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 Special Sales Charge Arrangements and Waivers.

• 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 R share classes, you pay no initial sales charge. For C shares, 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:

##### Here’s a Hypothetical Example
\$10,000.00 purchase into class A shares of an Oppenheimer Fund
Prospectus Sales Charge4.75%
NAV\$9.54
Offering Price\$10.02 calculated as \$9.54/(1-0.0475)=10.015748032, which is rounded to \$10.02
Shares Purchased998.004 (\$10,000.00/10.02= 998.003992016, which is rounded to 998.004)
Account Balance998.004 X 9.54 (NAV) = 9,520.96
Statement & Confirm Sales Charge\$10,000.00 – \$9,520.96 = \$479.04
\$479.04/\$10,000.00 = 4.7904%, rounded to 4.79%

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 all Equity, Alternative, and Multi Asset mutual funds (with the exception of Oppenheimer Global Multi-Asset Income Fund):

Amount InvestedSales Charge
Less than \$25,0005.75%
\$25,000 or more but less than 50,0005.50%
\$50,000 or more but less than \$100,0004.75%
\$100,000 or more but less than \$250,0003.75%
\$250,000 or more but less than \$500,0002.50%
\$500,000 or more but less than \$1,000,0002.00%
\$1,000,000 or moreNone*

For domestic debt and global debt mutual funds and Oppenheimer Global Multi-Asset Income Fund:

Amount InvestedSales Charge
Less than \$50,0004.75%
\$50,000 or more but less than \$100,0004.50%
\$100,000 or more but less than \$250,0003.50%
\$250,000 or more but less than \$500,0002.50%
\$500,000 or more but less than \$1,000,0002.00%
\$1,000,000 or moreNone*

*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 Fund, Oppenheimer Limited-Term Government Fund, Oppenheimer Short Term Municipal Fund, Oppenheimer Intermediate Term Municipal Fund, Oppenheimer Rochester Short Duration High Yield Municipal Fund:

Amount Invested Sales Charge effectiveAmount Invested Sales Charge effective
Less than \$100,0002.25%
\$100,000 or more but less than \$250,0001.75%
\$250,000 or more but less than \$500,0001.25%
\$500,000 or more but less than \$1,000,000None**
\$1,000,000 or moreNone**

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

Amount InvestedSales Charge effective
Less than \$100,0003.50%
\$100,000 or more but less than \$250,0003.00%
\$250,000 or more but less than \$500,0002.00%
\$500,000 or more but less than \$1,000,0001.50%
\$1,000,000 or moreNone**

**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 (12 months in the case of shares of Oppenheimer Short Term Municipal Fund). 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 Fund, Oppenheimer Limited- Term Government Fund, Oppenheimer Rochester Short Duration High Yield Municipal Fund, Oppenheimer Short Term Municipal Fund, and Oppenheimer 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 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 Government Money Market Fund and Oppenheimer Government 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 and C shares over a 13- month period (Class A shares of Oppenheimer Government Money Market Fund and Oppenheimer Government Cash Reserves are excluded). The total amount of your intended Class A 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 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.

Sales Charge Waivers. The Fund and the Distributor offer the following opportunities to purchase shares without front-end or contingent deferred sales charges. The Fund reserves the right to amend or discontinue these programs at any time without prior notice. Not all Oppenheimer funds offer all of the share classes described and not all waivers apply to all Oppenheimer funds. You must advise the Distributor, the Transfer Agent or your financial intermediary that you qualify for the waiver at the time you submit your purchase order or redemption request.

Class A Sales Charge Waivers

Class A shares purchased in certain circumstances described below are not subject to Class A sales charges (and no concessions are paid by the Distributor on such purchases):

• Dividend Reinvestment. Dividends or capital gains distributions may be reinvested in shares of the Fund, or any of the other Oppenheimer funds into which shares of the Fund may be exchanged, without a sales charge.
• Exchanges of Shares. There is no sales charge on exchanges of shares except for Class A shares of Oppenheimer Government Money Market Fund or Oppenheimer Government Cash Reserves on which you have not paid a sales charge.
• Reinvestment Privilege. There is no sales charge on reinvesting the proceeds from redemptions of Class A shares shares that occurred within the previous three months if you paid an initial or contingent deferred sales charge on the redeemed shares. This reinvestment privilege does not apply to reinvestment purchases made through automatic investment options.
• Shares issued in plans of reorganization, such as mergers, asset acquisitions and exchange offers, to which the Fund is a party.
• Purchases made with the reinvestment of loan repayments by a participant in a retirement plan if the participant previously paid a sales charge on those shares.
• Purchases made in amounts of less than \$5 for accounts held directly with the Transfer Agent.
• Purchases by the Manager or its affiliates.
• Purchases by present or former officers, directors, trustees and employees (and their “immediate families”) of the Fund, the Manager and its affiliates, and retirement plans established by the Manager or its affiliate for their employees. The term “immediate family” refers to one's spouse, children, grandchildren, grandparents, parents, parents in law, brothers and sisters, sons and daughters in law, a sibling's spouse, a spouse's siblings, aunts, uncles, nieces and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included.
• Purchases by current employees and registered representatives (and their spouses) of any financial intermediaries if permitted by the intermediary’s policies. The purchaser must certify to the Distributor at the time of purchase that the purchase is for the purchaser's own account (or for the benefit of such employee's spouse or minor children).
• Purchases by group omnibus retirement plans under section 401(a), 401(k), 403(b) and 457 of the Internal Revenue Code.
• Purchases by taxable accounts held directly with the Transfer Agent that are established with the proceeds of Required Minimum Distributions from retirement plans and accounts.
• Rollover purchases in an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent made with the proceeds of a retirement plan distribution that was previously invested in an Oppenheimer fund.
• Purchases by former shareholders of Atlas Strategic Income Fund for any Oppenheimer fund into which shareholders of Oppenheimer Global Strategic Income Fund may exchange if permitted by the intermediary’s policies.
• Purchases by former shareholders of Oppenheimer Total Return Fund Periodic Investment Plan for any Oppenheimer fund into which shareholders of Oppenheimer Main Street Fund may exchange if permitted by the intermediary’s policies.
• Effective December 4, 2017, purchases made where there is no broker-dealer of record.
• Exchanges by a financial intermediary of Class Y shares for Class A shares of the same Fund in connection with a change in account type or otherwise in accordance with the intermediary's policies and procedures that renders a shareholder ineligible for Class Y shares. The availability of this sales charge waiver depends on the policies, procedures and trading platforms of the intermediary.

