Oppenheimer/Rochester municipal funds launch institutional Y shares

By Melissa Kory

Cleveland, Jan. 31 - OppenheimerFunds, Inc. said it will introduce Y shares for two of its OppenheimerFunds/Rochester municipal bond funds.

Unlike other share classes of OppenheimerFunds/Rochester funds, the Y shares are sold at net asset value directly to institutions that have signed agreements with OppenheimerFunds Distributor, Inc.

The funds that are introducing Y shares are Oppenheimer AMT-Free New York Municipals and Oppenheimer Limited Term Municipal Fund.

As each remaining fund in the OppenheimerFunds/Rochester family of funds reaches its prospectus date, it will start offering Y share classes. This share class expansion is expected to be completed by the end of July.

In December, Y shares were added to six other OppenheimerFunds/Rochester municipal bond funds. Nine municipal bond funds now offer Y shares.

"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," Digby Clements, a senior vice president of OppenheimerFunds and the investment brand manager of OppenheimerFunds/Rochester, said in a news release.

Oppenheimer is a Toronto-based provider of financial services.

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