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OPAMX

Oppenheimer Municipal Fund

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Overview

The strategy typically seeks investment-grade bonds the income of which is exempt from federal personal income taxes.

Inception Date
November 7, 2006
Investment Style
Oppenheimer Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683833107
NAV
  • B
(as of 02/15/2019)
$12.73
Total Assets
(as of 01/31/2019)
$103.05 MM
Gross Expense Ratio
(as of 01/31/2019)
0.98%
Net Expense Ratio
(as of 01/31/2019)
0.82%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 01/31/2019
  • C
as of 12/31/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Oppenheimer Municipal Fund (NAV)
2.87% 2.87% 2.61% 4.79% 8.41% 3.97%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% 4.09%
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Oppenheimer Municipal Fund (with sales charge)
-2.02% -2.02% 0.96% 3.78% 7.89% 3.55%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% 4.09%
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Oppenheimer Municipal Fund (NAV)
0.49% 3.94% 2.52% 4.33% 7.64% 3.98%
Bloomberg Barclays Municipal Index
0.76% 3.26% 2.15% 3.57% 4.55% 4.13%
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Oppenheimer Municipal Fund (with sales charge)
-4.29% -1.00% 0.87% 3.32% 7.12% 3.57%
Bloomberg Barclays Municipal Index
0.76% 3.26% 2.15% 3.57% 4.55% 4.13%
Gross Expense Ratio: 0.98% | Net Expense Ratio: 0.82%

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. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Year Oppenheimer Municipal Fund Bloomberg Barclays Municipal Index
2007 -3.24% 3.36%
2008 -26.93% -2.47%
2009 40.73% 12.91%
2010 4.12% 2.38%
2011 14.41% 10.70%
2012 10.54% 6.78%
2013 -4.25% -2.55%
2014 13.29% 9.05%
2015 3.25% 3.30%
2016 0.54% 0.25%
2017 4.46% 5.45%
2018 2.87% 1.28%

