OppenheimerFunds adds short-, intermediate-term muni funds to roster

By Susanna Moon

Chicago, Dec. 6 - OppenheimerFunds, Inc. said it launched the Oppenheimer Rochester Short Term Municipal Fund and the Oppenheimer Rochester Intermediate Term Municipal Fund.

The funds may invest in municipal bond securities of any duration. The short-term fund will seek to maintain an average effective maturity of two years or less, and the intermediate-term fund will target an average effective maturity of three to seven years.

They will aim to maintain 95% of assets in investment-grade municipal bond securities, according to a company press release.

The funds will be managed by OppenheimerFunds/Rochester, which is led by Dan Loughran, a senior vice president of OppenheimerFunds, Inc. and a senior portfolio manager at OppenheimerFunds/Rochester.

Investments in securities that are expected to increase an investor's exposure to the federal alternative minimum tax will be limited to 5% of net assets in each fund.

Oppenheimer Rochester municipal bond funds now include five national municipal bond funds and 15 state-specific funds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.