Oppenheimer Ultra-Short Duration Fund OSDYX; OSDIX

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1 Portfolio Managers Christopher Proctor, CFA Adam Wilde, CFA Total AUM (all share classes) $260 million Class Y: 4/25/11 Class I: 11/28/14 Ticker / CUSIP Class Y: OSDYX / 68385K206 Class I: OSDIX / 68385K305 Annual Expense Ratio Class Y (Gross): 0.38% Class Y (Net): 0.25% Class I (Gross): 0.40% Class I (Net): 0.28% Index ICE BofA Merrill Lynch 3-month U.S. Treasury Bill Index 1 Peer Group Morningstar Ultrashort Bond Oppenheimer Ultra-Short Duration OSDYX; OSDIX Investment Philosophy We seek current income, while aiming to preserve capital by investing in a variety of short-term investment-grade debt securities with a portfolio duration of typically one year or less. We believe this approach may serve as a complement to traditional money market funds with the ability to invest in a broader array of U.S. dollar-denominated investment-grade securities without sacrificing overall portfolio credit quality and while attempting not to significantly increase interest rate risk. Investment Process Oppenheimer Ultra-Short Duration is managed by Oppenheimers Cash Strategies Team, which has managed money market funds and other short duration portfolios for over 40 years. Our strategy is designed to generate higher income than traditional cash investments with relatively low principal volatility. We look for debt securities in market sectors we believe have the potential to offer attractive relative values and seek to reduce volatility by maintaining a diversified portfolio. The team s investment process also employs extensive credit research based on maturity management and a focus on liquidity when constructing the portfolio. Additionally, risk management is embedded in our process and is monitored independently. To seek these investment goals the team diversifies investments across three investment grade security types: Number of Holdings Range Typically Designed to provide consistent RISK-ADJUSTED RETURNS Maturity range: 1 3 years Bonds Typically provide relative STABILITY & LIQUIDITY Maturity range: days Floating Rate Notes Seeks to provide interest rate STABILITY & YIELD Maturity range: 1 3 years Money Market Securities RISK MANAGEMENT: An integral part of the investment process Key Differentiators Opportunistic strategy with the potential to exploit the mismatch of investor and issuer preferences brought about by money fund regulation Managed by money fund professionals with a proven investment process Strives for relatively low NAV volatility No below-investment grade securities permitted at time of purchase Not FDIC Insured May Lose Value Not Bank Guaranteed There can be no assurance that any investment process or strategy will achieve its investment objectives.

2 Oppenheimer Ultra-Short Duration Asset Allocation (%) Corporate Bonds Commercial Paper ABS 6.12 U.S. Treasury Credit Rating Allocation NRSRO-Rated (%) AAA 6.11* AA A BBB 6.96 Short-Term Rated Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the. *Allocation may include exposure to Government Money Market s which are required to be 99.5% Government related. The credit rating table presents ratable securities only. If included in the credit rating breakdown table above, all securities except for those labeled Treasury, Agency, and Unrated, have been rated by at least one Nationally Recognized Statistical Rating Organization ( NRSRO ), such as S&P Global Ratings ( S&P ). For securities rated only by an NRSRO other than S&P, Oppenheimers 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 do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Investment-grade securities are securities rated within the NRSRO s four highest rating categories, which include AAA, AA, A and BBB. Short-Term Rated is used for securities that have short-term NRSRO ratings. All short-term ratings for the are S&P rated (or equivalent) A-1+, A-1 or A-2, which are the three highest short-term rating categories and considered to be investment-grade. Please consult the s Prospectus and Statement of Additional Information for further information. Portfolio Characteristics Number of Holdings by Issuer 84 Number of Holdings by Security 136 Average Effective Duration* 0.3 years Monthly Yield (as of 12/31/18) Class Y Class I SEC Yield** 2.83% 2.85% Unsubsidized Yield 2.69% 2.73% Last Distribution (Dec.) $ $ *Duration measures interest rate sensitivity. The longer the duration, the greater the expected volatility as rates change. **Standardized yield (Class Y shares) is based on an SEC standardized formula designed to approximate the 's annualized hypothetical current income from securities less expenses for the 30 day-period ended 12/31/18 and that date's maximum offering price. The Unsubsidized Standardized Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It excludes contractual expense reimbursements, resulting in a lower yield. The s average total returns are shown on page 3. Maturity Breakdown (%) < 30 Days Days to 1 Year Year to 2 Years Years to 3 Years > 3 Years 0.39 Top 10 Holdings (By Issuer) Name (%) Mitsubishi UFJ Financial Group Inc Total 2.82 Schlumberger Ltd Total 2.79 Bank of Montreal Total 2.41 Nordea Bank Abp Total 2.37 Mizuho Financial Group Inc Total 2.31 Royal Bank of Canada Total 2.29 Skandinaviska Enskilda Banken AB Total 2.26 Sumitomo Mitsui Financial Group Inc Total 1.94 Svenska Handelsbanken AB Total 1.92 McKesson Corp Total 1.92 Total Weight % Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the. 2

