OppenheimerFunds and Apollo Credit Management Announce Strategic Partnership

NEW YORK, Sept. 18, 2015 /PRNewswire/ -- OppenheimerFunds, a leader in global asset management, today announced a strategic partnership in which Apollo Credit Management, which is an affiliate of Apollo Global Management, LLC (NYSE: APO), will serve as sub-sub-advisor to the Oppenheimer Global Strategic Income Fund (GSIF).

"As a progressive money manager, OppenheimerFunds consistently strives to add value for our clients. Apollo Credit Management offers a wide range of alternative investment credit strategies that complement our strong in-house fixed income capabilities, which will help us continue to deliver a very compelling offering," said Art Steinmetz, Chairman, CEO and President of OppenheimerFunds. "Continuing the fund's history of innovation, we wanted a quality partner in terms of performance, investment team and most importantly, one that shares our cultural viewpoint on serving investors first. We are launching our relationship via our marquee fixed income product, and will explore other potential initiatives over time."

"We are delighted to partner with OppenheimerFunds on this innovative approach to provide their investors with access to Apollo's flagship liquid alternative credit solution. These credit exposures, which have historically only been available to Apollo's institutional investors, offer significant yield advantages and diversification to the individual investor," said Marc Rowan, co-founder and Senior Managing Director of Apollo. "Similar to Apollo, OppenheimerFunds is focused on delivering investment excellence to its clients, and we look forward to a long and prosperous partnership with such a high-caliber institution."

Global Strategic Income Fund is dedicated to providing current income from diversified sources of fixed income investments while maintaining low overall volatility relative to the multi-sector fixed income category. GSIF utilizes the complete set of OppenheimerFunds' taxable fixed income capabilities, and the new partnership will help the Fund access non-traditional fixed income market opportunities – including structured credit, middle-market loans, direct real estate investments and insurance-linked securities – to improve yield and overall risk-adjusted performance, diversify the fund to minimize volatility, and advance the firm's history of innovation.

"Our partnership with Apollo Credit Management is very exciting as it gives us access to different areas of the credit markets that can provide low-correlated, diversified sources of high income for our Fund shareholders," said Michael Mata, Portfolio Manager of GSIF at OppenheimerFunds. "Our shareholders will receive the benefits of our scale and service without paying extra to reach these non-traditional asset classes."

About OppenheimerFunds
OppenheimerFunds, a leader in global asset management, is dedicated to providing solutions for its partners and end investors. OppenheimerFunds, including its subsidiaries, manages $220 billion in assets for over 13 million shareholder accounts, including sub-accounts, as of Aug. 31, 2015.

Founded in 1959, OppenheimerFunds is a high conviction asset manager with a history of providing active, innovative investment strategies to its investors. The firm's 14 distinct, collaborative investment management teams specialize in equity, fixed income, alternative and multi-asset strategies. OppenheimerFunds and its subsidiaries offer a broad array of products and services to clients, who range from endowments and sovereigns to financial advisors serving individual investors. OppenheimerFunds provides advisory services to the Oppenheimer mutual funds, and OFI Global Asset Management offers solutions to institutions. For more information, visit www.oppenheimerfunds.com.

About Apollo Global Management
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Shanghai and Hong Kong. Apollo had assets under management of approximately $162 billion as of June 30, 2015 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

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. The Fund may invest in senior floating rate loans that may be collateralized or uncollateralized. Senior loans are subject to credit, interest rate, prepayment and liquidity risk. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. Mortgage-related securities are subject to default risk, prepayment risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Sovereign debt instruments are subject to the risk that a government entity may be unable, to pay interest or repay principal on its debt. 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. Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Gold ETFs involve additional fees and risks. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.

Shares of mutual 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

© 2015 OppenheimerFunds Distributor, Inc.  All rights reserved.

SOURCE OppenheimerFunds, Inc.

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