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Tuesday, October 10, 2006|
Oppenheimer Makes Tax-Free Triple Play
The asset management arm of MassMutual just added three new income tax exempt mutual funds. OppenheimerFunds announced Tuesday the launch of the Oppenheimer Rochester Arizona Municipal Fund, the Oppenheimer Rochester Maryland Municipal Fund and the Oppenheimer Rochester North Carolina Municipal Fund.
The three funds offer class A shares with a 475 basis point sales charge and 115 basis points of annual operating expenses, along with class B and C shares with deferred sales charges but 230 basis points of total annual operating expenses. The minimum initial investment for each fund is $1,000, while the minimum additional investment is $50. In addition to the three newbies, Oppenheimer's Rochester series currently offers funds targeted to Massachusetts, Michigan, Minnesota, Ohio and Virginia, along with the Oppenheimer Multi-State Municipal Trust. Each of the funds is designed to produce dividends exempt from income taxes in their respective states (and at the federal level).
The Rochester investment team's chief strategist and senior vice president, Ronald H. Fielding, described the funds as ideal for investors with a low tolerance for risk.
"Historically our municipal bond funds have been far less sensitive to interest rate volatility," Fielding stated.
Vice president Scott Cottier serves as lead portfolio manager for the Arizona Fund (along with the Oppenheimer California Municipal Fund, Oppenheimer Limited Term California Municipal Fund, Oppenheimer Limited Term Municipal Fund and Oppenheimer Rochester Ohio Fund). Before hopping over to Oppenheimer 4 years ago, Cottier spent 3 years at Victory Capital Management as a portfolio manager and trader.
Assistant vice president Troy Willis, the lead portfolio manager for the Maryland Fund (in addition to the Oppenheimer AMT-Free Municipals, Oppenheimer Pennsylvania Municipal Fund and Oppenheimer Rochester Michigan Fund), joined Oppenheimer in 2003. He left a three year stint as a corporate attorney for Southern Resource Group.
Daniel Loughran leads the Rochester investment team and manages the North Carolina Fund (and the Limited Term New York Municipal Fund, Oppenheimer Virginia Municipal Fund and Oppenheimer New Jersey Municipal Fund). He has been with Oppenheimer for 12 years, moving up to vice president in 2001.
Oppenheimer is its own distributor and transfer agent for the funds. Citibank is the funds' custodian.
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