3 Oppenheimer Ultra-Short Duration Performance Summary: Average Annual Total Returns (%) And Morningstar Rankings Oppenheimer Ultra-Short Duration Annualized Historical Performance 4Q 2018 * YTD 2018 * 1 Year * 3 Years 5 Years Since (4/25/11) Class Y Shares ICE BAML 3-Month US Treasury Bill Index Relative Return Morningstar Percentile Rank and Ranking: Ultrashort Bond s Category (based on total return) 2 1 Year 3 Years 5 Years 10 Years Percentile Rank/Total 2 66/186 79/145 59/122 Oppenheimer Ultra-Short Duration Annualized Historical Performance 4Q 2018 * YTD 2018 * 1 Year * 3 Years 5 Years Since (11/28/14) Class I Shares ICE BAML 3-Month US Treasury Bill Index Relative Return Morningstar Percentile Rank and Ranking: Ultrashort Bond s Category (based on total return) 2 1 Year 3 Years 5 Years 10 Years Percentile Rank/Total 2 64/186 28/145 *Returns for periods less than one year are cumulative and not annualized. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the data quoted. For performance data current to the most recent month-end, visit oppenheimerfunds.com. returns for Class Y Shares and Class I Shares include changes in share price and reinvested distributions. Class Y Shares and Class I Shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual s investment. 3

4 Oppenheimer Ultra-Short Duration NAV Metrics Oppenheimer Ultra-Short Duration (Class Y Shares) +/- 1% Volatility Example NAV OSDYX NAV $5.50 $5.45 $5.40 $5.35 $5.30 $5.25 $5.20 $5.15 $5.10 $5.05 $5.00 $4.95 $4.90 $4.85 $4.80 $4.75 $4.70 $4.65 $4.60 $4.55 $4.50 Source of chart data: Oppenheimers Inc., December 31, This information is provided solely for purposes of illustration and is not provided as or intended to be a recommendation of any investment or the commencement of any investment. Chart is a historical representative example of NAV volatility for the time period May 31, 2011 to December 31, Past performance is no guarantee of future results. 4

5 Oppenheimer Ultra-Short Duration Disclosure Statements 1. The ICE BofA Merrill Lynch 3-month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than 3 months. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the. Past performance does not guarantee future results. 2. Source of data: 2018 Morningstar, Inc., 12/31/18. Morningstar ranking is for Class Y and I shares, as indicated, and ranking may include more than one share class of funds in the category, including other share classes of this. Ranking is based on total return as of 12/31/18, without considering sales charges. Different share classes may have different expenses and performance characteristics. Rankings are subject to change monthly. The s total-return percentile rank is relative to all funds that are in the Ultrashort Bond s 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. Past performance does not guarantee future results. Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the s share prices can fall. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Asset-backed securities are subject to prepayment risk. The 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. Diversification does not guarantee profit or protect against loss. Oppenheimer Ultra Short Duration is not a money market fund. Shares of the have a variable net asset value (NAV). In most cases, Class Y shares of the can be purchased with a minimum initial investment of $250,000. Additional investments can be made in any amount. Generally, Y shares are only available to certain investors, including those in wrap-fee based programs or commissionable brokerage platforms that charge sales commission. Generally, Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more per account and to retirement plan service provider platforms. The s portfolio strategies, holdings, asset allocation and maturity distributions may change, do not constitute recommendations by the or Oppenheimers, Inc. and are dollar-weighted based on assets. These views represent the opinions of the Portfolio Managers at Oppenheimers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business of the final day of the quarter discussed and are subject to change based on subsequent developments. The s portfolio and strategies are subject to change. Total returns do not show the effects of income taxes on an individual s investment. Taxes may reduce an investor s actual investment returns on income or gains paid by the or any gains realized if the investor sells his/her shares. Expense ratios are as of the s most recent fiscal year-end. Current expense ratios may be lower or higher than the data quoted. Different share classes may have different expense and performance characteristics. The net expense ratio 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. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund s investment objectives, risks, charges and expenses. prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor or visiting oppenheimerfunds.com. Investors should read prospectuses and summary prospectuses carefully before investing. 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. Oppenheimer funds are distributed by Oppenheimers Distributor, Inc., 225 Liberty Street, New York, NY Oppenheimers Distributor, Inc. All rights reserved. OFII