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OPTAX

Rochester® AMT-Free Municipal Fund

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Overview

The Strategy typically invests in municipal bonds of issuers across the United States.

Inception Date
October 27, 1976
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683977102
NAV
  • A
(as of 09/20/2018)
$7.14
Total Assets
(as of 08/31/2018)
$1.95 BN
Gross Expense Ratio
(as of 08/31/2018)
1.03%
Net Expense Ratio
(as of 08/31/2018)
0.94%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 08/31/2018
  • B
as of 06/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
6.42% 4.75% 6.92% 6.39% 5.02% 5.80%
Bloomberg Barclays Municipal Index
-0.25% 1.56% 2.85% 3.53% 4.43% -
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (with sales charge)
1.36% -0.23% 5.20% 5.36% 4.51% 5.68%
Bloomberg Barclays Municipal Index
-0.25% 1.56% 2.85% 3.53% 4.43% -
Cumulative
Annualized
ytd as of 2018-08-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
8.72% 6.29% 7.21% 8.02% 5.25% 5.83%
Bloomberg Barclays Municipal Index
0.25% 0.49% 2.71% 4.12% 4.32% -
Cumulative
Annualized
ytd as of 2018-08-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (with sales charge)
3.56% 1.25% 5.48% 6.98% 4.74% 5.71%
Bloomberg Barclays Municipal Index
0.25% 0.49% 2.71% 4.12% 4.32% -
Gross Expense Ratio: 1.03% | Net Expense Ratio: 0.94%

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 Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index
1977 6.35% -
1978 -4.91% -
1979 -3.35% -
1980 -14.90% -
1981 -9.22% -
1982 43.75% -
1983 16.91% -
1984 10.60% -
1985 21.38% -
1986 19.75% -
1987 0.00% -
1988 10.03% -
1989 9.43% -
1990 5.93% -
1991 12.11% -
1992 9.20% 8.82%
1993 13.79% 12.28%
1994 -9.19% -5.17%
1995 18.28% 17.46%
1996 5.17% 4.43%
1997 9.38% 9.19%
1998 6.05% 6.48%
1999 -5.09% -2.06%
2000 7.98% 11.68%
2001 2.35% 5.13%
2002 8.04% 9.60%
2003 7.67% 5.31%
2004 8.69% 4.48%
2005 7.83% 3.51%
2006 7.40% 4.84%
2007 -9.11% 3.36%
2008 -41.59% -2.47%
2009 42.69% 12.91%
2010 0.30% 2.38%
2011 16.40% 10.70%
2012 18.97% 6.78%
2013 -6.66% -2.55%
2014 15.64% 9.05%
2015 5.19% 3.30%
2016 2.51% 0.25%
2017 5.96% 5.45%

