OPPENHEIMER ROCHESTER MASSACHUSETTS MUNICIPAL
FUND
Supplement dated February 28, 2013
to the Summary Prospectus dated July 27,
2012
This supplement amends the Oppenheimer Rochester
Massachusetts Municipal Fund (the “Fund”) summary prospectus (the “Summary Prospectus”), dated July 27,
2012, and is in addition to any other supplements.
Effective as of February 26, 2013, the Prospectus
is revised as follows:
The section titled “Risks of Non-Diversification”
on page 3 is deleted in its entirety.
February 28, 2013 PS0579.003
Limited Term New York Municipal Fund
Oppenheimer AMT-Free Municipals
Oppenheimer AMT-Free New York Municipals
Oppenheimer California Municipal Fund
Oppenheimer Cash Reserves
Oppenheimer Equity Fund
Oppenheimer Flexible Strategies Fund
Oppenheimer Global Allocation Fund
Oppenheimer Global Strategic Income Fund
Oppenheimer Institutional Money Market Fund
Oppenheimer International Value Fund
Oppenheimer Limited Term California Municipal Fund
Oppenheimer Limited Term Municipal Fund
Oppenheimer Main Street Select Fund
®
Oppenheimer Money Market Fund, Inc.
Oppenheimer New Jersey Municipal Fund
Oppenheimer Pennsylvania Municipal Fund
Oppenheimer Rochester
®
Arizona Municipal Fund
Oppenheimer Rochester
®
Intermediate Term Municipal
Fund
Oppenheimer Rochester
®
Maryland Municipal Fund
Oppenheimer Rochester
®
Massachusetts Municipal
Fund
Oppenheimer Rochester
®
Michigan Municipal Fund
|
Oppenheimer Rochester
®
Minnesota Municipal
Fund
Oppenheimer Rochester
®
National Municipals
Oppenheimer Rochester
®
North Carolina
Municipal Fund
Oppenheimer Rochester
®
Ohio Municipal
Fund
Oppenheimer Rochester
®
Short Term Municipal
Fund
Oppenheimer Rochester
®
Virginia Municipal
Fund
Oppenheimer Select Value Fund
Oppenheimer Senior Floating Rate Fund
Oppenheimer Short Duration Fund
Oppenheimer Small- & Mid-Cap Growth Fund
Oppenheimer Balanced Fund/VA
Oppenheimer Capital Appreciation Fund/VA
Oppenheimer Core Bond Fund/VA
Oppenheimer Global Securities Fund/VA
Oppenheimer Global Strategic Income Fund/VA
Oppenheimer International Growth Fund/VA
Oppenheimer Main Street Fund
®
/VA
Oppenheimer Main Street Small- & Mid-Cap Fund
®
/VA
Oppenheimer Money Fund/VA
Oppenheimer Small- & Mid-Cap Growth Fund/VA
Oppenheimer Value Fund/VA
Rochester
®
Fund Municipals
|
Supplement to the Summary Prospectus
This supplement amends the summary prospectus (the “Summary
Prospectus”)
of each of the above referenced funds (each a “Fund” or collectively,
the “Funds”) and is in addition to any other supplement(s)
.
Effective January 1, 2013, the Summary Prospectus
of each Fund is revised as follows:
|
1.
|
References to the "Manager" in the Summary Prospectus mean
OFI Global Asset Management, Inc.
and
OppenheimerFunds,
Inc.
unless the context indicates otherwise or unless otherwise specified.
|
|
2.
|
The section entitled “
Investment Adviser
” is replaced
in its entirety with the following:
|
Investment Adviser
. OFI Global Asset Management,
Inc. (the “Manager”) is the Fund’s investment adviser. OppenheimerFunds, Inc. (the “Sub-Adviser”)
is its sub-adviser.
PS0000.079
|
OPPENHEIMER
Rochester® Massachusetts Municipal Fund
Summary Prospectus
July 27, 2012
|
NYSE Ticker Symbols
|
Class A
|
ORMAX
|
Class B
|
ORBAX
|
Class C
|
ORCAX
|
Class Y
|
ORYAX
|
|
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks.
