Troy E. Willis, J.D., CFA, Vice President and Senior Portfolio Manager

Troy E. Willis, J.D., CFA

Vice President and Senior Portfolio Manager

Troy Willis, a Vice President and Senior Portfolio Manager of OppenheimerFunds, Inc., joined the Oppenheimer Rochester® municipal investment team in 2002. The Rochester investment team is responsible for the day-to-day management of 15 state-specific municipal bond funds and 5 national municipal bond funds. In its investment selection of bonds for the portfolios, the team employs a bottom-up, value-oriented and security-specific investment style that seeks to produce above-average yields and total returns.

Mr. Willis has been involved in the investment management business for more than 10 years. He received a M.B.A. in Finance and Corporate Accounting from William E. Simon Graduate School of Business Administration at the University of Rochester. He received his J.D. from West Virginia University, College of Law with a concentration in Corporate Law and a B.A. in International Studies from West Virginia University.

Before joining OppenheimerFunds, Mr. Willis was employed in Baton Rouge, Louisiana as In-house Counsel for Southern Resource Group, a commercial real estate development and investment concern. Mr. Willis has also been an Investment Representative with Edward D. Jones & Company. Possessing a Chartered Financial Analyst designation since 2006, he is a member of the CFA Institute and a member of the CFA Society of Rochester.

August 2011

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, 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