Fund now has $6B in assets, all classes. the A shares OSMAX is available load waived as NTF. I own OSMYX, institutional version. I called them and if fund is held with financial advisor, can still add. Nice fund.
January 29, 2016
OPPENHEIMER INTERNATIONAL SMALL-MID COMPANY FUND TO SOFT CLOSE ON APRIL 1, 2016
Dear Oppenheimer International Small-Mid Company Fund Shareholder:
In an effort to continue to provide our shareholders with a long-term strategy for success, we are placing limitations
on certain investor purchases into Oppenheimer International Small-Mid Company Fund. We believe
these new limitations will help position the Fund for continued sustainable long-term growth.
Effective as of the close of the New York Stock Exchange on April 1, 2016, the Fund will no longer accept
purchase orders from new investors and existing Fund shareholders will no longer be able to purchase new
shares or exchange shares of other funds into the Fund, subject to certain exceptions including:
• If you own shares in certain types of employer-sponsored retirement plans you can continue to purchase
shares and exchange into the Fund.
• If you own shares through an OppenheimerFunds Portfolio BuilderSM account you can continue to purchase
shares and exchange into the Fund.
• If you own shares in any 529 Plan that currently includes the Fund within one or more of their investment
options, those existing 529 portfolios are not affected.
Distribution and capital gains set to reinvest in Oppenheimer International Small-Mid Company Fund will continue
to reinvest after the close date. If you have automatic purchases established for this Fund and one of
the above exceptions does not apply, your auto purchase feature will be turned off before the effective
date. This will include purchases you make through Asset Builder, exchanges from another Oppenheimer fund
into this Fund (including dividend exchanges) and other automatic purchase methods. If you wish to continue
your automatic investments after the effective date, you will need to choose a different investment to receive
the purchases. Your financial advisor can help you make changes to your account.
We will continue to monitor the Fund to determine if we need to further modify these restrictions on investment
purchases. Please see the prospectus supplement, which is available on our website at oppenheimerfunds.com
for additional details on these and other changes to the purchase restrictions for the Fund.
If you have any questions, please speak with your financial advisor or contact us at 1 800 CALL OPP (225 5677)
Comments
As I posted before, Oppenheimer is trying to raise its management fee by 1/3. Total ERs, including the management fees, would rise about 20% (Y shares would go from 0.95% to 1.18%; A shares would go from 1.20% to 1.43%). Here's the proxy statement on this.
The rationale given is that the lower management fee is no longer in line with those of the fund's peers (and gosh darn it, managing this kind of fund is hard work). IMHO that might fly, except that this is, as slick noted above, a humongous fund.
The closest direct peer is LAIAX, with a virtually identical ER (before raising the rate). The other two jumbo ($4B+) small/mid cap international growth funds are MIDAX (which will be about 11 basis points cheaper after the hike in ER), and PRIDX (which costs about the same as OSMAX, before the ER hike).
It's not a done deal yet - they failed to get a quorum and had to adjourn the shareholder meeting until March 11th. But when it happens, the ER increase will make the fund less attractive.
http://www.sec.gov/Archives/edgar/data/1041102/000072888916002056/intlsmallmidco.htm