ORNAX Oppenheimer Rochester High Yield Municipal FD Class A (MM)

The law firm of Milberg LLP has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of all persons who purchased Class A and/or Class B and/or Class C shares of the Oppenheimer Rochester National Municipals fund (the "Fund") (NASDAQ: ORNAX) (NASDAQ: ORNBX) (NASDAQ: ORNCX) during the period from March 13, 2006 to October 21, 2008, inclusive (the "Class Period"). The action is captioned Bock v. Oppenheimer Rochester National Municipals, OppenheimerFunds, Inc. et al. (D. Colo.) and the complaint is available from the Court or can be viewed at Milberg LLP's website at www.milberg.com

The complaint charges OppenheimerFunds, Inc., OppenheimerFunds Distributor, Inc., the Fund and certain of its trustees and officers with violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, which prohibits materially false and misleading statements in registration statements and prospectuses of the kind used to sell shares in the Fund. The Fund invests primarily in municipal securities.

According to the complaint, during the Class Period the Fund failed to disclose risk factors associated with the Fund's investments, including, but not limited to, the Fund's overconcentration of investments in illiquid securities in violation of its cap of 15% by investing in illiquid tobacco bonds and ordinary municipal bonds/notes that could turn illiquid quickly.

According to the Fund's registration statements and prospectuses, the Fund would invest no more than 15% of its assets in illiquid securities, which are securities that do not trade in an active market and are riskier because the fund may not be able to sell the securities at the desired price, if at all. Related to this representation, the Fund stated that its manager, OppenheimerFunds, would monitor the holdings of illiquid securities on an ongoing basis to determine whether to sell any holdings to maintain adequate liquidity. The complaint alleges that contrary to its representations, the Fund invested 25% of its holdings in illiquid tobacco bonds. In addition, the Fund failed to disclose in its Registration Statements that the market for the other municipal bonds/notes that the Fund invested in could become illiquid based on price volatility, which could cause the percentage of its illiquid securities to increase significantly and quickly, as in fact happened.

In or around October 2008, the Fund filed a prospectus supplement alerting investors of the true liquidity risks of its investments -- the same risks that existed in 2006, 2007 and throughout 2008. By October 2008, however, those risks had already manifested, dealing substantial losses to investors.

During the Class Period, the Fund lost approximately 60% of its net asset value. The Fund was crowned "the biggest loser in its category last year [2008]" by fund analyst Morningstar Inc., as reported in a January 29, 2009 article by Thomson Reuters PLC, after losing 49% of its value in 2008 due to, among other reasons, its investments in tobacco bonds.

If you purchased any class of shares of Oppenheimer Rochester National Municipals from March 13, 2006 to October 21, 2008, you may move the court no later than May 12, 2009, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg LLP, or other attorneys, to serve as your counsel in this action.

Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Andrei Rado Ann Marie Vu Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: contactus@milberg.com Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.