Feb. 7, 2003 — OppenheimerFunds today announced changes in the teams that manage four of its bond funds.

The company said David Negri and Tom Reedy stepped down as managers of Oppenheimer High Yield/A (OPPHX) and Oppenheimer Champion Income/A (OPCHX), but continue with the firm. Both funds are ranked 3 Stars by Standard & Poor’s.

The managers were replaced on those offerings by Arthur Steinmetz, who also took over as leader of the fund complex’s high yield bond team, and Demitrios Kourkoulakos. In addition, Steinmetz, who helped run the 5-Star ranked Oppenheimer Strategic Income/A (OPSIX) with Negri, took over as the fund’s sole manager.

OppenheimerFunds also said that Ruggero DeRossi took over as the sole manager of Oppenheimer International Bond/A (OIBAX), which he had overseen with Steinmetz. DeRossi was also named to lead OppenheimerFunds’ international bond team.

A spokesman for the fund complex declined to elaborate on the changes, which were announced in a statement. None of the portfolio managers could be reached for comment.