenheimerFunds, Inc.

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