Oppenheimer Global High Yield Fund gives details of new fund

By Toni Weeks

San Luis Obispo, Calif., Nov. 8 - OppenheimerFunds gave details of its new Oppenheimer Global High Yield Fund in a 497K filing with the Securities and Exchange Commission.

The fund seeks total return and, under normal market conditions, invests at least 80% of its net assets in high-yield, fixed-income securities. Investments will include U.S. and foreign corporate debt securities denominated in dollars or local foreign currencies and may include distressed securities and securities that are in default. The fund may invest up to 30% of its total assets in foreign government securities.

Krishna Memani, Sara J. Zervos, Jack Brown and Young-Sup Lee are the portfolio managers.

The fund offers class A, class C, class N, class Y and class I shares. The ticker symbols are OGYAX, OGYCX, OGYNX, OGYYX and OGYIX, respectively.

Shareholder fees consist of a 4.75% maximum sales load on class A shares and 1% maximum deferred sales load on class C and class N shares.

Including management fees of 0.75%, and including the effects of a fee waiver agreement with the adviser, total annual fund operating expenses are expected to be 1.15% for class A, 1.85% for class C, 1.4% for class N, 0.85% for class Y and 0.8% for class I shares.

New York-based OFI Global Asset Management, Inc. is the investment adviser.

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