You can find the Fund's prospectus, Statement of Additional Information, Annual Report and other information about the Fund
online at https://www.oppenheimerfunds.com/fund/RochesterMassachusettsMunicipalFund. You can also get this information at no cost by calling 1.800.225.5677 or by sending an email request to: info@oppenheimerfunds.com.
The Fund's prospectus and Statement of Additional Information ("SAI"), both dated July 27, 2012, and pages 9 through 62 of its most recent Annual Report, dated March 31, 2012, are incorporated by reference into this Summary Prospectus. You can access the Fund's
prospectus
and
SAI
at https://www.oppenheimerfunds.com/fund/RochesterMassachusettsMunicipalFund
. The Fund's prospectus is also available from financial intermediaries who are authorized to sell Fund shares.
|
|
Investment Objective.
The Fund seeks a high level of current interest income exempt from federal and Massachusetts state income taxes for individual
investors as is consistent with preservation of capital.
Fees and Expenses of the Fund.
This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify
for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $50,000 in certain
funds in the Oppenheimer family of funds. More information about these and other discounts is available from your financial
professional and in the section "About Your Account" beginning on page 15 of the prospectus and in the sections "How to Buy Shares" beginning on page 74 and "Appendix A" in the Fund's Statement of Additional Information.
Shareholder Fees
(fees paid directly from your investment)
|
|
|
|
|
Class A
|
Class B
|
Class C
|
Class Y
|
Maximum Sales Charge (Load) imposed on purchases (as % of offering price)
|
4.75%
|
None
|
None
|
None
|
Maximum Deferred Sales Charge (Load) (as % of the lower of the original offering price or redemption proceeds)
|
None
|
5%
|
1%
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Class A
|
Class B
|
Class C
|
Class Y
|
Management Fees
|
0.55%
|
0.55%
|
0.55%
|
0.55%
|
Distribution and/or Service (12b-1) Fees
|
0.25%
|
1.00%
|
1.00%
|
None
|
Other Expenses
|
|
|
|
|
Interest and Fees from Borrowing
|
0.38%
|
0.38%
|
0.38%
|
0.39%
|
Interest and Related Expenses from Inverse Floaters
|
0.08%
|
0.08%
|
0.08%
|
0.08%
|
Other Expenses
|
0.16%
|
0.25%
|
0.16%
|
0.16%
|
Total Other Expenses
|
0.62%
|
0.71%
|
0.62%
|
0.63%
|
Total Annual Fund Operating Expenses
|
1.42%
|
2.26%
|
2.17%
|
1.18%
|
Fee Waiver and/or Expense Reimbursement*
|
(0.16%)
|
(0.25%)
|
(0.16%)
|
0.00%
|
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
1.26%
|
2.01%
|
2.01%
|
1.18%
|
*The Manager has voluntarily agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit "Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement" (excluding any applicable interest and fees
from borrowing, interest and related expenses from inverse floaters, dividend expense, taxes, brokerage commissions, extraordinary
expenses and certain other Fund expenses) to annual rates of 0.80% for Class A, 1.55% for Class B and Class C, and 0.80% for
Class Y, as calculated on the daily net assets of the Fund. Each of these fee waivers and/or expense limitations may not be
amended or withdrawn until one year from the date of this prospectus.
Example.
The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the
same. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows:
If shares are redeemed
|
If shares are not redeemed
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Class A
|
$
|
598
|
$
|
891
|
$
|
1,205
|
$
|
2,094
|
$
|
598
|
$
|
891
|
$
|
1,205
|
$
|
2,094
|
Class B
|
$
|
706
|
$
|
990
|
$
|
1,400
|
$
|
2,190
|
$
|
206
|
$
|
690
|
$
|
1,200
|
$
|
2,190
|
Class C
|
$
|
306
|
$
|
671
|
$
|
1,162
|
$
|
2,517
|
$
|
206
|
$
|
671
|
$
|
1,162
|
$
|
2,517
|
Class Y
|
$
|
121
|
$
|
377
|
$
|
653
|
$
|
1,440
|
$
|
121
|
$
|
377
|
$
|
653
|
$
|
1,440
|
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio.
