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Attention Residents of Puerto Rico:

Please note the Government of Puerto Rico Treasury Department’s “Clarification of Ruling Letters” concerning tax treatment of Oppenheimer Municipal Bond Funds.

In the past, some Puerto Rico residents had questions about the tax-exempt nature of the Oppenheimer Rochester® suite of municipal bond funds. Understanding those concerns, we obtained clarification from the Puerto Rican government to assist shareholders preparing their annual tax documents. The two letters from the Government of Puerto Rico Treasury Department clarify that tax-exempt distributions from our 20 municipal funds qualify as exempt from income taxation under the Puerto Rico Internal Revenue Code of 2011.

Per the instructions included in the letters, copies of both letters need to accompany an individual resident’s Puerto Rico Income Tax Return, Form 1099-DIV, and evidence the Fund is qualified as a registered investment company under the U.S. Internal Revenue Code. OppenheimerFunds provides shareholders with a Form 1099-DIV annually in the first quarter. The prospectus for each fund, available here, contains a section titled 'Qualification as a Regulated Investment Company', which states the fund qualified as a registered investment company during the most recent fiscal year and intends to annually.

Please be advised that OppenheimerFunds cannot and does not provide legal or tax advice. These documents should be provided to your tax consultant for inclusion in your filings.

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 summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008