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Oppenheimer Will Drop Restrictions

OppenheimerFunds of New York plans to eliminate numerous investment restrictions on all of its funds by applying standard investment guidelines to the funds, according to a July 13 proxy filing with the SEC.

Oppenheimer hopes to begin eliminating investment restrictions through a series of proxy votes, beginning with one Aug. 28 for the Oppenheimer Capital Income Fund, according to the filing.

Some of the changes Oppenheimer hopes to make in the Capital Income Fund include allowing the fund to engage in short sales, purchase securities on margin and invest in warrants or rights.

Oppenheimer wants to enable the fund to invest in securities in which officers or trustees have an interest and in companies that are less than three years old. In addition, Oppenheimer wants to enable the fund to invest in a company for the purpose of acquiring control, to borrow the equivalent of up to one-third of its assets and to lend assets to affiliated investment companies, according to the filing.