Principal Investment Strategies.
Under normal market conditions, as a fundamental policy, the Fund invests at least 80% of its net assets (plus borrowings
for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is
exempt from both federal and Massachusetts state income tax. These securities are generally issued by the state and its political
subdivisions (such as cities, towns, counties, agencies and authorities) and primarily include municipal bonds (long-term
(more than one-year) obligations), municipal notes (short-term obligations) and interests in municipal leases. Municipal securities
generally are classified as general or revenue obligations. General obligations are secured by the issuer's pledge of its
full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are bonds whose interest
is payable only from the revenues derived from a particular facility or class of facilities, or a specific excise tax or other
revenue source. The securities in which the Fund invests may also include those of issuers located outside of Massachusetts,
such as U.S. territories, commonwealths and possessions, if the interest on such securities is not subject to federal or Massachusetts
state income tax. These securities are "Massachusetts municipal securities" for purposes of this prospectus.
Securities whose interest is exempt from Massachusetts taxes are included for purposes of the Fund's 80% requirement discussed
above, even if the issuer is located outside of Massachusetts. Securities that generate income subject to alternative minimum
tax (AMT) will count towards the Fund's 80% requirement. The Fund selects investments without regard to this type of tax treatment.
Most of the securities the Fund buys are "investment-grade," although it can invest as much as 25% of its total assets in
below-investment-grade securities (commonly called "junk bonds"), which are subject to the special risks disclosed below.
Investment-grade securities are rated in one of the four highest rating categories of nationally recognized statistical rating
organizations, such as Standard & Poor's (or, in the case of unrated securities, determined by the Fund's investment adviser
to be comparable to securities rated investment-grade). The Fund also invests in unrated securities, in which case the Fund's
investment adviser, OppenheimerFunds, Inc., internally assigns ratings to those securities, after assessing their credit quality
and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical
rating organizations. There can be no assurance, nor is it intended, that the Manager's credit analysis process is consistent
or comparable with the credit analysis process used by a nationally recognized statistical rating organization.
The Fund does not limit its investments to securities of a particular maturity range, and may hold both short- and long-term
securities. However, the Fund currently focuses on longer-term securities to seek higher yields. This portfolio strategy is
subject to change. The Fund may invest in obligations that pay interest at fixed or variable rates.
The Fund can invest in inverse floating rate securities, a variable rate instrument, to seek increased income and return.
Inverse floating rate securities are leveraged instruments and the extent of their leverage will vary depending on the security's
characteristics. The Fund limits its investments in inverse floating rate securities as further described in this prospectus
under "Principal Risks."
The Fund can borrow money to purchase additional securities, another form of leverage. Although the amount of borrowing will
vary from time to time, the amount of leveraging from borrowings will not exceed one-third of the Fund's total assets.
In selecting investments for the Fund, the portfolio managers look at a wide range of Massachusetts municipal securities from
different issuers that provide high current income, including unrated bonds, that have favorable credit characteristics and
that provide opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer
applies to a security purchased for the Fund, but are not required to do so.
Principal Risks.
The price of the Fund's shares can go up and down substantially. The value of the Fund's investments may change because of
broad changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund
to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment
objective. When you redeem your shares, they may be worth more or less than what you paid for them.
These risks mean that you can lose money by investing in the Fund.
Main Risks of Investing in Municipal Securities.