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. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Date Oppenheimer Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
1/31/2009 0.00 0.00 0.00
2/28/2009 3.44 0.52 -0.38
3/31/2009 4.28 0.54 1.01
4/30/2009 7.55 2.55 1.49
5/31/2009 11.66 3.64 2.23
6/30/2009 11.72 2.67 2.81
7/31/2009 13.50 4.38 4.47
8/31/2009 16.76 6.17 5.55
9/30/2009 28.21 9.98 6.66
10/31/2009 27.88 7.67 7.18
11/30/2009 29.14 8.56 8.57
12/31/2009 30.55 8.93 6.87
1/31/2010 32.39 9.49 8.51
2/28/2010 34.36 10.56 8.91
3/31/2010 34.89 10.29 8.78
4/30/2010 36.16 11.63 9.91
5/31/2010 37.71 12.47 10.83
6/30/2010 38.23 12.53 12.57
7/31/2010 40.22 13.94 13.77
8/31/2010 44.14 16.55 15.24
9/30/2010 44.77 16.36 15.36
10/31/2010 44.26 16.04 15.77
11/30/2010 39.58 13.72 15.11
12/31/2010 35.93 11.52 13.87
1/31/2011 33.35 10.70 14.00
2/28/2011 36.11 12.46 14.28
3/31/2011 36.02 12.08 14.35
4/30/2011 38.88 14.09 15.80
5/31/2011 42.32 16.04 17.31
6/30/2011 43.67 16.45 16.97
7/31/2011 45.95 17.63 18.82
8/31/2011 48.32 19.65 20.56
9/30/2011 51.74 20.88 21.43
10/31/2011 51.28 20.43 21.56
11/30/2011 52.15 21.15 21.46
12/31/2011 55.52 23.45 22.79
1/31/2012 60.46 26.30 23.87
2/29/2012 61.33 26.43 23.84
3/31/2012 60.93 25.61 23.16
4/30/2012 62.70 27.06 24.53
5/31/2012 65.24 28.11 25.66
6/30/2012 65.55 27.97 25.71
7/31/2012 68.34 30.00 27.44
8/31/2012 69.04 30.15 27.52
9/30/2012 70.11 30.94 27.70
10/31/2012 70.58 31.31 27.95
11/30/2012 73.95 33.47 28.15
12/31/2012 71.92 31.82 27.97
1/31/2013 73.00 32.37 27.07
2/28/2013 73.49 32.77 27.71
3/31/2013 72.92 32.20 27.81
4/30/2013 74.91 33.65 29.11
5/31/2013 73.45 32.01 26.80
6/30/2013 65.77 28.28 24.84
7/31/2013 63.14 27.15 25.01
8/31/2013 59.93 25.34 24.37
9/30/2013 63.16 28.04 25.55
10/31/2013 64.82 29.05 26.57
11/30/2013 64.79 28.78 26.09
12/31/2013 64.61 28.45 25.38
1/31/2014 69.11 30.96 27.23
2/28/2014 71.92 32.49 27.91
3/31/2014 73.53 32.71 27.69
4/30/2014 75.82 34.31 28.77
5/31/2014 78.76 36.04 30.23
6/30/2014 79.28 36.16 30.30
7/31/2014 79.95 36.40 29.97
8/31/2014 82.79 38.05 31.41
9/30/2014 83.70 38.19 30.52
10/31/2014 85.03 39.14 31.80
11/30/2014 85.09 39.38 32.74
12/31/2014 86.50 40.08 32.86
1/31/2015 89.10 42.56 35.65
2/28/2015 87.60 41.09 34.37
3/31/2015 88.41 41.50 34.99
4/30/2015 87.61 40.76 34.51
5/31/2015 87.90 40.37 34.19
6/30/2015 87.35 40.24 32.72
7/31/2015 88.51 41.26 33.65
8/31/2015 88.83 41.53 33.45
9/30/2015 89.88 42.56 34.36
10/31/2015 90.30 43.13 34.38
11/30/2015 91.18 43.69 34.02
12/31/2015 92.57 44.70 33.59
1/31/2016 93.98 46.43 35.43
2/29/2016 94.13 46.66 36.39
3/31/2016 95.04 47.13 37.64
4/30/2016 96.29 48.21 38.17
5/31/2016 97.38 48.61 38.20
6/30/2016 100.81 50.97 40.69
7/31/2016 100.75 51.06 41.58
8/31/2016 101.07 51.27 41.42
9/30/2016 100.53 50.51 41.33
10/31/2016 99.22 48.93 40.25
11/30/2016 92.06 43.38 36.93
12/31/2016 93.60 45.06 37.13
1/31/2017 94.19 46.02 37.40
2/28/2017 95.52 47.03 38.32
3/31/2017 95.76 47.35 38.25
4/30/2017 97.02 48.42 39.31
5/31/2017 99.35 50.78 40.39
6/30/2017 99.42 50.24 40.25
7/31/2017 100.40 51.45 40.85
8/31/2017 101.82 52.60 42.11
9/30/2017 100.95 51.83 41.44
10/31/2017 100.84 52.20 41.52
11/30/2017 100.33 51.38 41.34
12/31/2017 102.23 52.97 41.98
1/31/2018 101.12 51.17 40.35
2/28/2018 100.91 50.71 39.02
3/31/2018 102.59 51.27 39.91
4/30/2018 102.46 50.73 38.87
5/31/2018 104.08 52.46 39.86
6/30/2018 104.96 52.59 39.69
7/31/2018 105.46 52.96 39.72
8/31/2018 106.52 53.35 40.62
9/30/2018 105.74 52.36 39.72
10/31/2018 104.45 51.42 38.61
11/30/2018 105.98 53.09 39.44
12/31/2018 108.03 54.93 42.00
1/31/2019 109.05 56.10 43.51
Date Dividends
2/24/2009 0.054
3/24/2009 0.054
4/21/2009 0.054
5/26/2009 0.054
6/23/2009 0.054
7/28/2009 0.054
8/25/2009 0.054
9/22/2009 0.054
10/27/2009 0.054
11/24/2009 0.054
12/30/2009 0.054
1/26/2010 0.054
2/23/2010 0.054
3/23/2010 0.054
4/27/2010 0.054
5/25/2010 0.054
6/22/2010 0.054
7/27/2010 0.054
8/24/2010 0.054
9/21/2010 0.054
10/26/2010 0.051
11/23/2010 0.051
12/30/2010 0.051
1/25/2011 0.051
2/22/2011 0.051
3/22/2011 0.051
4/26/2011 0.051
5/24/2011 0.051
6/21/2011 0.051
7/26/2011 0.051
8/23/2011 0.051
9/27/2011 0.051
10/25/2011 0.051
11/22/2011 0.051
12/29/2011 0.051
1/24/2012 0.051
2/21/2012 0.051
3/27/2012 0.051
4/24/2012 0.048
5/22/2012 0.048
6/26/2012 0.048
7/24/2012 0.048
8/28/2012 0.044
9/25/2012 0.044
10/23/2012 0.044
11/27/2012 0.044
12/28/2012 0.04
1/22/2013 0.04
2/19/2013 0.04
3/26/2013 0.04
4/23/2013 0.04
5/28/2013 0.04
6/25/2013 0.04
7/23/2013 0.04
8/27/2013 0.04
9/24/2013 0.041
10/22/2013 0.041
11/26/2013 0.043
12/30/2013 0.043
1/28/2014 0.043
2/25/2014 0.046
3/25/2014 0.046
4/22/2014 0.046
5/27/2014 0.046
6/24/2014 0.046
7/22/2014 0.046
8/26/2014 0.046
9/23/2014 0.046
10/28/2014 0.046
11/25/2014 0.046
12/31/2014 0.046
1/27/2015 0.046
2/24/2015 0.044
3/24/2015 0.044
4/21/2015 0.044
5/26/2015 0.044
6/23/2015 0.041
7/28/2015 0.041
8/25/2015 0.041
9/22/2015 0.041
10/27/2015 0.041
11/24/2015 0.041
12/31/2015 0.041
1/26/2016 0.039
2/23/2016 0.039
3/22/2016 0.039
4/26/2016 0.039
5/24/2016 0.039
6/21/2016 0.039
7/26/2016 0.039
8/23/2016 0.039
9/27/2016 0.039
10/25/2016 0.039
11/22/2016 0.039
12/30/2016 0.039
1/24/2017 0.039
2/21/2017 0.039
3/28/2017 0.039
4/25/2017 0.039
5/23/2017 0.039
6/27/2017 0.039
7/25/2017 0.039
8/22/2017 0.039
9/26/2017 0.039
10/24/2017 0.039
11/21/2017 0.039
12/29/2017 0.039
1/23/2018 0.039
2/20/2018 0.039
3/27/2018 0.039
4/24/2018 0.039
5/22/2018 0.039
6/26/2018 0.039
7/24/2018 0.039
8/28/2018 0.039
9/25/2018 0.039
10/23/2018 0.039
11/27/2018 0.039
12/31/2018 0.039
1/22/2019 0.039

