Oppenheimer Senior Floating Rate Fund

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Berniece Pierce
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1 Ticker Symbols: OOSAX (Class A shares), OOSYX (Class Y shares), OOSIX (Class I shares) Performance Summary Portfolio Managers Joseph Welsh, CFA Since 9/99 David Lukkes, CFA Since 10/15 Client Portfolio Manager Taylor Watts Portfolio Inception September 8, 1999 Portfolio Assets $15.1 Billion Morningstar Category Bank Loan Morningstar Rating * Class A Shares rated 5 stars overall by Morningstar among 205 Bank Loan funds for the 3-, 5- and 10-year periods ended 6/30/18 based on risk-adjusted performance. (Class A shares without sales charge) returned 0.39% in the quarter, underperforming the JPM Leveraged Loan Index. Loan market technicals were supported by positive retail fund flows coupled with continued collateralized loan obligation demand. Positive attribution came from security selection in the Energy, Services and Autos sectors. Negative attribution came from security selection in the Broadcasting, Technology and Metals & Mining sectors. Average Annual Total Returns As of June 30, 2018 (Class A Shares w/o Sales Charge) (Class A Shares w/ Sales Charge) (Class Y Shares) (Class I Shares) J.P. Morgan Leveraged Loan Index (Linked Index)¹ Q Year 3-Year 5-Year 10-Year Inception J.P. Morgan Leveraged Loan Index Morningstar Percentile Rank and Ranking: Bank Loan Category² (Class A Shares based on total return) 24 th #70/229 6 th #15/ th #29/165 7 th #6/76 Returns for periods of less than one year are cumulative and not annualized. Class A share inception date is 9/8/1999 Class Y share inception date is 11/28/2005 Class I share inception date is 10/26/2012 Annual Expense Ratios: Class A shares: Gross: 1.13%.Net: 1.12%. Class Y shares: Gross: 0.88%.Net: 0.87%. Class I shares: Gross: 0.81%.Net: 0.80%. 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 CALL OPP ( ). Fund returns include changes in net asset value with dividends and capital gains reinvested. Class A shares include the 3.50% maximum sales charge except where indicated. Class Y 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. The net expense ratio takes into account contractual fee waivers and/or 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. Generally, I shares are only available to institutional investors and can only be purchased with a $1 million initial investment. Generally, Y shares are only available to certain investors, including those in wrap-fee based programs or commissionable brokerage platforms that charge sales commission. See prospectus for details. For additional information, please visit our website at 1

2 Market Overview The second quarter saw continued volatility across equity markets, credit markets and interest rates amid growing concerns over a potential global trade war. For the most part, the loan market was able to shrug off these concerns and generated positive returns for the quarter with the JPMorgan Leveraged Loan Index (JPM LLI) providing a gain of 0.74%. For the year, the JPM LLI has returned 2.33%. Loan spreads widened 20 basis points (bps) during the quarter to 404 bps over LIBOR. Positive retail inflows gained momentum in the second quarter with the asset class gathering $7.5B in net flows, a large increase over the positive $3.7B net flows in the first quarter. Collateralized loan obligations (CLOs) formations helped drive demand during the quarter as $84B in CLOs were formed. Gross new issuance was $258B in the second quarter, an increase over the first quarter s $242B, and brought the year-to-date total volume to $501B. Portfolio Review (Class A shares without sales charge) returned 0.39% in the second quarter following 1.20% in the first quarter. Year-to-date, the Fund (Class A shares without sales charge) has returned 1.59%. The JPM LLI returned 0.74% for the second quarter, outperforming the Fund by 35 bps. Positive attribution for the Fund came from security selection in the Energy, Services and Autos sectors. Negative attribution came from security selection in the Broadcasting, Technology and Metals & Mining sectors. 2

3 Performance Analysis by Industry Industry Avg. Weight Portfolio Benchmark Attribution Analysis Total Return Avg. Weight Total Return Allocation Security Selection Total Effect Automotive Broadcasting Cable And Satellite Cash and Money Markets Chemicals Consumer Products Diversified Media Energy Financial Food And Beverages Gaming Lodging And Leisure Healthcare Housing Industrials Metals and Mining Paper and Packaging Retail Services Technology Telecommunications Transportation Utility Total The mention of specific industries does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Attribution methodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation and security selection. Securities classified as "Other" may include non-equity securities, derivatives and securities for which a sector classification may not be appropriate. The Fund is actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the Fund are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual Fund returns. Contribution to Return measures the performance impact from portfolio holdings over a defined time period. It takes into account both weight and performance of the portfolio holdings. Contribution to Return is calculated at security level and reported at sector/strategy level. Past performance does not guarantee future results. Totals for Average Weight Columns may not add to 100% due to rounding. Returns for certain sectors have been removed due to the effect of the unfunded derivatives. 3 Not FDIC Insured. May loose value. Not Bank Guaranteed.