Municipal securities may be subject to interest rate risk, credit risk, credit spread risk, extension risk, reinvestment
risk and prepayment risk. Interest rate risk is the risk that when prevailing interest rates fall, the values of already-issued
debt securities generally rise; and when prevailing interest rates rise, the values of already-issued debt securities generally
fall, and they may be worth less than the amount the Fund paid for them. When interest rates change, the values of longer-term
debt securities usually change more than the values of shorter-term debt securities. Credit risk is the risk that the issuer
of a security might not make interest and principal payments on the security as they become due. If an issuer fails to pay
interest or repay principal, the Fund's income or share value might be reduced. Adverse news about an issuer or a downgrade
in an issuer's credit rating, for any reason, can also reduce the market value of the issuer's securities. "Credit spread"
is the difference in yield between securities that is due to differences in their credit quality. There is a risk that credit
spreads may increase when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce
the market values of the Fund's lower-rated and unrated securities. Extension risk is the risk that an increase in interest
rates could cause principal payments on a debt security to be repaid at a slower rate than expected. Extension risk is particularly
prevalent for a callable security where an increase in interest rates could result in the issuer of that security choosing
not to redeem the security as anticipated on the security's call date. Such a decision by the issuer could have the effect
of lengthening the debt security's expected maturity, making it more vulnerable to interest rate risk and reducing its market
value. Reinvestment risk is the risk that when interest rates fall the Fund may be required to reinvest the proceeds from
a security's sale or redemption at a lower interest rate. Callable bonds are generally subject to greater reinvestment risk
than non-callable bonds. Prepayment risk is the risk that the issuer may redeem the security prior to the expected maturity
or that borrowers may repay the loans that underlie these securities more quickly than expected, thereby causing the issuer
of the security to repay the principal prior to the expected maturity. The Fund may need to reinvest the proceeds at a lower
interest rate, reducing its income.
Special Risks of Below-Investment-Grade Securities.
Below-investment-grade debt securities may be subject to greater price fluctuations and have a greater risk that the issuer
might not be able to pay interest and principal when due. The market for below-investment-grade securities may be less liquid
and they may be harder to value or to sell at an acceptable price, especially during times of market volatility or decline.
Because the Fund can invest up to 25% of its assets in below-investment-grade securities, the Fund's credit risks are
greater than those of funds that buy only investment-grade securities.
This restriction is applied at the time of purchase and the Fund may continue to hold a security whose credit rating has been
lowered or, in the case of an unrated security, after the Fund's adviser has changed its assessment of the security's credit
quality. As a result, credit rating downgrades or other market fluctuations may cause the Fund's holdings of below-investment-grade
securities to exceed this restriction for an extended period of time. If the Fund has more than 25% of its total assets invested
in below-investment-grade securities, the adviser will not purchase additional below-investment-grade securities until the
level of holdings in those securities no longer exceeds the restriction.
Special Risks of Massachusetts Municipal Securities.
Because the Fund invests primarily in Massachusetts municipal securities, the value of its portfolio investments will be
highly sensitive to events affecting the financial stability of the Commonwealth of Massachusetts and its municipalities,
agencies, authorities and other instrumentalities that issue those securities. Budgetary stress on the state or its municipalities,
changes in legislation or policy, erosion of the tax base, the effects of natural disasters, or other economic, legislative
or political, or social issues may have a significant negative impact on the value of state or local securities.
Special Risks of Investing in U.S. Territories, Commonwealths and Possessions.
The Fund also invests in obligations of the governments of the U.S. territories, commonwealths and possessions such as Puerto
Rico, the Virgin Islands, Guam, or the Northern Mariana Islands to the extent such obligations are exempt from state income
taxes. These investments also are considered to be "Massachusetts municipal securities" for purposes of this prospectus. Accordingly,
the Fund may be adversely affected by local political and economic conditions and developments within these U.S. territories,
commonwealths and possessions affecting the issuers of such obligations.
Certain of the municipalities in which the Fund invests currently experience significant financial difficulties. A credit
rating downgrade relating to, default by, or insolvency or bankruptcy of one or several municipal security issuers of a state,
territory, commonwealth or possession in which the Fund invests could affect the market values and marketability of many or
all municipal obligations of such state, territory, commonwealth or possession.
Municipal Market Volatility and Illiquidity.
The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities.
Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced
market liquidity, the Fund may not be able to readily sell bonds at the prices at which they are carried on the Fund's books.
