ROCHESTER, N.Y. June 30, 2016 – OppenheimerFunds announced today that Daniel G. Loughran will retire from the firm effective September 30, 2016. With more than 30 years in the financial services industry, Loughran has served as Team Leader of Rochester’s investment team since 2006 and managed the Rochester municipal bond funds for more than 20 years. Loughran transitions into an advisory role for Chief Investment Officer Krishna Memani effective July 1, 2016. Scott Cottier and Troy Willis will continue in their roles as senior portfolio managers and are named Co-Team Leaders of OppenheimerFunds’ Rochester investment team, also effective July 1.

Loughran joined The Rochester Funds in 1994, when the then independent company managed three funds with nearly $4 billion in assets under management. OppenheimerFunds acquired the firm in 1996, to broaden its client offering into the municipal bond space, and today the Rochester office manages 20 municipal bond funds with combined assets of $24.4 billion (as of May 30, 2016). Cottier and Willis have worked with Loughran since 2002, and with Loughran as Team Leader since 2006. As team co-leaders of the Rochester office, Cottier and Willis will have day-to-day management responsibilities for the Rochester investment team and the 20 municipal bond strategies currently managed for investors.

“Throughout his career, Dan has been instrumental in helping the Rochester funds and their shareholders navigate the muni markets and find long-term value through active management. Of particular note are the recent disruptions and volatility caused by economic conditions in Puerto Rico, where Rochester has been an investor in critical public infrastructure for more than 20 years,” said Memani. “Dan and team have maintained a steady hand and consistently focused on the long term. Following the Supreme Court’s recent decision affirming that the Puerto Rico Debt Enforcement and Recovery Act is unconstitutional, and with the passage of PROMESA, it is an opportune time to pass responsibility for managing the Rochester team to his long-standing, trusted colleagues Scott and Troy.”

Loughran’s retirement is consistent with his predecessor’s path. Ron Fielding, founder and original senior portfolio manager of The Rochester Funds retired in 2009, having helped guide the portfolios through the 2008 financial crisis. Like Loughran today, Fielding had the utmost confidence in his team’s ability to continue to meet the needs of the funds’ shareholders. “The entire team here in Rochester, and particularly Troy and Scott, have dedicated years to analyzing the various attempts the Commonwealth has made to reduce their debt service,” said Loughran. “Nowhere has this been more evident than in their efforts to build a constructive, workable framework for orderly negotiations on future restructurings of various Puerto Rico issuers. The PROMESA bill provides that framework.”

Rochester consistently follows a collaborative, team-oriented approach to portfolio management. The six portfolio managers who remain with the Rochester Division are named portfolio managers on all Rochester strategies with a combined 74-year tenure with OppenheimerFunds. Many were recruited, trained, and mentored by both Loughran and Fielding.

The Rochester Division’s investment approach focuses significantly on credit, and the Rochester investment team will continue to be supported by eleven highly experienced analysts that compose the office’s in-house credit research team, led by Richard Stein. The team will continue to follow the same bottoms-up, research oriented approach to municipal bond investing they have for decades in an effort to deliver long-term, income driven total return to shareholders.

The Oppenheimer Rochester family of municipal bond funds currently includes: