OppenheimerFunds Introduces Y Shares for Eight State-Specific Municipal Bond Funds
NEW YORK, July 29, 2011 /PRNewswire/ -- Effective immediately, OppenheimerFunds Inc. will add a new share class – Y shares – to eight state-specific municipal bond funds. Institutional investors who make special agreements with OppenheimerFunds Distributor Inc., the distributor of the Oppenheimer mutual funds, can buy Y shares of Oppenheimer Rochester® municipal bond funds at net asset value (without sales charge) for their customers' accounts.
The funds introducing Y shares are: Oppenheimer Rochester® Arizona Municipal Fund, Oppenheimer Rochester® Maryland Municipal Fund, Oppenheimer Rochester® Massachusetts Municipal Fund, Oppenheimer Rochester® Michigan Municipal Fund, Oppenheimer Rochester® Minnesota Municipal Fund, Oppenheimer Rochester® North Carolina Municipal Fund, Oppenheimer Rochester® Ohio Municipal Fund and Oppenheimer Rochester® Virginia Municipal Fund. Y shares are now available for all 20 OppenheimerFunds/Rochester municipal bond funds.
"Over the past 8 months, Y shares have been introduced to 19 funds in response to investors' growing demand for tax-free income," said Digby Clements, a senior vice president of OppenheimerFunds Inc. and the product director of OppenheimerFunds/Rochester. "These shares allow institutional investors to give their customers greater access to tax-free income, and we believe this can help individual investors limit their tax exposure."
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 potential tax-free benefits of municipal bond fund investing should contact their financial advisors for information about OppenheimerFunds/Rochester and the share classes available for each of OppenheimerFunds/Rochester's 20 municipal bond funds. Prospectuses and summary prospectuses contain detailed information about the share classes each fund offers.
The OppenheimerFunds/Rochester investment team, one of the most respected leaders in the financial industry, manages 20 municipal bond funds. With a proven approach that was first established nearly three decades 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 OppenheimerFunds/Rochester style of fund management is available at 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 June 30, 2011, OppenheimerFunds, Inc., including subsidiaries, managed more than $188 billion in assets, including mutual funds having approximately 11 million shareholder accounts (including sub-accounts.) Known for its tagline The Right Way to Invest, OppenheimerFunds, Inc. has been helping investors reach their financial goals since 1960. The Company and its controlled affiliates offer a broad range of products and services to individuals, corporations and institutions, including mutual funds, separately managed accounts, investment management for institutions, qualified retirement plans and sub advisory investment-management services.
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 municipal bond 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 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, if available, summary prospectuses contain this and other information about the funds. You may download and view a prospectus now, or to obtain one, ask your financial advisor or call OppenheimerFunds Distributor, Inc. at 1.800.CALL OPP (225.5677). Read prospectuses and, if available, 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
© 2011 OppenheimerFunds Distributor, Inc.
SOURCE OppenheimerFunds, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article