Oppenheimer Rochester® Fund Municipals
Q2 2016 Fact Sheet
(A/C/Y) RMUNX, RMUCX, RMUYX | As of 6/30/16
Calendar Year Total Returns % (Without Sales Charge)
2007
Morningstar Rating™
2008
2009
2010
2011
2012
2013
2014
2015
YTD
★★★★★
A Shares -1.59
-30.84
45.07
3.63
11.50
12.94
-10.84
14.43
1.94
8.15
Y Shares -1.44
-30.74
45.18
3.84
11.64
13.10
-10.72
14.60
2.09
8.22
Y shares are not available for all investors. See the prospectus for details.
Class Y Shares rated 5 stars by Morningstar among 89
Muni New York Long funds for the 3-,5- and 10- year
periods ended 6/30/16¹ based on risk-adjusted
performance.
Average Annual Total Returns and Expense Ratios %
Strategy Focus
1-Year
A Shares w/o Sales Charge
A Shares w/Sales Charge
Y Shares
Bar Municipal
10-Year
15-Year
20-Year
Life
The Strategy typically invests in New York municipal
bonds.
3-Year
5-Year
11.56
4.96
6.33
4.40
5.14
5.44
6.40
6.26
3.27
5.30
3.90
4.80
5.19
6.23
Portfolio Characteristics
11.73
5.11
6.47
4.55
5.29
—
5.68
Portfolio Inception
7.65
5.58
5.33
5.13
5.10
5.46
—
Annual Expense Ratio: Gross: A shares: 0.86% / Y shares: 0.71%. Net: A shares: 0.79% / Y shares: 0.64%. Class A inception date is 5/15/1986. Class Y
inception date is 4/28/2000.
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance
and expense ratios may be lower or higher than the data quoted. For performance data current to the most recent month-end, visit oppenheimerfunds.com.
Class A returns include changes in share price and reinvested distributions, and a 4.75% maximum applicable sales charge except where "without sales
charge" is indicated. Class Y shares are not subject to sales charge. Returns do not consider capital gains or income taxes on an individual’s investment.
The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investments in inverse floaters,
as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets these expenses; the Fund's
total returns and net asset values are not affected by those offsets. The net expense ratio is not the result of a fee waiver or expense reimbursement. Please
refer to the disclosure statements for definition of the indices.
Lipper Peer Ranking*-New York Municipal Debt Funds²
A Shares
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
Percentile
4th
73rd
9th
57th
7th
5th
Ranking
3/97
69/94
7/85
37/64
4/57
2/44
Y Shares
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
Percentile
3rd
65th
6th
40th
4th
—
Ranking
2/97
61/94
5/85
26/64
2/57
—
Growth of $10K (A Shares)
$80,000
60,000
40,000
Portfolio Assets (All Classes)
$5.8 Billion
Standardized Yield (%)
4.60
Taxable Equivalent Yield (%)
8.97
Last Distribution (Jun)
$0.0740
Dividend Frequency
Monthly
Duration (Years)
6.66
Average Effective Maturity
Net Cash & Equivalents
10.26
-5.15%
Standardized yield (Class A shares) is based on net investment income
for the 30-day period ended 6/30/16 and the offering price on that date.
Taxable equivalent yield is based on the standardized yield and the
combined effective federal and state tax rate of 48.7% for 2016 and
assumes that alternative minimum tax (AMT) does not apply.
Calculations factor in the 3.8% tax on unearned income under the
Patient Protection and Affordable Care Act, as applicable.
20,000
May 86
*Based on Total Return. Source: Lipper, 6/30/16.
$64,846
5/15/1986
Nov 93
May 01
Nov 08
Performance quoted above includes changes in net asset value and
reinvested distributions, but not the maximum applicable sales
charge. If sales charge was considered, performance quoted above
would be lower. As of 6/30/16.
Holdings are subject to change, and are dollar weighted based on total net
assets. Negative weightings may result from the use of leverage. Leverage
involves the use of various financial instruments or borrowed capital in an
attempt to increase investment return. Leverage risks include potential for
higher volatility, greater decline of the Fund’s net asset value and fluctuations
of dividends and distributions paid by the Fund.
Top Industry Sectors
Tobacco Master Settlement Agreement
19.4%
Marine/Aviation Facilities
10.7
Electric Utilities
10.0
Sales Tax Revenue
7.8
Special Tax
7.7
Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Below-investment-grade (“high yield” or "junk") bonds are more at risk of default and are
subject to liquidity risk. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. 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. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Inverse floaters can be more
volatile than conventional fixed-rate bonds and entail the use of leverage. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization (“NRSRO”). Under certain market
conditions, some unrated securities may trade less actively than rated securities.
1. For each fund with at least a three-year history, Morningstar calculates ratings based on a proprietary risk-adjusted returns score that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption
fees), placing more emphasis on downward variations and rewarding consistency. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% 1 star with some
adjustments for multiple share class portfolios. The overall Morningstar Rating is derived from a weighted average of the 3-, 5- and 10-year ratings (where applicable). For the 3-,5- and 10- year periods, respectively, the Fund was rated 5, 5 and 5 stars
among 89, 79 and 65 funds in the Muni New York Long category for the time period ended 6/30/16. Rating is for Y shares and rating may include more than one share class of funds in the category, including other share classes of this Fund. Different
share classes may have different expenses and performance characteristics. Past performance does not guarantee future results. 2. Rankings are for A and Y shares and ranking may include more than one share class of funds in the category, including
other share classes of the Fund. Ranking is based on total return as of 6/30/16, without considering sales charges. Different share classes may have different expenses and performance characteristics.
A portion of the Fund's distributions may be subject to tax and may increase taxes for investors subject to Alternative Minimum Tax (AMT). Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital
gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them.
Not FDIC Insured
May Lose Value
Not Bank Guaranteed
Oppenheimer
Rochester Fund Municipals
(A/C/Y) RMUNX, RMUCX, RMUYX
Investment Approach
The portfolio managers invest in municipal bonds that offer attractive, tax-free yield, within
prospectus parameters. Their investment process employs a bottom-up, research-oriented
approach to generate long-term, income-driven total return.
Duration (Years): Duration measures interest rate sensitivity; the
longer the duration, the greater the volatility as rates change.
The Barclays Municipal Bond Index is an unmanaged index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market.
Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
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IF0365.002.0616 June 30, 2016