Sales Charges and Breakpoints

OppenheimerFunds offers several ways to reduce your costs when you purchase shares. Following is general information on how you can take advantage of reduced sales charges.

For complete information on sales charges, expenses and other information, please read the prospectus carefully.

Get information about sales waivers. 

About Share Classes
  • When you purchase Class A shares, you pay a front-end sales charge that declines as the amount you invest increases
  • When you purchase C or N shares, you pay no initial sales charge. However, you may be subject to a contingent deferred sales charge (CDSC) when you redeem your shares. In certain circumstances, Class A shares may also be subject to a CDSC (see the following Sales Charge tables for additional information)

If you purchase shares through an investment professional, he/she may receive commissions or other concessions from various sources, i.e., sales charges and Rule 12b-1 distribution and service fees.

Sales charges may differ from the percentage displayed in the prospectus due to rounding. This is because the sales charge disclosure in the prospectus is used to calculate the fund's offering price based on the net asset value. Prices are always rounded to the nearest penny, while the number of shares purchased is rounded to three decimal points. The chart below shows a hypothetical example:

CLASS A SHARES

(Purchases subject to a front-end sales charge)
With most mutual funds, the initial sales charge amount you pay on Class A shares declines based on the investment amount.

For general equity and SteelPath mutual funds:

Amount InvestedSales Charge

Less than $25,000

5.75%

$25,000 or more but less than 50,000

5.50%

$50,000 or more but less than $100,000

4.75%

$100,000 or more but less than $250,000

3.75%

$250,000 or more but less than $500,000

2.50%

$500,000 or more but less than $1,000,000

2.00%

$1,000,000 or more

None*


For general taxable bond mutual funds:

Amount InvestedSales Charge

Less than $50,000

4.75%

$50,000 or more but less than $100,000

4.50%

$100,000 or more but less than $250,000

3.50%

$250,000 or more but less than $500,000

2.50%

$500,000 or more but less than $1,000,000

2.00%

$1,000,000 or more

None*

*Class A purchases of $1 million or more—You pay no initial sales charge for Class A shares when you invest $1 million or more.  However, a 1% (or the applicable amount for the specific Fund) CDSC may be deducted from your redemption proceeds if you redeem within 18 months of purchase.  Certain retirement plans also may qualify for no initial sales charge; see a prospectus for details.

For Oppenheimer Rochester Limited Term New York Municipal Fund, Oppenheimer Rochester Limited Term California Municipal Fund, Oppenheimer Limited-Term Bond Fund1, Oppenheimer Limited-Term Government Fund, Oppenheimer Currency Opportunities Fund, Oppenheimer Rochester Short Term Municipal Fund, Oppenheimer Rochester Intermediate Term Municipal Fund, Oppenheimer Rochester Limited Term Municipal Fund:

Amount Invested Sales Charge effective

Amount Invested Sales Charge effective

Less than $100,000

2.25%

$100,000 or more but less than $250,000

1.75%

$250,000 or more but less than $500,000

1.25%

$500,000 or more but less than $1,000,000

None**

$1,000,000 or more

None**


For Oppenheimer Senior Floating Rate Fund and Oppenheimer Senior Floating Rate Plus Fund:

Amount Invested

Sales Charge effective

Less than $100,000

3.50%

$100,000 or more but less than $250,000

3.00%

$250,000 or more but less than $500,000

2.00%

$500,000 or more but less than $1,000,000

1.50%

$1,000,000 or more

None**


**These Class A purchases are not subject to initial sales charges. However, a CDSC may be deducted from your redemption proceeds if you redeem within 18 months of purchase.  Additionally, OppenheimerFunds Distributor, Inc. (the "Distributor") will not normally accept purchase orders from a single investor for $500,000 or more of Class C shares in Oppenheimer Rochester Limited Term New York Municipal Fund, Oppenheimer Rochester Limited Term California Municipal Fund, Oppenheimer Limited-Term Bond Fund1, Oppenheimer Limited-Term Government Fund, Oppenheimer Currency Opportunities Fund, Oppenheimer Rochester Limited Term Municipal Fund, Oppenheimer Rochester Short Term Municipal Fund, and Oppenheimer Rochester Intermediate Term Municipal Fund. Dealers or other financial intermediaries purchasing shares for their customers in omnibus accounts are responsible for determining the suitability of a particular share class for an investor.

How to reduce Class A Sales Charges

Right of Accumulation (ROA)— If your total investment in Class A, B and C shares equals or exceeds one of the breakpoints listed in your fund prospectus, you qualify for Right of Accumulation (ROA) on any new Class A shares you buy. (Class A shares of Oppenheimer Money Market Fund and Oppenheimer Cash Reserves on which you did not pay a sales charge are excluded.)

To qualify for this Right of Accumulation, you must inform the Fund's Distributor or your financial professional of your eligibility and holdings at the time of your purchase.

View a list of eligible accounts

Letter of Intent (LOI)— You may reduce the Class A front-end sales charge on current purchases of most Oppenheimer funds by submitting a Letter of Intent to the Distributor. The letter states your intention to purchase Class A, B and/or C shares over a 13-month period (Class A shares of Oppenheimer Money Market Fund and Oppenheimer Cash Reserves are excluded). The total amount of your intended Class A, B and C shares purchase will determine the sales charge rate that will apply to Class A shares purchased during that period. Submitting a Letter of Intent does not obligate you to purchase the specified share amount. You also can apply your Right of Accumulation to these purchases.

