OppenheimerFunds Unveils Significant Enhancements to Scholar's Edge® 529 Plan

NEW YORK, May 13, 2013 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) today announced significant enhancements to its 529 program, Scholar's Edge^®. In addition to its two existing investment options, investors will now have access to Portfolio Allocator, providing clients with the opportunity to invest across up to 23 individual fund portfolio options covering the major asset classes as well as alternative investments and have their accounts automatically rebalanced every quarter. The firm also unveiled a new microsite, AdvisorsEdge529.com, that provides financial advisors easier access to enrollment kits and educational resources to aid them in their college savings conversations with clients.

"529 plans and the long-term savings approach they offer are increasingly important in helping parents reach their financial goals," said Steve Dombrower, OppenheimerFunds Vice President and Director, College Savings Programs.  "Scholar's Edge has been an integral platform in helping families successfully fund their education expenses. By offering our investors exposure to a more diversified and highly rated array of mutual funds, I believe college can be attainable and affordable with a start early and save often approach."

The new Portfolio Allocator option provides an opportunity for clients and their advisors to create a fully customized asset allocation strategy by choosing from any of the 23 Individual Fund Portfolios now available to the Scholar's Edge platform, which include options from OppenheimerFunds, MainStay, Thornburg and American Century. In addition to accessing a wide selection of investment options, clients who participate in the Portfolio Allocator approach will also benefit from automatic portfolio rebalancing on a quarterly basis to ensure the investments conform to their current elected asset allocations.

In addition to the new Portfolio Allocator, investors and their advisors can still choose between the two original investment options -- 1) an Age Based approach that contains six portfolios ranging from aggressive to conservative, with funds automatically shifting into increasingly conservative strategies as the beneficiary grows older, and 2) a Custom Choice option, which allows clients and their financial advisors the ability to mix and match the six portfolios previously mentioned with a wider line up of individual fund portfolio options.

"We believe choice is paramount when helping investors feel the conviction they need to make such important decisions," continued Dombrower. "By offering a wider array of investment options along with online education tools, we are giving financial advisors and the investors they serve the opportunity to create accounts that are specifically tailored to their investment beliefs and goals."

OppenheimerFunds also unveiled a new Scholar's Edge brand and refreshed website today, which are designed to promote greater access to educational materials and fund information. Financial advisors will also benefit from a distinct microsite to help them get their clients started on the Scholar's Edge platform and guide them through the investment allocation process.

For a full listing of the funds now available on the Scholar's Edge 529 plan, please visit ScholarsEdge529.com.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. (OFI) is one of the largest and most reputable investment management firms in the country. Since the original Oppenheimer fund was first offered to the public in 1959, OFI has demonstrated it is a high conviction asset manager with a history of providing innovative investment strategies to its investors. OFI and its subsidiaries offer a broad array of products and services to individuals, institutional investors and corporations worldwide. OFI provides advisory services to the Oppenheimer mutual funds, and OFI Global Asset Management provides services to institutional clients. OFI, including its subsidiaries, managed more than $208 billion in assets for over 12 million shareholder accounts, including sub-accounts, as of March 31, 2013.

These views represent the opinions of OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict performance of any investment. These views are subject to change based on subsequent developments.

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.

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. Read prospectuses and summary prospectuses carefully before investing.

529 plans managed by OFI Private Investments Inc. are distributed by OppenheimerFunds Distributor, Inc. Member FINRA, SIPC Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008 © 2013 OppenheimerFunds Distributor, Inc. All rights reserved.

SOURCE OppenheimerFunds, Inc.