NEW YORK, June 23, 2015 – OppenheimerFunds, a leader in global asset management, has announced share splits for five of its funds.
“These are core products in the portfolios of many interest rate-sensitive clients,” said Kamal Bhatia, Head of Investment Products and Solutions at OppenheimerFunds. “We are making this change to more closely align the net asset values of these funds with those of their respective peer funds, making it easier for clients and their investors to compare relative fund performance.”
The events are non-taxable and shareholders will be notified via a confirmation statement with a message that explains the change. The funds’ new NAVs will be effective with the close of business on the following dates:
- Oppenheimer Ultra-Short Duration Fund – 2:1 share split, Aug. 7, 2015;
- Oppenheimer Rochester® Limited Term Municipal Fund and Oppenheimer Rochester® Intermediate Term Municipal Fund – 3:1 share split, Aug. 21, 2015;
- Oppenheimer Limited-Term Government Fund and Oppenheimer Limited-Term Bond Fund – 2:1 share split, Sept. 11, 2015.
Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall, and the fund’s share price can fall. Below investment grade (“high yield” or “junk”) bonds are more at risk of default than other bond investments and are subject to liquidity risk. A portion of a municipal bond fund’s distributions may be subject to tax and may increase taxes for investors subject to Alternative Minimum Tax (AMT). May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization (“NRSRO”). Under certain market conditions, some unrated securities may trade less actively than rated securities.