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OCACX

Rochester® California Municipal Fund

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Overview

The Strategy typically invests in California municipal bonds.

Inception Date
November 1, 1995
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683912307
NAV
  • A
(as of 11/16/2018)
$8.30
Total Assets
(as of 10/31/2018)
$1.20 BN
Gross Expense Ratio
(as of 10/31/2018)
1.95%
Net Expense Ratio
(as of 10/31/2018)
1.81%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2018
  • B
as of 09/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® California Municipal Fund (NAV)
5.96% 4.72% 4.78% 5.69% 5.96% 3.99%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® California Municipal Fund (with sales charge)
4.96% 3.72% 4.78% 5.69% 5.96% 3.99%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Cumulative
Annualized
ytd as of 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® California Municipal Fund (NAV)
4.73% 4.82% 4.12% 5.19% 7.67% 3.93%
Bloomberg Barclays Municipal Index
-1.01% -0.51% 1.90% 3.25% 4.80% -
Cumulative
Annualized
ytd as of 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® California Municipal Fund (with sales charge)
3.73% 3.82% 4.12% 5.19% 7.67% 3.93%
Bloomberg Barclays Municipal Index
-1.01% -0.51% 1.90% 3.25% 4.80% -
Gross Expense Ratio: 1.95% | Net Expense Ratio: 1.81%

