OppenheimerFunds, Inc. Launches Short Duration Fund

NEW YORK, April 25, 2011 -- OppenheimerFunds, Inc. (OFI), a leading asset manager, today announced the launch of Oppenheimer Short Duration Fund, an actively-managed fund that seeks to offer investors attractive short duration returns with relatively low interest rate risk.

Oppenheimer Short Duration Fund seeks to provide investors with a competitive yield over money market funds and relative stability of principal. In an attempt to achieve this objective, the Fund will seek to maintain a portfolio duration of one year or less and invest in a variety of investment grade short-term debt and money market instruments.

"The credit and liquidity environment over the last few years has created an imbalance in the market. Short duration products may be able to exploit these inefficiencies by taking advantage of the steep yield curve," said Carol Wolf, Co-Portfolio Manager of Oppenheimer Short Duration Fund. "The fund presents a diversification option for investors and seeks the combination of current income, while endeavoring to preserve capital."

This new fund will be managed by Wolf, who is head of the Denver-based Oppenheimer Cash Strategies Team, and Chris Proctor, Vice President and Portfolio Manager. The Cash Strategies Team has been running funds for more than 30 years since the inception of the Daily Cash Accumulation Fund and the Centennial Funds in the '70's.

The Oppenheimer Short Duration Fund can invest in a variety of U.S. dollar-denominated, investment-grade fixed income obligations, including corporate notes, floating and variable rate instruments, asset backed securities, and U.S. Government and Agency debt.

The Short Duration Fund will be managed with the same investment and credit process as the other funds the team oversees. The Cash Strategies Team manages more than $10 billion in assets (as of 3/31/11), including all of OppenheimerFunds' money market funds.

Further information about the fund can be accessed at oppenheimerfunds.com.

Currently, Class Y Shares of the Fund are being offered to institutional investors with a minimum initial investment of $250,000.

Oppenheimer Short Duration Fund is not a money market fund. Shares of the fund have a variable net asset value. Fixed-income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall and a fund's share price can fall. The Fund is also subject to liquidity risk. Investments in foreign securities entail special risks (such as economic and political uncertainties) and may have higher expenses and volatility. The Fund may invest more than 25% of its assets in securities of issuers in the banking and financial services industries which may be more susceptible to particular economic and regulatory events and increased volatility. Derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate, index or currency entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Diversification does not guarantee profit or protect against loss.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. As of March 31, 2011, OppenheimerFunds, Inc., including subsidiaries, managed more than $185 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.

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.

OppenheimerFunds are distributed by OppenheimerFunds Distributor, Inc. Two World Financial Center, 225 Liberty Street, New York, NY, 10281