If you do not complete the Letter of Intent, the front-end sales charge you paid on your purchases will be recalculated to reflect actual shares purchased. The Fund's Transfer Agent will hold a portion of your shares in escrow for this purpose. Please refer to "How to Buy Shares-Letters of Intent" in an Oppenheimer fund's Statement of Additional Information for complete information.

Eligible Accounts that you may link under ROA and LOI
  • Individual accounts (including IRAs and 403b plans)
  • Joint accounts (with your spouse)
  • Accounts you or your spouse hold as trustees or custodians on behalf of your children who are minors
  • Single K retirement plan accounts
  • Certain accounts held in the name of your investment professional(s) on your behalf
  • Accounts held in advisor sold Section 529 plans, for which OppenheimerFunds, Inc. or the Distributor serves as the Program Manager or Program Distributor.

A fiduciary can count all shares purchased for a trust, estate or other fiduciary account (including employee benefit plans for the same employer) that has multiple accounts.

To count Oppenheimer fund shares held in accounts with other investment professionals under a ROA, you may be requested to provide the Distributor or your investment professional (depending on the way you are buying your shares) account statements showing eligible Oppenheimer fund current holdings. We will then combine the value of all your eligible accounts based on the greater of their current offering price or the amount you paid for the shares to determine what Class A sales charge breakpoints your current purchase may qualify for.

Special Sales Charge Arrangements and Waivers

Reinvestment Privilege— Within three months of redeeming certain Class A and B shares, the redemption proceeds may be reinvested without sales charge in Class A shares of any Oppenheimer fund. This privilege applies to redemptions of Class A shares that were subject to an initial sales charge or Class A or B shares that were subject to a CDSC when redeemed. You must ask the Transfer Agent for this privilege at the time of reinvestment and must identify the account from which the redemption was made.

Exchanges of Shares—In most cases, shares of an Oppenheimer fund (other than a money market fund) may be exchanged for shares of other Oppenheimer funds without a sales charge.

Please refer to "How to Exchange Shares" in each fund's Prospectus and statement of additional information for more details. This also includes information on when sales charges may apply on certain exchanges.

Dividend Reinvestment—Generally dividends and/or capital gains distributions received by a shareholder from a fund may be reinvested in shares of any other Oppenheimer funds without a sales charge, at the net asset value per share on the payable date. You must have an existing account in the Oppenheimer fund selected for reinvestment.

Other Special Reductions and Waivers

Additional Reductions and Waivers— The Fund and the Distributor offer additional arrangements to reduce or eliminate front-end sales charges or to waive the CDSC for certain transaction types and for certain investor classes (primarily retirement plans that purchase shares in special programs through the Distributor). These are described in greater detail in "Special Sales Charge Arrangements and Waivers" (also an appendix in each fund's Statement of Additional Information.)

To receive any waiver or special sales charge rate discussed in the above noted document, the purchaser must notify the Distributor (or investment professional through whom the shares will be purchased) at the time of purchase or notify the Transfer Agent at the time of redeeming shares for those waivers that apply to CDSC.

CLASS B SHARES For Equity and Bond Funds

As of June 29, 2012, Class B Shares are no longer available for sale. 

Class B shares were purchased without an initial sales charge (net asset value). However, if you redeem your shares within the first six years, you may be subject to a CDSC.*** The maximum Class B CDSC is 5% for redemptions made during the first year and expires after the completion of the sixth year.

Class B CDSC Schedule

Years since beginning of month in which purchase was accepted

CDSC on redemption in that year

First

5%

Second

4%

Third

3%

Fourth

3%

Fifth

2%

Sixth

1%

After sixth year

0%

Class B shares held for six years automatically convert to Class A shares. When any Class B shares that you hold convert to Class A shares, all other Class B shares that were acquired by reinvesting dividends and distributions on the converted shares will also convert.

***This Class B CDSC expires after completion of the fifth year for Oppenheimer Limited-Term Bond Fund1, Oppenheimer Limited-Term Government Fund, Oppenheimer Rochester Limited Term Municipal Fund, Oppenheimer Rochester Limited Term California Municipal Fund, Oppenheimer Rochester Limited Term New York Municipal Fund, and is imposed beginning at 4% the first year, 3% the second year, 2% the third and fourth years and 1% the fifth year. For Oppenheimer Senior Floating Rate Fund, this Class B CDSC expires after the completion of the fifth year and is imposed beginning at 3% the first year, 2% the second year, 1.5% the third and fourth years and 1% the fifth year.

CLASS C SHARES

Class C shares have annual distribution and service fees up to a maximum of 1% of net assets annually. You may purchase Class C shares at net asset value without an initial sales charge, but if you redeem your shares within the first year from the end of the calendar month of purchase, you may be subject to a CDSC of 1%. Class C shares do not convert to any other share class.

Other Sales Charge Waivers or Reductions

CDSC Waived for Automatic Withdrawal Plan— You may elect to automatically receive regular periodic payments through an automatic redemption of Class B or Class C shares without paying a CDSC. For Class B and Class C shares in non-retirement accounts, you can receive up to 10% of the value of your account through these payments in any one year, adjusted annually.

Some of these programs may not be available to you if your shares are held through certain types of accounts, such as some retirement accounts or in certain accounts that you maintain with your investment professional.
The programs described above may be changed or discontinued at any time without notice. You must inform your investment professional or the OppenheimerFunds' shareholder servicing agent ("Transfer Agent") or the Distributor of your intention to invest under or enroll in one of these programs.

1. Prior to August 1, 2013, the Oppenheimer Limited-Term Bond Fund's name was Oppenheimer U.S. Government Trust.

 

JGK-3-5-12/12

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.

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.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008