If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could
further reduce the bonds' prices.
Municipal Sector Concentration.
While the Fund does not invest more than 25% of its total assets in a single industry, certain types of municipal securities
(such as general obligation, government appropriation, municipal leases, special assessment and special tax bonds) are not
considered a part of any "industry" for purposes of this policy. Therefore, the Fund may invest more than 25% of its total
assets in these types of municipal securities. These types of municipal securities may finance, or pay interest from the revenues
of, projects that tend to be impacted in the same way by economic, business or political developments which would increase
credit risk. For example, legislation on the financing of a project or a declining economic need for the project would likely
affect all similar projects.
Risks of Non-Diversification.
The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest
a greater portion of its assets in the securities of a single issuer than if it were a "diversified" fund. To the extent that
the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is more subject to the risks
associated with and developments affecting that issuer than a fund that invests more widely.
Risks of Tobacco Related Bonds.
In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, known as the Master Settlement Agreement
(the "MSA"), to settle claims against them by 46 states and six other U.S. jurisdictions. The tobacco manufacturers agreed
to make annual payments to the government entities in exchange for the release of all litigation claims. A number of the states
have sold bonds that are backed by those future payments. The Fund may invest in two types of those bonds: (i) bonds that
make payments only from a state's interest in the MSA and (ii) bonds that make payments from both the MSA revenue and from
an "appropriation pledge" by the state. An "appropriation pledge" requires the state to pass a specific periodic appropriation
to make the payments and is generally not an unconditional guarantee of payment by a state.
The settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette
consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption
decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in litigation regarding the
MSA, including challenges by participating tobacco manufacturers regarding the amount of annual payments owed under the MSA.
The Fund can invest up to 25% of its total assets in tobacco-related bonds without an appropriation pledge that make payments
only from a state's interest in the MSA.
Risks of Land-Secured or "Dirt" Bonds.
These special assessment or special tax bonds are issued to promote residential, commercial or industrial growth and redevelopment.
They are exposed to real estate development-related risks. The bonds could default if the developments failed to progress
as anticipated or if taxpayers failed to pay the assessments, fees and taxes specified in the financing plans for a project.
Main Risks of Borrowing and Leverage.
The Fund can borrow up to one-third of the value of its total assets (including the amount borrowed) from banks, as permitted
by the Investment Company Act of 1940. It can use those borrowings for a number of purposes, including for purchasing securities,
which can create "leverage." In that case, changes in the value of the Fund's investments will have a larger effect on its
share price than if it did not borrow. Borrowing results in interest payments to the lenders and related expenses. Borrowing
for investment purposes might reduce the Fund's return if the yield on the securities purchased is less than those borrowing
costs. The Fund may also borrow to meet redemption obligations, for temporary and emergency purposes, or to unwind or contribute
to trusts in connection with the Fund's investment in inverse floaters (instruments also involving the use of leverage, as
discussed below). The Fund currently participates in a line of credit with other Oppenheimer funds for its borrowing.
The Fund can participate in a committed reverse repurchase agreement program. Reverse repurchase agreements that the Fund
may engage in also create leverage. A reverse repurchase agreement is the sale by the Fund of a debt obligation to a party
for a specified price, with the simultaneous agreement by the Fund to repurchase that debt obligation from that party on a
future date at a higher price. Similar to a borrowing, reverse repurchase agreements provide the Fund with cash for investment
and operational purposes. When the Fund engages in reverse repurchase agreements, changes in the value of the Fund's investments
will have a larger effect on its share price than if it did not engage in these transactions due to the effect of leverage.
Reverse repurchase agreements create fund expenses and require that the Fund have sufficient cash available to repurchase
the debt obligation when required. Reverse repurchase agreements also involve the risk that the market value of the debt obligation
that is the subject of the reverse repurchase agreement could decline significantly below the price at which the Fund is obligated
to repurchase the security.
Risks of Derivatives.
