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Wednesday, May 30, 2007

OppFunds Portfolio Manager to Retire

News summary by MFWire's editors

Bill Wilby, the portfolio manager of the Oppenheimer Global Fund, will retire effective June 30. Marc Baylin, current co-manager of Oppenheimer Capital Appreciation Fund, will assume the role of lead manager effective July 1, 2007.

OppenheimerFunds, Inc. announced today that after 16 years of service, Bill Wilby will retire from the Company effective June 30, 2007.

"Bill had a tremendous impact on OppenheimerFunds and his legacy is that he built one of the best equity organizations in the business," said John V. Murphy, Chairman and CEO of OppenheimerFunds. "In his time with us, our fund shareholders have benefited from his experience, expertise and insights."

Mr. Wilby is widely known for his 12-plus years as portfolio manager for Oppenheimer Global Fund. As leader of OppenheimerFunds' Global Team, Mr. Wilby built the model for the firm's entrepreneurial, team-based approach to investing and attracted and developed some of the best investment professionals in the industry. Under his leadership, OppenheimerFunds' global equity assets grew from approximately $1 billion into a more than $60 billion franchise. In July 2005, Mr. Wilby took on the role of Director of Equities, helping develop investment strategies and talent across OppenheimerFunds' four equity teams and later, co-managing Oppenheimer Capital Appreciation Fund.

"Bill has been an invaluable asset to OppenheimerFunds and, while he will be missed, we will continue to benefit from the ideas and talented people he brought to the firm," said Murphy. "I congratulate him on his remarkable career and wish him all the best in his retirement."

Marc Baylin, current co-manager of Oppenheimer Capital Appreciation Fund, will assume the role of lead manager effective July 1, 2007. Two senior analysts recently joined OppenheimerFunds' Growth Team to provide additional support on the Fund.

Mr. Baylin joined OppenheimerFunds in September 2005 and has successfully demonstrated sound investment insight and portfolio execution in his management of the Fund. Mr. Baylin has more than 15 years of experience in the asset management industry and managed large cap growth portfolios for seven of those years. Prior to joining OppenheimerFunds, he served as Managing Director and Lead Portfolio Manager for Large Capitalization Growth Products at JPMorgan Asset Management. Mr. Baylin was with JP Morgan for three years and, from 1993-2002, was employed by T. Rowe Price Associates as an analyst and portfolio manager for New America Growth Fund. Since he joined the team, Oppenheimer Capital Appreciation Fund is ranked in the top quartile of the Lipper Large-Cap Growth Fund category.(1)

"Marc was a strong addition to our Growth Team and has already done an outstanding job with the Capital Appreciation Fund," said Kurt Wolfgruber, President and Chief Investment Officer of OppenheimerFunds. "I am certain that he will continue to produce the results the Fund's shareholders have come to expect."

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. At March 31, 2007, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $245 billion in assets, including mutual funds having more than 6 million shareholder accounts.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the fund, and may be obtained by asking your financial advisor, calling us at 1.800. 525.7048 or visiting our website at www.OppenheimerFunds.com. Read prospectuses carefully before investing.

Shares of mutual 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.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two World Financial Center, 225 Liberty Street, 11th Floor, New York, NY 10281. OppenheimerFunds, Inc. is a member of the MassMutual Financial Group and is not affiliated with Oppenheimer & Co, Inc. or Oppenheimer Capital.

1. Oppenheimer Capital Appreciation Fund ranked 23rd (#160/703) in the Lipper Large-Cap Growth Category Percentile Ranking from 9/30/05-4/30/07. For the 1-year, 5-year and 10-year periods as of 4/30/07, respectively, the Fund is ranked 47th (#337/731), 30th (#152/512) and 9th (#16/196). Lipper rankings are based on total returns but do not consider sales charges. Lipper ranking shown for the A share class only; other classes may have different performance characteristics. Past performance does not guarantee future results.

First Call Analyst: FCMN Contact:

Source: OppenheimerFunds, Inc.


Edited by: Erin Kello

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