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MUNICIPAL BOND

Rochester® AMT-Free New York Municipal Fund 1 2 3 4 

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Focus: The Strategy typically invests in New York municipal bonds.
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Top Holdings 5  as of 3/31/14
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  % Net Assets
1 NY TSASC, Inc. (TFABs) 5.1
2 NYC Muni Water Finance Authority ROLs 3.9
3 Dutchess Cnty, NY IDA (Bard College) 2.7
4 NY Liberty Dev. Corp. (Bank of America Tower at On 2.7
5 Nassau Cnty, NY Tobacco Settlement Corp. (TASC) 2.5
6 Erie Cnty, NY Tobacco Asset Securitization Corp. 2.5
7 Puerto Rico Commonwealth GO 2.1
8 NYC GO Drivers 2.0
9 NYS DA (St Personal Income Tax Authority) 2.0
10 NY Counties Tobacco Trust II (TASC) 2.0
  Total 27.5
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6 a5 
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Risk Measurement b as of 3/31/14
Share Class Beta
(3 yr)
Alpha R-squared Sharpe Ratio Standard Deviation (3 yr)
A 1.75 -1.95 84.03 1.04 7.6%
Bc 1.75 -2.87 83.83 0.92 7.6%
C 1.75 -2.75 83.98 0.93 7.6%
Y 1.75 -1.75 84.30 1.07 7.6%
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Portfolio Statistics as of 3/31/14 ——
Turnover
Ratio
Duration
(years)7 
Effective
Average
Maturity
Prerefunded Bonds
15.0% 8.47 12.38 0.10
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Top States 5  as of 3/31/14
  % Net Assets
1 New York 90.3
2 Puerto Rico 21.1
3 Guam 1.1
4 Other 0.9
5 Multistate Authority 0.5
6 Northern Marianas 0.2
7 Virgin Islands 0.2
  Total 114.2
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Top Sectors 5  as of 3/31/14
  % Net Assets
1 Tobacco Master Settlement Agreement 24.7
2 Higher Education 15.8
3 General Obligation 11.7
4 Sales Tax Revenue 9.9
5 Electric Utilities 8.3
6 Hospital/Healthcare 8.2
7 Real Estate Management & Development 6.6
8 Water Utilities 6.4
9 Non-Profit Organization 4.0
10 Highways/Commuter Facilities 4.0
  Total 99.5
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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. May invest up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. *Large sector holdings (such as tobacco) 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").  The pool of unrated securities includes securities that may be of high or low credit quality. Unrated securities with higher yields relative to market averages may be purchased by the Fund to enhance yield.  Unrated securities may also be offered by highly creditworthy issuers who forgo the time and expense of obtaining a published rating.  Under certain market conditions, some unrated securities may trade less actively than rated securities. *Restrictions applied at time of purchase and includes unrated securities internally rated by OppenheimerFunds, Inc. Market fluctuations or credit rating changes may cause the Fund's holdings of below-investment-grade securities to exceed this restriction, at times significantly, for an extended period of time.
Available to investors only in certain states.
Prior to 1/28/13, the Fund's name was Oppenheimer AMT-Free New York Municipals.
A portion of the Fund's distributions may be subject to tax.  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.
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.
All securities except for those labeled "unrated" have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as Standard & Poor's ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality. The credit rating table values may not total 100% due to rounding. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.) Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund's Prospectus or Statement of Additional Information.
Duration measures interest-rate sensitivity; the longer the duration, the greater the expected volatility as rates change.
The credit breakdown for this Fund reflects ratings decisions announced in February by the three Nationally Recognized Statistical Rating Organizations affecting certain Puerto Rico debt securities. Please review the Fund's Prospectus Supplement dated February 11, 2014 and a full Prospectus for additional information. Fund documents can be found here.
Beta (3-yr): is a measure of a fund's sensitivity to market movements. The beta of a market is 1.00 by definition.

Alpha (3-yr): measures the difference between a fund's actual and expected returns, based on beta, and is generally used as a measure of a manager's added value over a passive strategy.

R-squared (3-yr): is a measurement of how closely a portfolio's performance correlates with the performance of a benchmark index, and thus a measurement of what portion of its performance can be explained by the performance of the index. Values for R-squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation.  

Sharpe Ratio (3-yr): is a risk-adjusted measure that measures reward per unit of risk. the higher the Sharpe Ratio, the better. The numerator is the difference between the portfolio's annualized return and the annualized return of a risk-free instrument, the denominator is the portfolio's annualized standard deviation (population).

Standard Deviation (3-yr): is a statistical measure of the degree to which the performance of a portfolio varies from its average performance during a specified period. the higher the standard deviation, the greater the volatility of the portfolio's performance returns relative to its average return.

Alpha, Beta and R-Squared were measured against the fund's benchmark: . Access index definitions.

Source: Morningstar, Inc. Although this data has been gathered from sources Morningstar believes to be reliable, its completeness and accuracy cannot be guaranteed.
Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.

*SEC Form N-MFP is available 60 days after the end of the month.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
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