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MUNICIPAL BOND

Rochester® Short Term Municipal Fund 1 2 

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Focus: The Strategy typically invests in municipal bonds issued across the United States.
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Top Holdings 3  as of 3/31/14
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  % Net Assets
1 CA Public Works 4.5
2 IL Toll Highway Authority 3.7
3 Orange Cnty, CA COP (Civic Center Facilities) 2.8
4 Michigan Finance Authority 2.7
5  MS Hospital Equipment & Facilities Authority 2.4
6 Barclays Capital Muni Trust Reciepts Various State 2.3
7 Pima Country, AZ Industrial Development Authority 2.1
8 Centerpoint, IL Intermodal Center Program 2.1
9 Puerto Rico Commonwealth GO 1.9
10 Puerto Rico Commonwealth GO 1.9
  Total 26.4
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4 3 5 
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Portfolio Statistics as of 3/31/14 ——
Turnover
Ratio
Duration
(years)6 
Effective
Average
Maturity
Prerefunded Bonds
16.0% 1.60 1.77 0.61
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Top States 3  as of 3/31/14
  % Net Assets
1 California 20.2
2 Puerto Rico 13.5
3 Illinois 13.3
4 Michigan 8.2
5 Colorado 3.6
6 Pennsylvania 3.2
7 Florida 3.0
8 Alabama 2.9
9 New York 2.8
10 Arizona 2.8
  Total 73.4
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Top Sectors 3  as of 3/31/14
  % Net Assets
1 General Obligation 21.0
2 Municipal Leases 12.8
3 Hospital/Healthcare 8.6
4 Highways/Commuter Facilities 7.7
5 Water Utilities 5.6
6 Housing - Multi-Family 5.0
7 Tax Increment Financing (TIF) 4.6
8 Education 4.1
9 Sewer Utilities 3.9
10 Diversified Financial Services 3.1
  Total 76.5
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Special Risks Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. May invest up to 5% 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 may expose investors to greater volatility and special risks associated with that sector. May invest substantially in U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. 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. * Restriction applied at time of purchase and includes unrated securities that are rated internally by the Manager. 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. The Fund will not invest more than 5% of its total assets in unrated securities. However, this limitation does not apply to unrated debt that has similar characteristics and is comparable to NRSRO rated debt issued by the same issuer or guaranteed by the same guarantor.
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.
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.
The Fund will not invest more than 5% of its total assets in unrated securities. However, this limitation does not apply to unrated debt that has similar characteristics and is comparable to NRSRO rated debt issued by the same issuer or guaranteed by the same guarantor.
Duration measures interest-rate sensitivity; the longer the duration, the greater the expected volatility as rates change.

*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.
225 Liberty Street, New York, NY 10281-1008