OppenheimerFunds Introduces Y Shares for OppenheimerFunds/Rochester® Municipal Bond Funds

NEW YORK, Nov. 29, 2010 /PRNewswire/ — Effective immediately, OppenheimerFunds, Inc. will add a new share class – Y shares – to six of its largest OppenheimerFunds/Rochester® municipal bond funds.  Institutional investors that make special agreements with OppenheimerFunds Distributor, Inc., the distributor of OppenheimerFunds, can buy these funds at net asset value (without sales charge) for their customers’ accounts.

The funds that are introducing Y shares include two national products, Oppenheimer AMT-Free Municipals and Oppenheimer Rochester National Municipals, and four state-specific funds – Oppenheimer California Municipal Fund, Oppenheimer Limited Term California Municipal Fund, Oppenheimer New Jersey Municipal Fund and Oppenheimer Pennsylvania Municipal Fund.  Y shares are now available for 7 of the 18 OppenheimerFunds/Rochester municipal bond funds.

“By using the new Y shares, insurance companies, registered investment companies, employee benefit plans and Section 529 plans, among other institutional investors, can now give their customers greater access to tax-free income generated by OppenheimerFunds/Rochester municipal bond funds,” said Digby Clements, a senior vice president of OppenheimerFunds, Inc. and the investment brand manager of OppenheimerFunds/Rochester. ”In the current tax environment, many investors have been searching for opportunities to reduce their tax exposure.  The new Y shares have been introduced in response to growing demand for tax-free income and highlight our commitment to meeting the needs of all investors seeking to limit their tax exposure.”

As each remaining fund in the OppenheimerFunds/Rochester family of funds updates its prospectus, it will start offering Y share classes.  OppenheimerFunds expects to complete this share class expansion by the end of July 2011.

The procedures for buying, selling, exchanging and transferring Y shares differ from those for other share classes of OppenheimerFunds/Rochester funds. The Y shares are sold at net asset value (without a sales charge) directly to those institutions who have signed specific agreements with the Distributor.  Institutional investors seeking to purchase Y shares for their customer accounts should contact their OppenheimerFunds representative to make the necessary arrangements.  

Individuals interested in learning about the tax-free benefits of municipal bond fund investing should contact their financial advisors for information about OppenheimerFunds/Rochester and the different share classes of municipal bond funds that are currently available to them.  Prospectuses and, if available, summary prospectuses contain detailed information about the different share classes each fund offers. 

The OppenheimerFunds/Rochester investment team, one of the most respected leaders in the financial industry, manages 18 municipal bond funds. With a proven approach that was first established more than 20 years ago, the investing and credit professionals at OppenheimerFunds/Rochester have helped countless investors realize their goals for tax-free fixed income.  The investment team has a value-oriented, research-intensive and security-specific approach to fund management and seeks to identify market inefficiencies that can generate long-term, yield-driven total returns to investors.  Further information about the Rochester style of fund management is available at www.oppenheimerfunds.com, www.rochesterway.com and www.twitter.com/rochesterfunds.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation’s largest and most respected investment management companies. As of September 30, 2010, OppenheimerFunds, Inc., including subsidiaries, managed more than $165 billion in assets, including mutual funds having approximately 6 million shareholder accounts.

OppenheimerFunds is widely recognized as a leader in educating and empowering investors and for its award-winning customer service.

Fixed-income investing entails credit risks and interest rate risks. When interest rates rise, bond prices fall and a fund’s share price can fall. Further, a portion of some funds’ distributions may be taxable and may increase alternative minimum tax (AMT) for investors subject to that tax; distributions from net realized capital gains are taxable as capital gains.

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 if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting our website at www.oppenheimerfunds.com, or calling us at 1.800.525.7048. Read prospectuses and if available, summary prospectuses, carefully before investing.

OppenheimerFunds are distributed by OppenheimerFunds Distributor, Inc. Two World Financial Center, 225 Liberty Street, New York, NY, 10281

© 2010 OppenheimerFunds Distributor, Inc.

SOURCE OppenheimerFunds, Inc.