4 Outlook and Positioning The portfolio has modest overweights in the Metals & Mining, Broadcasting, and Automotive (parts suppliers) sectors and modest underweights in the Retail, Paper/Packaging, and Industrials sectors. The overall credit quality of the portfolio has improved over the year, as the team has found that on a relative value basis, in the current market environment higher-quality loans offer better risk-adjusted return characteristics than lower-quality loans. Valuations remain fair with spreads at 404 bps over LIBOR. The overall credit quality of the Loan market is also solid with defaults of approximately 2.5%. While there are a few sectors that are experiencing challenges specific to their industries such as Healthcare and Retail, we see healthy credit fundamentals continuing in 2018 with low default rates and improving credit statistics such as leverage levels. 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. 4

DISCLOSURES Past performance does not guarantee future results. 1. The index returns are made up of the returns of (i) Credit Suisse Leveraged Loan Index through September 30, 2014, and (ii) J.P. Morgan Leveraged Loan Index from October 1, 2014 to present.

5 DISCLOSURES Past performance does not guarantee future results. 1. The index returns are made up of the returns of (i) Credit Suisse Leveraged Loan Index through September 30, 2014, and (ii) J.P. Morgan Leveraged Loan Index from October 1, 2014 to present. The J.P. Morgan Leveraged Loan Index tracks the performance of U.S. dollar denominated senior floating rate bank loans. The Credit Suisse Leveraged Loan Index is a composite index of U.S. dollar denominated senior loan returns representing an unleveraged investment in senior loans that is broadly based across the spectrum of senior floating rate loans and includes reinvestment of income (to represent real assets). The indices are unmanaged, include reinvestment of dividends, and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results. 2. Source: 2018 Morningstar, Inc., 6/30/18. Morningstar ranking is for Class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 6/30/18, without considering sales charges. Different share classes may have different expenses and performance characteristics. Fund rankings are subject to change monthly. The fund's total-return percentile rank is relative to all funds that are in the Bank Loan Funds 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 The London InterBank Offered Rate (LIBOR) is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. It is a primary benchmark for short- term interest rates around the world. Sector allocations are subject to change, do not constitute recommendations by OppenheimerFunds, and are dollar-weighted based on assets. Attribution analysis is a process used to analyze the absolute return (often called contribution) and the excess return (often called relative return) between a portfolio and its benchmark. The total effect measures both the allocation effect to a sector as well as stock selection within a sector. Holdings are subject to change, and are dollar weighted based on total net assets. * The Morningstar Rating TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. was rated against the following number of Bank Loan funds over the following time periods: For the 3-,5- and 10- year periods, respectively, the Fund was rated 5, 4 and 5 stars among 205 funds in the last three years, 165 funds in the last five years, and 76 funds in the last ten years. Morningstar Rating is for the A share class only; other classes may have different performance characteristics. Ratings do not consider sales charges and are subject to change monthly. The mention of specific securities, issuers or sectors does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. 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. This material is provided for general and educational purposes only, is not intended to provide legal or tax advice, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. OppenheimerFunds is not undertaking to provide impartial investment advice or to provide advice in a fiduciary capacity. Contact your attorney or other advisor regarding your specific legal, investment or tax situation. These views represent the opinions of the portfolio managers at OppenheimerFunds, Inc. 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 on June 30, 2018, and are subject to change based on subsequent developments. The Fund 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 Fund or any gains realized if the investor sells his/her shares. 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 CALL OPP ( ). Read prospectuses and summary prospectuses carefully before investing. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY OppenheimerFunds Distributor, Inc. All rights reserved. Visit Us oppenheimerfunds.com Call Us Follow Us CO June 30,

Oppenheimer Discovery Fund

Oppenheimer Discovery Fund Ticker Symbols: OPOCX (Class A shares), ODIYX (Class Y shares), ODIIX (Class I shares) Performance Summary Portfolio Managers Ronald Zibelli, CFA Since 6/06 Ash Shah, CFA, CPA Since 2/14 Client Portfolio