OppenheimerFunds adds Y shares to eight state municipal bond funds

By Toni Weeks

San Diego, July 29 - Oppenheimerfunds, Inc. said it has added a new Y shares class to eight state-specific municipal bond funds.

According to a press release, the Oppenheimer Rochester Municipal Funds that are introducing the Y shares are for the states of Arizona, Maryland, Massachusetts, Michigan, Minnesota, North Carolina, Ohio and Virginia.

Y shares are now available for all 20 Oppenheimer Funds/Rochester municipal bond funds, the release noted.

Procedures for buying, selling, exchanging and transferring Y shares differ from those of other OppenheimerFunds/Rochester funds share classes. Y shares are sold at net asset value - without a sales charge - directly to institutions who have signed agreements with the distributor.

"Over the past eight months, Y shares have been introduced to 19 funds in response to investors' growing demand for tax-free income," Digby Clements, an OppenheimerFunds Inc. senior vice president and the product director of OppenheimerFunds/Rochester, said in the release.

"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."

New York-based Oppenheimer Funds is an investment management company.

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