A "derivative" is an investment whose value depends on (or is derived from) the value of an underlying security, asset, interest
rate, index or currency. Derivatives may be volatile and involve significant risks. Derivative transactions may require the
payment of premiums and can increase portfolio turnover. Certain derivative investments may be illiquid. The underlying security
or other reference on which a derivative is based, or the derivative itself, may not perform the way the Fund expects it to.
The Fund could realize little or no income or lose principal from a derivative investment or a hedge might be unsuccessful.
The Fund may also lose money if the issuer of a derivative fails to pay the amount due.
Inverse Floaters
. The Fund invests in inverse floating rate securities ("inverse floaters") because, under ordinary circumstances, they offer
higher yields and thus provide higher income than fixed-rate municipal bonds of comparable maturity and credit quality. Because
inverse floaters are leveraged instruments, the value of an inverse floater will change more significantly in response to
changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security
of comparable maturity and credit quality, including the municipal bond underlying an inverse floater.
An inverse floater is created when a fixed-rate municipal bond is contributed to a trust. The trust issues two separate classes
of securities: short-term floating rate securities with a fixed principal amount that represent a senior interest in the underlying
municipal bond, and the inverse floater that represents a residual, subordinate interest in the underlying municipal bond.
The trust issues and sells the short-term floating rate securities to third parties and the inverse floater to the Fund. The
short-term floating rate securities generally bear short-term rates of interest. When interest is paid on the underlying municipal
bond to the trust, such proceeds are first used to pay interest owing to holders of the short-term floating rate securities,
with any remaining amounts being paid to the Fund, as the holder of the inverse floater. Accordingly, the amount of such interest
paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Inverse floaters
produce less income when short-term interest rates rise (and, in extreme cases, may pay no income) and more income when short-term
interest rates fall. Thus, if short-term interest rates rise after the issuance of the inverse floater, any yield advantage
to the Fund is reduced and may be eliminated. Additionally, because the principal amount of the short-term floating rate security
is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the
market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floater. Upon
the occurrence of certain adverse events, a trust may be collapsed and the underlying municipal bond liquidated, and the Fund
could lose the entire amount of its investment in the inverse floater and may, in some cases, be contractually required to
pay the negative difference, if any, between the liquidation value of the underlying municipal bond and the principal amount
of the short-term floating rate securities.
The Fund may invest in inverse floaters with any degree of leverage (measured by comparing the outstanding principal amount
of related short-term floating rate securities to the par value of the underlying municipal bond). However, the Fund may only
expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. This limitation
is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the
inverse floaters held by the Fund to the total assets of the Fund. Nevertheless, the value of, and income earned on, an inverse
floater that has a higher degree of leverage (represented by a larger outstanding principal amount of related short-term floating
rate securities) will fluctuate more significantly in response to changes in interest rates and to changes in the market value
of the related underlying municipal bond, and are more likely to be eliminated entirely under adverse market conditions.
Who Is the Fund Designed For?
The Fund is designed for investors seeking income exempt from federal and Massachusetts state personal income taxes. The
Fund does not seek capital gains or growth. Because it invests in tax-exempt securities, the Fund is not appropriate for retirement
plan accounts or for investors seeking capital growth. The Fund is not a complete investment program. You should carefully
consider your own investment goals and risk tolerance before investing.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.
The Fund's Past Performance.
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's
performance (for Class A shares) from year to year and by showing how the Fund's average annual returns for one year, 5 years and the life of the Fund compare
with those of a broad measure of market performance. The Fund's past investment performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the future. More recent performance information is available by
calling the toll-free number on the back of this prospectus and on the Fund's website:
https://www.oppenheimerfunds.com/fund/RochesterMassachusettsMunicipalFund
Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest
return for a calendar quarter was 19.95% (3rd Qtr 09) and the lowest return was -23.42% (4th Qtr 08). For the period from January 1, 2012 to June 30, 2012, the cumulative return before sales charges and taxes was 8.64%.
The following table shows the average annual total returns for each class of the Fund's shares. After-tax returns are calculated
using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your
actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown
are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary.