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 Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
8/31/2008 0.00 0.00 0.00
9/30/2008 -10.78 -4.69 -1.34
10/31/2008 -25.38 -5.66 -3.67
11/30/2008 -28.53 -5.36 -0.54
12/31/2008 -37.15 -3.98 3.17
1/31/2009 -33.26 -0.47 2.26
2/28/2009 -31.92 0.05 1.88
3/31/2009 -33.68 0.07 3.29
4/30/2009 -29.52 2.07 3.79
5/31/2009 -22.99 3.15 4.54
6/30/2009 -25.89 2.19 5.14
7/31/2009 -24.64 3.89 6.83
8/31/2009 -17.45 5.67 7.94
9/30/2009 -7.49 9.46 9.07
10/31/2009 -11.43 7.17 9.61
11/30/2009 -12.30 8.05 11.03
12/31/2009 -10.31 8.42 9.29
1/31/2010 -9.26 8.98 10.96
2/28/2010 -8.15 10.04 11.38
3/31/2010 -8.44 9.77 11.24
4/30/2010 -6.06 11.11 12.40
5/31/2010 -6.24 11.94 13.34
6/30/2010 -7.16 12.01 15.12
7/31/2010 -6.08 13.40 16.35
8/31/2010 -2.28 16.00 17.85
9/30/2010 -2.04 15.82 17.97
10/31/2010 -1.26 15.50 18.39
11/30/2010 -6.56 13.19 17.71
12/31/2010 -10.05 11.00 16.44
1/31/2011 -12.89 10.18 16.58
2/28/2011 -10.55 11.93 16.87
3/31/2011 -10.93 11.56 16.93
4/30/2011 -8.91 13.56 18.42
5/31/2011 -5.87 15.50 19.96
6/30/2011 -3.62 15.90 19.61
7/31/2011 -1.42 17.08 21.51
8/31/2011 -1.33 19.09 23.29
9/30/2011 1.24 20.32 24.18
10/31/2011 1.64 19.87 24.32
11/30/2011 1.86 20.58 24.21
12/31/2011 4.70 22.87 25.57
1/31/2012 9.75 25.71 26.68
2/29/2012 10.94 25.84 26.65
3/31/2012 10.98 25.02 25.95
4/30/2012 13.69 26.46 27.35
5/31/2012 15.92 27.51 28.50
6/30/2012 16.44 27.37 28.55
7/31/2012 20.17 29.39 30.33
8/31/2012 21.25 29.54 30.41
9/30/2012 22.14 30.32 30.59
10/31/2012 23.75 30.69 30.85
11/30/2012 27.16 32.84 31.05
12/31/2012 24.56 31.20 30.87
1/31/2013 26.14 31.75 29.95
2/28/2013 26.48 32.15 30.60
3/31/2013 25.78 31.58 30.71
4/30/2013 27.91 33.02 32.03
5/31/2013 27.58 31.40 29.67
6/30/2013 19.95 27.68 27.67
7/31/2013 17.38 26.56 27.84
8/31/2013 13.53 24.75 27.19
9/30/2013 16.77 27.44 28.39
10/31/2013 18.11 28.44 29.43
11/30/2013 17.38 28.18 28.95
12/31/2013 16.27 27.85 28.22
1/31/2014 20.04 30.34 30.11
2/28/2014 23.56 31.87 30.80
3/31/2014 24.18 32.09 30.58
4/30/2014 26.09 33.68 31.68
5/31/2014 29.45 35.40 33.18
6/30/2014 28.06 35.52 33.25
7/31/2014 28.17 35.76 32.92
8/31/2014 31.59 37.40 34.39
9/30/2014 32.60 37.54 33.47
10/31/2014 32.28 38.48 34.78
11/30/2014 33.11 38.72 35.74
12/31/2014 34.45 39.42 35.87
1/31/2015 36.97 41.89 38.72
2/28/2015 36.10 40.43 37.41
3/31/2015 36.44 40.84 38.05
4/30/2015 35.56 40.10 37.56
5/31/2015 35.80 39.71 37.22
6/30/2015 33.74 39.58 35.73
7/31/2015 34.42 40.59 36.67
8/31/2015 35.54 40.87 36.48
9/30/2015 37.65 41.89 37.40
10/31/2015 39.72 42.46 37.42
11/30/2015 40.42 43.02 37.06
12/31/2015 41.42 44.03 36.62
1/31/2016 42.24 45.74 38.50
2/29/2016 43.16 45.97 39.48
3/31/2016 44.51 46.44 40.76
4/30/2016 45.14 47.51 41.30
5/31/2016 46.31 47.91 41.33
6/30/2016 49.72 50.27 43.87
7/31/2016 50.15 50.36 44.78
8/31/2016 50.62 50.56 44.62
9/30/2016 50.99 49.81 44.53
10/31/2016 49.80 48.24 43.43
11/30/2016 44.04 42.71 40.03
12/31/2016 44.96 44.38 40.23
1/31/2017 45.74 45.34 40.51
2/28/2017 48.51 46.34 41.45
3/31/2017 53.86 46.66 41.38
4/30/2017 54.92 47.73 42.47
5/31/2017 56.86 50.07 43.56
6/30/2017 56.06 49.53 43.42
7/31/2017 56.27 50.74 44.04
8/31/2017 57.11 51.89 45.33
9/30/2017 55.15 51.12 44.64
10/31/2017 53.32 51.49 44.72
11/30/2017 51.84 50.68 44.54
12/31/2017 53.61 52.25 45.20
1/31/2018 54.08 50.46 43.53
2/28/2018 54.13 50.01 42.17
3/31/2018 57.33 50.56 43.08
4/30/2018 59.03 50.02 42.01
5/31/2018 61.41 51.74 43.03
6/30/2018 63.47 51.87 42.85
7/31/2018 64.46 52.24 42.89
8/31/2018 67.00 52.63 43.80
Date Dividends
9/23/2008 0.043
10/28/2008 0.043
11/25/2008 0.043
12/30/2008 0.043
1/27/2009 0.043
2/24/2009 0.043
3/24/2009 0.043
4/21/2009 0.043
5/26/2009 0.043
6/23/2009 0.043
7/28/2009 0.043
8/25/2009 0.043
9/22/2009 0.043
10/27/2009 0.038
11/24/2009 0.038
12/30/2009 0.038
1/26/2010 0.038
2/23/2010 0.038
3/23/2010 0.038
4/27/2010 0.038
5/25/2010 0.036
6/22/2010 0.036
7/27/2010 0.036
8/24/2010 0.036
9/21/2010 0.036
10/26/2010 0.036
11/23/2010 0.034
12/30/2010 0.034
1/25/2011 0.034
2/22/2011 0.034
3/22/2011 0.034
4/26/2011 0.034
5/24/2011 0.034
6/21/2011 0.034
7/26/2011 0.034
8/23/2011 0.034
9/27/2011 0.034
10/25/2011 0.034
11/22/2011 0.034
12/29/2011 0.034
1/24/2012 0.034
2/21/2012 0.034
3/27/2012 0.034
4/24/2012 0.034
5/22/2012 0.034
6/26/2012 0.034
7/24/2012 0.034
8/28/2012 0.034
9/25/2012 0.034
10/23/2012 0.034
11/27/2012 0.034
12/28/2012 0.032
1/22/2013 0.032
2/19/2013 0.032
3/26/2013 0.032
4/23/2013 0.032
5/28/2013 0.032
6/25/2013 0.032
7/23/2013 0.032
8/27/2013 0.032
9/24/2013 0.033
10/22/2013 0.033
11/26/2013 0.033
12/30/2013 0.033
1/28/2014 0.033
2/25/2014 0.033
3/25/2014 0.033
4/22/2014 0.033
5/27/2014 0.034
6/24/2014 0.034
7/22/2014 0.034
8/26/2014 0.034
9/23/2014 0.034
10/28/2014 0.034
11/25/2014 0.035
12/31/2014 0.035
1/27/2015 0.035
2/24/2015 0.035
3/24/2015 0.035
4/21/2015 0.035
5/26/2015 0.035
6/23/2015 0.035
7/28/2015 0.035
8/25/2015 0.035
9/22/2015 0.035
10/27/2015 0.035
11/24/2015 0.035
12/31/2015 0.035
1/26/2016 0.034
2/23/2016 0.034
3/22/2016 0.034
4/26/2016 0.034
5/24/2016 0.033
6/21/2016 0.033
7/26/2016 0.033
8/23/2016 0.031
9/27/2016 0.031
10/25/2016 0.031
11/22/2016 0.031
12/30/2016 0.029
1/24/2017 0.029
2/21/2017 0.029
3/28/2017 0.029
4/25/2017 0.027
5/23/2017 0.027
6/27/2017 0.027
7/25/2017 0.027
8/22/2017 0.027
9/26/2017 0.025
10/24/2017 0.025
11/21/2017 0.025
12/29/2017 0.024
1/23/2018 0.024
2/20/2018 0.024
3/27/2018 0.023
4/24/2018 0.023
5/22/2018 0.023
6/26/2018 0.022
7/24/2018 0.022
8/28/2018 0.022

