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Municipal Bond

Fund Focus: The Strategy typically invests in New York municipal bonds.

Cumulative Total Returns

as of 7/31/15

Since Inception 5/15/86
484%
Performance & Distributions
×

Municipal Bond

Standardized Performance
Gross Expense Ratio:
      0.97%
    Net Expense Ratio:   0.77%

    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.

    Income Dividend History
    • A

    No income dividends were paid during this time.

    Cumulative Returns
    • B

    Compare to Indices

    Rochester® Fund Municipals
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 8/28/15
      1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
    • C
    Rochester® Fund Municipals 3.70 13.72 8.68 7.33 12.79 11.20 14.60 -8.35 18.61 5.37 10.20 6.52 -5.51 11.93 5.14 5.46 8.12 7.25 8.76 8.33 -1.59 -30.84 45.07 3.63 11.50 12.94 -10.84 14.43 -0.19
    Barclays Municipal Index 3.51 4.84 3.36 -2.47 12.91 2.38 10.70 6.78 -2.55 9.05
    Capital Gains Distributions ($ per share)
    Data as of 8/28/15
      2010 2011 2012 2013 2014
    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.

    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.

    Average Annual Total Returns
    • B

    as of 7/31/15

    as of 6/30/15

    • B
    YTD (as of 8/28/15)
    • C
    -0.19%
    1 Year 4.43%
    3 Year 1.24%
    5 Year 4.09%
    10 Year 3.68%
    Since Inception 6.22%
    YTD (as of 8/28/15)
    • C
    -0.19%
    1 Year -0.53%
    3 Year -0.39%
    5 Year 3.09%
    10 Year 3.18%
    Since Inception 6.05%
    YTD (as of 8/28/15)
    • C
    -0.19%
    1 Year 3.62%
    3 Year 1.75%
    5 Year 4.31%
    10 Year 3.67%
    Since Inception 6.23%
    YTD (as of 8/28/15)
    • C
    -0.19%
    1 Year -1.30%
    3 Year 0.11%
    5 Year 3.30%
    10 Year 3.17%
    Since Inception 6.05%
    Gross Expense Ratio
    0.97%
    Net Expense Ratio
    0.77%

    Share Price
    • D
    as of 8/28/15
    $14.67

    Yields

    monthly as of 7/31/15

    Dividend Yield
    with sales charge
    6.32%
    Dividend Yield
    w/o sales charge
    6.63%
    Standardized YLD 6.10%

    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 to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.

    Top 20 Sectors

    as of 7/31/15

    Tobacco Master Settlement Agr...
    23.8%
    Marine/Aviation Facilities
    10.8%
    Electric Utilities
    9.3%
    Highways/Commuter Facilities
    6.6%
    Special Tax
    6.5%
    Sales Tax Revenue
    6.2%
    General Obligation
    6.0%
    Higher Education
    5.4%
    Hospital/Healthcare
    3.9%
    Sewer Utilities
    3.6%
    Government Appropriation
    3.4%
    Housing - Multi-Family
    3.2%
    Municipal Leases
    3.2%
    Airlines
    2.8%
    Non-Profit Organization
    2.3%
    Water Utilities
    2.2%
    Education
    1.7%
    Real Estate
    1.7%
    Gas Utilities
    0.8%
    Sports Facility Revenue
    0.8%
    ×
    • 23.8 %

      Tobacco Master Settlement Agreement

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION B
    ×
    • 10.8 %

      Marine/Aviation Facilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 9.3 %

      Electric Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.6 %

      Highways/Commuter Facilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 6.5 %

      Special Tax

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 6.2 %

      Sales Tax Revenue

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.0 %

      General Obligation

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 5.4 %

      Higher Education

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.9 %

      Hospital/Healthcare

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 3.6 %

      Sewer Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 3.4 %

      Government Appropriation

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.2 %

      Housing - Multi-Family

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.2 %

      Municipal Leases

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 2.8 %

      Airlines

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.3 %

      Non-Profit Organization

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.2 %

      Water Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.7 %

      Education

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 1.7 %

      Real Estate

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 0.8 %

      Gas Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 0.8 %

      Sports Facility Revenue

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB

    Holdings Breakdown

    as of 7/31/15

    77.0%

    New York

    24.5%

    Puerto Rico

    3.5%

    Multistate Authority

    0.8%

    Northern Marianas

    0.3%

    Guam

    0.3%

    Virgin Islands

    2.5%

    30.2%

    12.0%

    8.5%

    4.7%

    14.0%

    23.4%

    0.0%

    13.5%

    0.1%

    No Top Fixed Income Sectors
    in
    Other
    108.9%

    0.1%

    No Top Fixed Income Sectors
    in
    Equity
    -8.9%

    No Top Fixed Income Sectors
    in
    Net Cash and Equivalents

    Morningstar
    • E

    as of 7/31/15

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 96
    Category Muni New York Long

    Risk Measurements

    as of 7/31/15

    Alpha -3.29%
    Beta 1.70
    R-Squared
    69.40
    Sharpe Ratio
    0.20
    Standard Deviation
    7.3%

