OLCAX

Rochester® Limited Term California Municipal Fund

Overview

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

Inception Date
February 25, 2004
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
00141W877
NAV
(as of 07/17/2019)
$3.32
Total Assets
(as of 06/30/2019)
$541.74 MM
Gross Expense Ratio
(as of 06/30/2019)
0.95%
Net Expense Ratio
(as of 06/30/2019)
0.96%
Performance
Average Annual Total Returns
Dividends
Calendar Year Returns
Capital Gains Distributions
as of 06/30/2019
  • C
as of 06/30/2019
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (NAV)
5.08% 7.36% 3.21% 3.23% 4.33% 4.02%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
3.80% 5.24% 1.96% 2.30% 3.22% -
Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
2.51% 4.71% 2.38% 2.68% 4.07% 3.84%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
3.80% 5.24% 1.96% 2.30% 3.22% -
Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (NAV)
5.08% 7.36% 3.21% 3.23% 4.33% 4.02%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
3.80% 5.24% 1.96% 2.30% 3.22% -
Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
2.51% 4.71% 2.38% 2.68% 4.07% 3.84%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
3.80% 5.24% 1.96% 2.30% 3.22% -
Gross Expense Ratio: 0.95% | Net Expense Ratio: 0.96%

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 2.50% maximum sales charge as indicated.

As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.


Year Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
2005 7.88% 0.95%
2006 5.79% 3.34%
2007 0.10% 5.15%
2008 -12.69% 5.78%
2009 21.26% 7.40%
2010 3.58% 3.40%
2011 7.02% 6.93%
2012 7.29% 2.96%
2013 -2.66% 0.81%
2014 7.35% 3.19%
2015 0.35% 2.43%
2016 2.28% -0.39%
2017 -1.08% 3.14%
2018 7.27% 1.69%

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 2.50% maximum sales charge as indicated.

As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.


Date Dividends
7/28/2009 0.0125
8/25/2009 0.0125
9/22/2009 0.013
10/27/2009 0.013
11/24/2009 0.013
12/30/2009 0.013
1/26/2010 0.013
2/23/2010 0.013
3/23/2010 0.013
4/27/2010 0.013
5/25/2010 0.013
6/22/2010 0.013
7/27/2010 0.0135
8/24/2010 0.0135
9/21/2010 0.0135
10/26/2010 0.0135
11/23/2010 0.0135
12/30/2010 0.0135
1/25/2011 0.0135
2/22/2011 0.0135
3/22/2011 0.0135
4/26/2011 0.0135
5/24/2011 0.0135
6/21/2011 0.0135
7/26/2011 0.0135
8/23/2011 0.014
9/27/2011 0.014
10/25/2011 0.014
11/22/2011 0.014
12/29/2011 0.014
1/24/2012 0.014
2/21/2012 0.014
3/27/2012 0.014
4/24/2012 0.013
5/22/2012 0.013
6/26/2012 0.013
7/24/2012 0.012
8/28/2012 0.012
9/25/2012 0.012
10/23/2012 0.011
11/27/2012 0.011
12/28/2012 0.011
1/22/2013 0.011
2/19/2013 0.0105
3/26/2013 0.0105
4/23/2013 0.0105
5/28/2013 0.0105
6/25/2013 0.0105
7/23/2013 0.0095
8/27/2013 0.0095
9/24/2013 0.0095
10/22/2013 0.0095
11/26/2013 0.0095
12/30/2013 0.0095
1/28/2014 0.01
2/25/2014 0.01
3/25/2014 0.01
4/22/2014 0.0105
5/27/2014 0.0105
6/24/2014 0.0105
7/22/2014 0.0105
8/26/2014 0.0105
9/23/2014 0.0105
10/28/2014 0.0105
11/25/2014 0.0105
12/31/2014 0.0105
1/27/2015 0.0105
2/24/2015 0.0105
3/24/2015 0.0105
4/21/2015 0.0105
5/26/2015 0.0105
6/23/2015 0.01
7/28/2015 0.01
8/25/2015 0.01
9/22/2015 0.01
10/27/2015 0.0095
11/24/2015 0.0095
12/31/2015 0.0095
1/26/2016 0.0095
2/23/2016 0.0095
3/22/2016 0.0095
4/26/2016 0.0095
5/24/2016 0.0095
6/21/2016 0.0095
7/26/2016 0.0095
8/23/2016 0.0095
9/27/2016 0.0095
10/25/2016 0.0095
11/22/2016 0.0095
12/30/2016 0.0095
1/24/2017 0.0095
2/21/2017 0.0095
3/28/2017 0.0095
4/25/2017 0.0095
5/23/2017 0.0095
6/27/2017 0.009
7/25/2017 0.009
8/22/2017 0.009
9/26/2017 0.009
10/24/2017 0.0085
11/21/2017 0.0075
12/29/2017 0.0075
1/23/2018 0.0075
2/20/2018 0.0065
3/27/2018 0.0065
4/24/2018 0.0065
5/22/2018 0.0065
6/26/2018 0.0065
7/24/2018 0.0065
8/28/2018 0.0065
9/25/2018 0.0065
10/23/2018 0.0065
11/27/2018 0.0065
12/31/2018 0.0065
1/22/2019 0.0065
2/19/2019 0.0065
3/26/2019 0.0065
4/23/2019 0.0065
5/29/2019 0.007
6/25/2019 0.007

