The Rochester team – like any storied sports franchise – has relied on its A game to drive long-term results and build a fan base. But while bringing your A game can mean different things to different athletes, in Rochester the phrase means just one thing: active management.

We firmly believe that our shareholders deserve more from their investment managers than portfolios that match a market index or perform no better than a typical ladder of muni bonds.

That’s why we have used a value-oriented, research-intensive and security-specific approach to investing (the Rochester Way) for more than 30 years.

During that time, we have often seen how this focus on active management can lead to outperformance. Just last year, Barron’s named Oppenheimer Rochester as its best Tax-Exempt Bond Fund Family for 2016, and Rochester received 17 of the 21 Lipper Awards earned by OppenheimerFunds earlier this year. (The Lipper Awards honor funds that have delivered consistently strong risk-adjusted performance relative to their peers for periods ended November 30, 2016.1)

As can be seen by the five Rochester funds highlighted above, the municipal bond team’s commitment to active management can be a powerful driver of long-term total return. The Class Y shares of each of the six funds highlighted – Oppenheimer Rochester Short Term Municipal Fund,Oppenheimer Rochester AMT-Free Municipal Fund,Oppenheimer Rochester High Yield Municipal Fund,Oppenheimer Rochester Pennsylvania Municipal Fund and Oppenheimer Rochester AMT-Free New York Municipal Fund – earned a 2017 Lipper Award for 3-year performance.2 The Y shares of the Pennsylvania fund and of the two national funds highlighted also earned 2017 Lipper Awards for 5-year performance.

As long-time investors know, we have often voiced our belief that professional investment management remains the greatest advantage of mutual fund investing. The entire Rochester team is committed to transforming this advantage into solid, long-term outcomes for our shareholders.

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  1. ^Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 11/30/16. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5 or 10 years. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. Past performance does not guarantee future results.
  2. ^Oppenheimer Rochester Short Term Municipal Fund Y shares were named best-in-class among 91 and 79 Short Municipal Debt Funds, respectively, for the 3- and 5-year periods ended November 30, 2016. Oppenheimer Rochester AMT-Free Municipal Fund Y shares were named best in class among 266 and 229 General and Insured Municipal Debt Funds, respectively, for the 3-and 5-year periods ended November 30 2016. Oppenheimer Rochester High Yield Municipal Fund Y shares were named best-in-class among 129 High Yield Municipal Debt Funds for the 3-year period ended November 30, 2016. Oppenheimer Rochester Pennsylvania Municipal Fund Y shares were named best in class among 59 and 56 Pennsylvania Municipal Debt Funds, respectively, for the 3 and 5 year periods ended November 30, 2016. Oppenheimer Rochester AMT-Free New York Municipal Fund Y shares were named best-in-class among 91 New York Municipal Debt Funds for the 3 period ended November 30, 2016.