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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Year Rochester® California Municipal Fund Bloomberg Barclays Municipal Index
1996 3.88% 4.43%
1997 8.74% 9.19%
1998 5.22% 6.48%
1999 -7.25% -2.06%
2000 11.79% 11.68%
2001 2.87% 5.13%
2002 7.61% 9.60%
2003 4.89% 5.31%
2004 7.61% 4.48%
2005 10.03% 3.51%
2006 6.90% 4.84%
2007 -8.14% 3.36%
2008 -41.86% -2.47%
2009 48.29% 12.91%
2010 2.03% 2.38%
2011 12.34% 10.70%
2012 17.55% 6.78%
2013 -6.75% -2.55%
2014 13.99% 9.05%
2015 2.86% 3.30%
2016 2.82% 0.25%
2017 3.56% 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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Date Rochester® California Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
10/31/2008 0.00 0.00 0.00
11/30/2008 -4.06 0.32 3.25
12/31/2008 -13.93 1.78 7.11
1/31/2009 -6.45 5.51 6.16
2/28/2009 -4.10 6.06 5.76
3/31/2009 -6.01 6.08 7.23
4/30/2009 -2.22 8.20 7.74
5/31/2009 6.37 9.34 8.53
6/30/2009 4.07 8.32 9.14
7/31/2009 6.63 10.13 10.90
8/31/2009 17.90 12.01 12.05
9/30/2009 32.88 16.03 13.23
10/31/2009 26.89 13.60 13.79
11/30/2009 26.10 14.54 15.26
12/31/2009 27.64 14.92 13.46
1/31/2010 29.28 15.52 15.19
2/28/2010 30.97 16.64 15.62
3/31/2010 31.04 16.36 15.48
4/30/2010 34.52 17.78 16.68
5/31/2010 34.75 18.66 17.66
6/30/2010 33.45 18.73 19.51
7/31/2010 35.47 20.21 20.79
8/31/2010 40.50 22.96 22.34
9/30/2010 41.04 22.77 22.47
10/31/2010 42.67 22.43 22.91
11/30/2010 34.56 19.98 22.20
12/31/2010 30.23 17.66 20.88
1/31/2011 26.38 16.79 21.02
2/28/2011 29.36 18.65 21.32
3/31/2011 28.84 18.26 21.39
4/30/2011 31.25 20.37 22.93
5/31/2011 34.68 22.43 24.54
6/30/2011 37.72 22.86 24.17
7/31/2011 39.97 24.11 26.14
8/31/2011 40.72 26.23 27.99
9/30/2011 45.02 27.54 28.92
10/31/2011 44.30 27.07 29.06
11/30/2011 42.80 27.82 28.94
12/31/2011 46.31 30.25 30.36
1/31/2012 54.10 33.26 31.51
2/29/2012 55.74 33.39 31.48
3/31/2012 56.80 32.52 30.75
4/30/2012 59.44 34.05 32.20
5/31/2012 62.27 35.17 33.40
6/30/2012 63.07 35.02 33.45
7/31/2012 67.01 37.16 35.29
8/31/2012 67.88 37.32 35.38
9/30/2012 69.50 38.15 35.57
10/31/2012 70.99 38.54 35.83
11/30/2012 74.71 40.82 36.05
12/31/2012 71.97 39.08 35.86
1/31/2013 73.70 39.66 34.91
2/28/2013 74.15 40.08 35.58
3/31/2013 73.40 39.48 35.69
4/30/2013 76.45 41.00 37.06
5/31/2013 76.09 39.28 34.62
6/30/2013 65.84 35.34 32.54
7/31/2013 62.94 34.16 32.72
8/31/2013 57.58 32.24 32.04
9/30/2013 60.89 35.09 33.29
10/31/2013 62.84 36.15 34.37
11/30/2013 62.03 35.87 33.86
12/31/2013 60.38 35.53 33.11
1/31/2014 65.53 38.17 35.07
2/28/2014 70.39 39.79 35.79
3/31/2014 71.35 40.02 35.56
4/30/2014 73.13 41.70 36.70
5/31/2014 77.78 43.53 38.26
6/30/2014 76.02 43.65 38.33
7/31/2014 76.37 43.91 37.98
8/31/2014 80.45 45.65 39.51
9/30/2014 81.18 45.80 38.56
10/31/2014 81.03 46.80 39.92
11/30/2014 81.75 47.05 40.92
12/31/2014 82.80 47.79 41.05
1/31/2015 86.06 50.41 44.00
2/28/2015 85.26 48.86 42.65
3/31/2015 84.95 49.29 43.31
4/30/2015 83.69 48.51 42.80
5/31/2015 84.13 48.10 42.45
6/30/2015 80.46 47.96 40.90
7/31/2015 81.38 49.03 41.88
8/31/2015 81.70 49.33 41.68
9/30/2015 84.45 50.41 42.64
10/31/2015 85.81 51.01 42.66
11/30/2015 86.54 51.61 42.28
12/31/2015 88.03 52.67 41.82
1/31/2016 88.70 54.49 43.77
2/29/2016 89.93 54.74 44.79
3/31/2016 91.40 55.23 46.12
4/30/2016 92.71 56.37 46.68
5/31/2016 94.22 56.79 46.72
6/30/2016 98.88 59.29 49.36
7/31/2016 99.31 59.38 50.30
8/31/2016 99.62 59.60 50.13
9/30/2016 100.26 58.80 50.04
10/31/2016 99.67 57.14 48.89
11/30/2016 92.11 51.28 45.37
12/31/2016 93.33 53.05 45.58
1/31/2017 94.45 54.06 45.86
2/28/2017 96.05 55.13 46.84
3/31/2017 100.23 55.47 46.77
4/30/2017 102.41 56.59 47.90
5/31/2017 104.80 59.08 49.04
6/30/2017 103.91 58.51 48.89
7/31/2017 104.63 59.79 49.53
8/31/2017 105.52 61.01 50.87
9/30/2017 102.59 60.19 50.15
10/31/2017 100.06 60.58 50.24
11/30/2017 98.14 59.72 50.04
12/31/2017 100.22 61.39 50.73
1/31/2018 99.93 59.49 49.00
2/28/2018 99.92 59.01 47.58
3/31/2018 103.83 59.60 48.53
4/30/2018 105.63 59.03 47.43
5/31/2018 108.66 60.85 48.48
6/30/2018 110.34 60.99 48.30
7/31/2018 111.14 61.38 48.33
8/31/2018 113.59 61.79 49.29
9/30/2018 112.16 60.75 48.32
10/31/2018 109.69 59.76 47.15
Date Dividends
11/25/2008 0.043
12/30/2008 0.0425
1/27/2009 0.0436
2/24/2009 0.0433
3/24/2009 0.0433
4/21/2009 0.0436
5/26/2009 0.0422
6/23/2009 0.043
7/28/2009 0.0419
8/25/2009 0.0429
9/22/2009 0.0425
10/27/2009 0.041
11/24/2009 0.0424
12/30/2009 0.041
1/26/2010 0.0426
2/23/2010 0.0423
3/23/2010 0.0424
4/27/2010 0.0411
5/25/2010 0.0423
6/22/2010 0.0423
7/27/2010 0.0412
8/24/2010 0.0423
9/21/2010 0.0422
10/26/2010 0.0379
11/23/2010 0.0393
12/30/2010 0.038
1/25/2011 0.0402
2/22/2011 0.0397
3/22/2011 0.0396
4/26/2011 0.0385
5/24/2011 0.0395
6/21/2011 0.0394
7/26/2011 0.0383
8/23/2011 0.0393
9/27/2011 0.0382
10/25/2011 0.0394
11/22/2011 0.0394
12/29/2011 0.0376
1/24/2012 0.0399
2/21/2012 0.0391
3/27/2012 0.038
4/24/2012 0.0391
5/22/2012 0.039
6/26/2012 0.0347
7/24/2012 0.0359
8/28/2012 0.0346
9/25/2012 0.0359
10/23/2012 0.0356
11/27/2012 0.0344
12/28/2012 0.0346
1/22/2013 0.0369
2/19/2013 0.0358
3/26/2013 0.0345
4/23/2013 0.0338
5/28/2013 0.0323
6/25/2013 0.0338
7/23/2013 0.034
8/27/2013 0.033
9/24/2013 0.0344
10/22/2013 0.0343
11/26/2013 0.034
12/30/2013 0.0341
1/28/2014 0.0353
2/25/2014 0.0353
3/25/2014 0.0352
4/22/2014 0.0352
5/27/2014 0.034
6/24/2014 0.0351
7/22/2014 0.0355
8/26/2014 0.0339
9/23/2014 0.0351
10/28/2014 0.0338
11/25/2014 0.0351
12/31/2014 0.0337
1/27/2015 0.0352
2/24/2015 0.033
3/24/2015 0.0331
4/21/2015 0.0331
5/26/2015 0.032
6/23/2015 0.0332
7/28/2015 0.0321
8/25/2015 0.0333
9/22/2015 0.0332
10/27/2015 0.032
11/24/2015 0.0332
12/31/2015 0.0317
1/26/2016 0.0335
2/23/2016 0.0332
3/22/2016 0.0332
4/26/2016 0.0309
5/24/2016 0.0321
6/21/2016 0.0321
7/26/2016 0.0308
8/23/2016 0.032
9/27/2016 0.0308
10/25/2016 0.032
11/22/2016 0.0291
12/30/2016 0.0274
1/24/2017 0.0299
2/21/2017 0.0292
3/28/2017 0.028
4/25/2017 0.0291
5/23/2017 0.0291
6/27/2017 0.0258
7/25/2017 0.0271
8/22/2017 0.0271
9/26/2017 0.0219
10/24/2017 0.0232
11/21/2017 0.0232
12/29/2017 0.0192
1/23/2018 0.0221
2/20/2018 0.0213
3/27/2018 0.0201
4/24/2018 0.0212
5/22/2018 0.0212
6/26/2018 0.0199
7/24/2018 0.0211
8/28/2018 0.0198
9/25/2018 0.0211
10/23/2018 0.0211