Waivers of the Class A Contingent Deferred Sales Charge for Certain Redemptions

The Class A CDSC is also waived if shares that would otherwise be subject to the CDSC are redeemed in the following cases:

• Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the Prospectus).
• For distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable:
1. Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant's account was established in an Oppenheimer fund.
2. To return excess contributions.
3. To return contributions made due to a mistake of fact.
4. To make hardship withdrawals, except from IRAs, as defined in the plan.
5. To make distributions required under a Qualified Domestic Relations Order, or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code.
6. To meet the minimum distribution requirements of the Internal Revenue Code.
7. To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code.
8. For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from Oppenheimer Single K plans.
9. On account of the participant's separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained.
10. Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager).
11. Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan.
12. Distributions from a participant's account under an Automatic Withdrawal Plan after the participant reaches age 59½, as long as the aggregate value of the distributions does not exceed 12% of the account's value annually.
• Redemptions of shares under an Automatic Withdrawal Plan for an account (other than a retirement plan) if the aggregate value of the redeemed shares does not exceed 12% of the account's value annually.

Waivers of Class C Contingent Deferred Sales Charges

The Class C CDSC will be waived for redemptions of shares in the following cases:

• Involuntary redemptions of small accounts (please refer to “Minimum Account Balance,” in the applicable fund Prospectus).
• Redemptions from accounts other than retirement plans following the death or disability of the last surviving shareholder or sole beneficiary of a Trust. The death or disability must have occurred after the account was established, and for disability you must provide evidence of a determination of disability by the Internal Revenue Code.
• Redemptions of Class C shares of an Oppenheimer fund, requested in writing by a retirement plan sponsor and submitted more than 12 months after the retirement plan’s first purchase of Class C shares, if the redemption proceeds are invested to purchase Class R shares of one or more Oppenheimer funds.
• Distributions from retirement plans and accounts, deferred compensation plans or other employee benefit plans for any of the following reasons, as applicable:
1. Following the death or disability (as defined in the Internal Revenue Code) of the participant or beneficiary. The death or disability must occur after the participant’s account was established in an Oppenheimer fund.
2. To return excess contributions.
3. To return contributions made due to a mistake of fact.
4. To make hardship withdrawals, except from IRAs, as defined in the plan.
5. To make distributions required under a Qualified Domestic Relations Order or, in the case of an IRA, a divorce or separation agreement described in Section 71(b) of the Internal Revenue Code.
6. To meet the minimum distribution requirements of the Internal Revenue Code.
7. To make “substantially equal periodic payments” as described in Section 72(t) of the Internal Revenue Code.
8. For loans to participants or beneficiaries except for loans from OppenheimerFunds-sponsored 403(b)(7) custodial plans or from OppenheimerFunds Single K plans.
9. On account of the participant’s separation from service. This provision only applies to qualified retirement plans and 403(b)(7) custodial plans after separation from service in or after the year age 55 is attained.
10. Participant-directed redemptions to purchase shares of a mutual fund (other than a fund managed by the Manager or a subsidiary of the Manager).
11. Distributions made on account of a plan termination or “in-service” distributions, if the redemption proceeds are rolled over directly to an OppenheimerFunds-sponsored IRA held directly with the Transfer Agent, if requested prior to plan termination or the elimination of the Oppenheimer funds as an investment option under the plan.
12. For distributions from a participant’s account under an Automatic Withdrawal Plan after the participant reaches age 59½, as long as the aggregate value of the distributions does not exceed 10% of the account’s value annually.
• Redemptions of Class C shares under an Automatic Withdrawal Plan from an account other than a retirement plan if the aggregate value of the redeemed shares does not exceed 10% of the account’s value annually.
• Redemptions of shares sold to the Manager or its affiliates.
• Redemptions of shares issued in plans of reorganization to which the Fund is a party.

## Other Special Sales Charge Arrangements and Waivers

In certain cases, the initial sales charge that applies to purchases of Class A shares of the Oppenheimer funds or the contingent deferred sales charge (“CDSC”) that may apply to Class A or Class C shares of the Oppenheimer funds may be waived. The availability of the sales charge reductions and waivers discussed in the Fund's Prospectus will depend upon whether you purchase your shares directly from the Fund or through a financial intermediary. Certain intermediaries have different policies and procedures regarding the availability of sales charge reductions or waivers, which are set forth below. In all instances, it is the shareholder's responsibility to notify the Fund or the shareholder's financial intermediary at the time of purchase or redemption of any relationship or other facts qualifying the shareholder for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts. Please contact your financial intermediary for questions regarding your eligibility and to receive the most current information with respect to your financial intermediary's policies on sales charge variations, waivers and discounts. These are described in greater detail in “Special Sales Charge Arrangements and Waivers” (also an appendix in each fund’s Prospectus.)

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 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 C shares without paying a CDSC. For Class C shares in nonretirement 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.