Our municipal bond team is proud that Barron’s named Oppenheimer Rochester® as its best Tax-Exempt Bond Fund Family for 2016. What is most thrilling to us is being able to provide our shareholders with the tax advantages they seek when they invest in our funds.
Barron’s ranking, in its 22nd year, includes firms that meet several prerequisites. To be considered, each firm must offer a wide range of funds with a minimum track record of one year. Further, the firm must offer at least three mutual funds or ETFs in Lipper’s General U.S. Equity category; at least one mutual fund or ETF in Lipper’s World Equity category; at least one in one of Lipper’s Mixed-Asset categories; at least two taxable bond funds and at least one tax-exempt bond fund. This ranking, which is a snapshot in time, looks at 1-year returns.
While 2016 brought noticeable change both politically and in the markets, our approach to municipal bond investing has remained unchanged. The Rochester Way – focusing on competitive levels of tax-free income and yield-driven total returns – keeps the needs of our shareholders in mind.
As we look ahead in 2017, we have a little extra wind on our sails thanks to the recognition from Barron’s. We manage 20 Oppenheimer Rochester municipal bond funds and believe we have something to support each investor’s unique set of financial goals.
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Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the value of a fund’s investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices fall and a fund’s share price can fall. Municipal bonds are subject to default on income and principal payments. Further, a portion of some funds’ distributions may be taxable and may increase alternative minimum tax (AMT) for investors subject to that tax; distributions from net realized capital gains are taxable as capital gains.
The funds invest in below-investment-grade debt securities, which may entail greater credit risks, as described in each fund’s prospectus. These securities (sometimes called “junk bonds”) may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade municipal securities. The funds may invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. The funds may also invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions.
Mutual funds and exchange traded funds are subject to market risk and volatility. Shares may gain or lose value.
These views represent the opinions of OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the publication date, and are subject to change based on subsequent developments.