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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 11/16/2018

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

(110.8% of assets as of 10/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® California Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 113.3% 100.0% 13.3%
State Rochester® California Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
California 90.8% 16.8% 74.0%
Puerto Rico 7.0% 0.3% 6.7%
Guam 0.4% 0.2% 0.2%
Northern Marianas 0.3% - -
Virgin Islands 0.3% 0.0% 0.3%
Credit Rating Allocation Rochester® California Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 11.9% 22.4% -10.5%
AA 45.6% 53.5% -7.8%
A 13.8% 18.0% -4.2%
BBB 8.8% 4.8% 4.0%
BB 5.3% - -
B 0.1% - -
CCC 1.0% - -
CC 4.2% - -
C 0.1% - -
Unrated 22.4% 1.3% 21.1%
Analytics
(As of 10/31/2018)

Morningstar 10/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
90
Category
Muni California Long
Performance Statistics
3Y
5Y
Alpha
2.25
1.72
Beta
0.93
1.07
Information Ratio
0.92
0.75
R-Squared
62.53
62.20
Sharpe Ratio
0.80
1.10
Standard Deviation
3.91
4.15
Sortino Ratio
1.14
1.87
Tracking Error
2.41
2.57
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
3.04%
Standardized Yield
2.08%
Taxable Equivalent Yield
4.09%
Interest Income 12/31/2017
Exposed to AMT
9.07%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
8.01 yrs
6.19 yrs
Current Duration
6.80 yrs
6.50 yrs
Turnover Ratio
22%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
10/23/2018
Per Share ($)
$0.0211
12-Month Distribution ($)
$0.2513
Distribution Sources
  • D
Net Income
93.40%
Net Profit from Sale
0.00%
Other Capital Sources
6.60%
Tools
Documents
  1. 1. Available to investors only in certain states.
  2. 2. 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.
  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 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.
  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 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  11. 11. 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.
  12. 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.
  13. 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 and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  14. 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.
  15. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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