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 2.50% maximum sales charge as indicated.

As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

$ per share as of 07/17/2019

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

Top Fixed Income Sectors

(97.8% of assets as of 05/31/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 9
Asset Allocation Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 100.6% 100.0% 0.6%
State Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
California 89.1% 15.0% 74.1%
Puerto Rico 9.8% 0.3% 9.5%
Guam 0.5% 0.1% 0.4%
Virgin Islands 0.1% 0.0% 0.1%
Credit Rating Allocation Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
AAA 2.2% 22.0% -19.8%
AA 28.2% 55.5% -27.3%
A 30.1% 17.7% 12.4%
BBB 18.6% 3.2% 15.4%
BB 4.9% - -
CCC 0.5% - -
CC 1.3% - -
C 0.2% - -
Unrated 14.6% 1.6% 13.1%
Analytics
(As of 06/30/2019)

Morningstar 06/30/2019 (based on risk adjusted performance)
  • B
Overall Rating
Number of Funds
33
Category
Muni Single State Short
Performance Statistics
3Y
5Y
Alpha
1.35
1.30
Beta
0.77
0.72
Information Ratio
0.65
0.45
R-Squared
53.42
41.36
Sharpe Ratio
0.66
0.91
Standard Deviation
2.78
2.61
Sortino Ratio
0.90
1.35
Tracking Error
1.92
2.06
Yields
Dividend Yield (with sales charge)
2.48%
Dividend Yield (w/o sales charge)
2.54%
Standardized Yield
1.25%
Taxable Equivalent Yield
2.46%
Interest Income 12/31/2018
Exposed to AMT
12.09%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
4.58 yrs
4.22 yrs
Current Duration
3.85 yrs
3.86 yrs
Turnover Ratio
20%
-
Dividends
Est. Frequency
Monthly
Last Pay Date
6/25/2019
Per Share ($)
$0.0070
12-Month Distribution ($)
$0.0790
Team
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 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 net expense ratio is not the result of a fee waiver or expense reimbursement.
  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. The Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market. The index is the 5 year (4-6) component of the Bloomberg Barclays Municipal Bond Index. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  8. 8. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
  9. 9. All securities except for those labeled "unrated" have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("S&P").  For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating.  If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.  The credit rating table values may not total 100% due to rounding.  

    "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.)  Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund's Prospectus or Statement of Additional Information.
  10. 10. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end.  The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date.  For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date.  Each result is compounded semiannually and annualized.  Falling share prices artificially increase yields.
  11. 11.

    Based on the 2018 top federal tax rate of 40.8%, including the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. For illustrative purposes only. Not intended to show any fund’s performance or investor’s results. Results would vary if a different tax rate were used.

  12. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  13. B. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 star s, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Invesco Oppenheimer Rochester Limited Term California Municipal Fund was rated against the following numbers of Muni Single State Short funds over the following time periods: the fund was rated 5 stars among 33 funds in the last three years, 5 stars among 29 in the last five years, and 5 stars among 26 in the last ten years. <strong>Past performance does not guarantee future results.</strong>
  14. C. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 2.50% maximum sales charge as indicated.

    As the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.
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