    Equity Style

    Total Assets (all classes)
    as of 7/31/15
    $5.7 BN

    Portfolio Statistics

    as of 7/31/15

    Turnover Ratio
    8.0%
    Duration (yrs)
    7.69
    Avg Effective
    Maturity
    12.62

    Investment Minimums

    Initial
    $1,000

    Dividends ($ per share)
    • A

    Est Frequency Monthly
    Last Pay Date 8/25/15
    Per Share ($) 0.0790
    12-Month Distribution ($) 0.9690

    Distribution Sources

    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%

    Interest Income

    as of 12/31/14

    Exposed to AMT 25.8%

    Top 20 Sectors

    as of 7/31/15

    Tobacco Master ...
    23.8%
    Marine/Aviation...
    10.8%
    Electric Utilit...
    9.3%
    Highways/Commut...
    6.6%
    Special Tax
    6.5%
    Sales Tax Reven...
    6.2%
    General Obligat...
    6.0%
    Higher Educatio...
    5.4%
    Hospital/Health...
    3.9%
    Sewer Utilities...
    3.6%
    Government Appr...
    3.4%
    Housing - Multi...
    3.2%
    Municipal Lease...
    3.2%
    Airlines
    2.8%
    Non-Profit Orga...
    2.3%
    Water Utilities...
    2.2%
    Education
    1.7%
    Real Estate
    1.7%
    Gas Utilities
    0.8%
    Sports Facility...
    0.8%

    Holdings Breakdown

    as of 7/31/15

    Reset
    77.0%

    New York

    24.5%

    Puerto Rico

    3.5%

    Multistate Authority

    0.8%

    Northern Marianas

    0.3%

    Guam

    0.3%

    Virgin Islands

    2.5%

    30.2%

    12.0%

    8.5%

    4.7%

    14.0%

    23.4%

    0.0%

    13.5%

    0.1%

    No Top Fixed Income Sectors
    in
    Other
    108.9%

    0.1%

    No Top Fixed Income Sectors
    in
    Equity
    -8.9%

    No Top Fixed Income Sectors
    in
    Net Cash and Equivalents
    ×
    • 23.8 %

      Tobacco Master Settlement Agreement

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION B
    ×
    • 10.8 %

      Marine/Aviation Facilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 9.3 %

      Electric Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.6 %

      Highways/Commuter Facilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 6.5 %

      Special Tax

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 6.2 %

      Sales Tax Revenue

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 6.0 %

      General Obligation

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 5.4 %

      Higher Education

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.9 %

      Hospital/Healthcare

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 3.6 %

      Sewer Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 3.4 %

      Government Appropriation

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.2 %

      Housing - Multi-Family

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 3.2 %

      Municipal Leases

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION CCC
    ×
    • 2.8 %

      Airlines

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.3 %

      Non-Profit Organization

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.2 %

      Water Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 1.7 %

      Education

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION Unrated
    ×
    • 1.7 %

      Real Estate

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION AA
    ×
    • 0.8 %

      Gas Utilities

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION A
    ×
    • 0.8 %

      Sports Facility Revenue

    ASSET CLASS Municipal
    CREDIT RATING ALLOCATION BBB

    Management

    Dan Loughran, CFA

    Managed Fund since 10/94

    Scott Cottier, CFA

    Managed Fund since 9/02

    Troy Willis, CFA, J.D.

    Managed Fund since 6/02

    Mark DeMitry, CFA

    Managed Fund since 12/00

    Michael Camarella, CFA

    Managed Fund since 6/03

    Charlie Pulire, CFA

    Managed Fund since 5/06

    Elizabeth Mossow, CFA

    Managed Fund since 7/13

    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.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Learn More

    We focus on investing in companies with attractive risk-reward profiles to construct portfolios that we believe can deliver long-term alpha while providing some downside protection. Learn More

    We utilize rigorous fundamental research to identify securities which have the potential to offer asymmetrical risk/return opportunities. Learn More

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Learn More

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Learn More

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Learn More

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Learn More

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Learn More

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Learn More

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Learn More

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Learn More

    The Commodity team monitors and manages risk at the commodity, sector and strategy levels. Learn More

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Learn More

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Learn More

    We emphasize capital preservation by avoiding MLPs that may cut distributions. We seek to build diversified portfolios comprised of MLPs with attractive risk-adjusted total return potential. Learn More

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    Tools

    1. 1. 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.
    2. 2. 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. * 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.
    3. 3. The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investment in inverse floaters, as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets those expenses. the Fund's total returns and net asset values are not affected by those offsets.
    4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
    5. 5. Access index definitions.
    6. 6. 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.
    7. 7. Standardized yield for each share class is based on the Fund's net investment income 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.
    8. 8. 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.
    9. 9. 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.
    10. 10. Percentage of tax-exempt income that is subject to the alternative minimum tax and reported in Form 1099-Div.
    11. A. There is no guarantee of the payment of any dividend or other distributions at any level.
    12. B. 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.
    13. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.
    14. D. 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 p.m. ET daily.
    15. E. Class A shares rated 4 stars overall by Morningstar among  96  Muni New York Long funds for the 3-, 5-, and 10 year period ended 7/31/15 based on risk-adjusted performance.
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