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 09/20/2018

Date 2013 2014 2015 2016 2017
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

(102.7% of assets as of 08/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 110.3% 100.0% 10.3%
State Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Puerto Rico 11.3% 0.3% 11.0%
California 10.2% 17.1% -6.9%
New York 8.9% 15.5% -6.7%
Illinois 8.9% 4.6% 4.3%
Pennsylvania 8.6% 3.8% 4.7%
New Jersey 6.8% 3.8% 2.9%
Florida 5.7% 4.4% 1.3%
Alabama 5.4% 0.9% 4.5%
Ohio 5.2% 2.4% 2.8%
Michigan 3.3% 1.7% 1.6%
Texas 3.1% 9.5% -6.3%
Colorado 2.9% 1.7% 1.2%
Kentucky 2.5% 0.7% 1.8%
Louisiana 2.5% 1.0% 1.5%
Arizona 2.3% 1.6% 0.7%
Washington 2.0% 3.2% -1.2%
Massachusetts 1.4% 4.0% -2.6%
Indiana 1.4% 0.9% 0.5%
Wisconsin 1.3% 1.3% 0.0%
Missouri 1.2% 0.7% 0.5%
Credit Rating Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 3.7% 22.3% -18.6%
AA 30.9% 53.9% -23.0%
A 27.5% 17.8% 9.7%
BBB 15.8% 4.8% 11.0%
BB 1.8% - -
B 2.0% - -
CCC 0.5% - -
CC 9.3% - -
C 0.5% - -
Unrated 18.4% 1.3% 17.1%
Analytics
(As of 08/31/2018)

Morningstar 08/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
155
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
4.49
3.45
Beta
0.92
1.09
Information Ratio
1.47
1.33
R-Squared
49.73
57.44
Sharpe Ratio
1.45
1.64
Standard Deviation
4.30
4.47
Sortino Ratio
2.38
3.20
Tracking Error
3.05
2.93
Yields
Dividend Yield (with sales charge)
3.49%
Dividend Yield (w/o sales charge)
3.66%
Standardized Yield
2.73%
Unsubsidized Yield
2.72%
Interest Income 12/31/2017
Exposed to AMT
0.0%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.11 yrs
5.99 yrs
Current Duration
7.40 yrs
6.30 yrs
Turnover Ratio
25%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
8/28/2018
Per Share ($)
$0.0220
12-Month Distribution ($)
$0.2820
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
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. 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. 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”).  Under certain market conditions, some unrated securities may trade less actively than rated securities.
  3. 3. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. A. 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.
  11. 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.
  12. C. "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.
  13. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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