There is no guarantee of the payment of any dividend or other distributions at any level.

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. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 02/14/2019

Date 2014 2015 2016 2017 2018
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Fixed Income Sectors

(101.9% of assets as of 01/31/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 9
Asset Allocation Oppenheimer Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 102.1% 100.0% 2.1%
State Oppenheimer Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Minnesota 22.6% 1.1% 21.4%
New York 13.1% 15.5% -2.4%
California 11.5% 16.9% -5.4%
Wisconsin 7.1% 1.4% 5.7%
Utah 4.9% 0.5% 4.4%
Texas 4.9% 9.5% -4.6%
Missouri 4.1% 0.7% 3.3%
Arizona 3.6% 1.7% 1.9%
Massachusetts 2.8% 3.9% -1.0%
Pennsylvania 2.8% 3.9% -1.0%
Washington 2.6% 3.2% -0.6%
Louisiana 2.1% 1.0% 1.1%
Georgia 2.0% 2.0% 0.0%
Kentucky 1.7% 0.7% 1.0%
Michigan 1.6% 1.7% -0.1%
Hawaii 1.5% 0.9% 0.6%
District of Columbia 1.5% 1.2% 0.3%
South Carolina 1.5% 1.0% 0.5%
Alaska 1.1% 0.2% 0.9%
Virginia 1.0% 1.9% -0.9%
Credit Rating Allocation Oppenheimer Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 10.1% 19.4% -9.3%
AA 27.5% 56.3% -28.9%
A 26.2% 18.1% 8.1%
BBB 15.5% 4.9% 10.5%
BB 2.5% - -
B 0.3% - -
Unrated 20.0% 1.2% 18.9%
Analytics
(As of 01/31/2019)

Morningstar 01/31/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
151
Category
Muni National Long
Performance Statistics
3Y
5Y
Alpha
0.51
1.09
Beta
0.84
0.87
Information Ratio
0.39
0.78
R-Squared
92.93
89.70
Sharpe Ratio
0.48
1.30
Standard Deviation
2.94
2.73
Sortino Ratio
0.61
1.97
Tracking Error
0.94
0.97
Yields
Dividend Yield (with sales charge)
3.53%
Dividend Yield (w/o sales charge)
3.70%
Standardized Yield
2.59%
Unsubsidized Yield
2.38%
Taxable Equivalent Yield
4.89%
Interest Income 12/31/2017
Exposed to AMT
6.08%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
8.76 yrs
6.11 yrs
Current Duration
7.00 yrs
6.40 yrs
Turnover Ratio
9%
-
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
1/22/2019
Per Share ($)
$0.0390
12-Month Distribution ($)
$0.4680
Distribution Sources
  • E
Net Income
68.70%
Net Profit from Sale
0.00%
Other Capital Sources
31.30%
Tools
Documents
  1. 1. A portion of a municipal bond fund’s distributions may be subject to the alternative minimum tax (AMT). Capital gains distributions are taxable as capital gains.
  2. 2. Before October 15, 2018, Oppenheimer Municipal Fund was known as Oppenheimer Rochester Minnesota Municipal and, under normal market conditions, invested at least 80% of its net assets (plus borrowings for investment purposes) in Minnesota municipal securities. On October 15, 2018, the Fund changed its investment strategy from a strategy focused on investing in Minnesota municipal securities to a national municipal bond strategy. Past performance, therefore, is not indicative of future results.
  3. 3. 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 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.
  4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  5. 5. 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.
  6. 6. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less.  These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  7. 7. The Bloomberg 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.
  8. 8. Holdings are subject to change, and are dollar weighted based on total new 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.
  9. 9. All securities except for those labeled "unrated" have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("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.
  10. 10. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end.  The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date.  For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date.  Each result is compounded semiannually and annualized.  Falling share prices artificially increase yields.
  11. 11. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes).  The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized.  Falling share prices artificially increase yields.
  12. 12. Taxable equivalent yield is based on the standardized yield and the top federal and tax rate of 43.4% for 2017 and assumes that the federal 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.
  13. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  14. B. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  15. C. 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. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  16. D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund).  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  17. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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