No performance information is included for Class Y shares because they do not have one full calendar year of performance.
Average Annual Total Returns
for the periods ended December 31, 2011
|
|
1 Year
|
5 Years
|
10 Years (or life of class, if less)
|
Class A Shares (inception 7/18/06)
|
|
|
|
|
|
|
Return Before Taxes
|
6.51%
|
|
(0.69%)
|
|
0.54%
|
|
Return After Taxes on Distributions
|
6.51%
|
|
(0.69%)
|
|
0.54%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
6.29%
|
|
0.18%
|
|
1.22%
|
|
Class B Shares (inception 7/18/06)
|
6.00%
|
|
(0.78%)
|
|
0.53%
|
|
Class C Shares (inception 7/18/06)
|
10.02%
|
|
(0.49%)
|
|
0.64%
|
|
Barclays Capital Municipal Bond Index
|
10.70%
|
|
5.22%
|
|
5.45%*
|
|
(reflects no deduction for fees, expenses or taxes)
|
|
|
|
|
|
|
Consumer Price Index
|
2.96%
|
|
2.26%
|
|
1.93%*
|
|
(reflects no deduction for fees, expenses or taxes)
|
|
|
|
|
|
|
* From 07/31/06.
Investment Adviser.
OppenheimerFunds, Inc. is the Fund's investment adviser (the "Manager").
Portfolio Managers.
Daniel G. Loughran, Scott S. Cottier and Troy E. Willis each have been a portfolio manager and a Vice President of the Fund
since its inception. Mark R. DeMitry has been a portfolio manager of the Fund since September 2006 and a Vice President of
the Fund since June 2009. Michael L. Camarella has been a portfolio manager of the Fund since January 2008 and a Vice President
of the Fund since June 2009. Charles S. Pulire has been a portfolio manager of the Fund since December 2010 and a Vice President
of the Fund since September 2011.
Purchase and Sale of Fund Shares.
In most cases, you can buy Fund shares with a minimum initial investment of $1,000 and make additional investments with as
little as $50. For certain investment plans and retirement accounts, the minimum initial investment is $500 and, for some,
the minimum additional investment is $25. For certain fee based programs the minimum initial investment is $250.
Shares may be purchased through a financial intermediary or the Distributor and redeemed through a financial intermediary
or the Transfer Agent on days the New York Stock Exchange is open for trading. Shareholders may purchase or redeem shares
by mail, through the website at www.oppenheimerfunds.com or by calling 1.800.225.5677. Share transactions may be paid by check,
by Federal Funds wire or directly from or into your bank account.
Class B shares are no longer offered for new purchases. Any investments for existing Class B share accounts will be made in
Class A shares of Oppenheimer Money Market Fund.
Taxes.
Dividends paid from net investment income on tax-exempt municipal securities will be excludable from gross income for federal
individual income tax purposes. Dividends that are derived from interest paid on certain "private activity bonds" may be an
item of tax preference if you are subject to the federal alternative minimum tax. Certain distributions may be taxable as
ordinary income or as capital gains. The tax treatment of dividends is the same whether they are taken in cash or reinvested.
Payments to Broker-Dealers and Other Financial Intermediaries.
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Manager,
or their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create
a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over
another investment. Ask your salesperson or visit your financial intermediary's website for more information.
For More Information About Oppenheimer Rochester Massachusetts Municipal Fund
You can access the Fund's
prospectus
and
SAI
at https://www.oppenheimerfunds.com/fund/RochesterMassachusettsMunicipalFund. You can also request additional information about the Fund or your account:
By Telephone:
|
Call OppenheimerFunds Services toll-free:
1.800.CALL OPP (225.5677)
|
By Mail:
|
For requests by mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, Colorado 80217-5270
|
For courier or express mail requests:
OppenheimerFunds Services
12100 East Iliff Avenue, Suite 300
Aurora, Colorado 80014
|
On the Internet:
|
You can read or download information on the OppenheimerFunds website at:
www.oppenheimerfunds.com
|
PR0579.001.0712
|
|
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