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OLCBX

Rochester® Limited Term California Municipal Fund

Overview

The Strategy typically invests in investment-grade, California municipal bonds.

Inception Date
February 25, 2004
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal 5 Yr (4-6) Index
CUSIP
68382L207
NAV
  • B
(as of 04/19/2018)
$3.22
Total Assets
(as of 03/31/2018)
$434.49 MM
Gross Expense Ratio
(as of 03/29/2018)
1.66%
Net Expense Ratio
(as of 03/29/2018)
1.66%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 03/31/2018
  • C
as of 03/31/2018
  • C

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • C
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (NAV)
1.75% -0.18% 0.22% 0.65% 2.56% 3.39%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.57% 0.65% 1.27% 1.54% 3.28% -
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
-2.25% -4.08% -0.40% 0.47% 2.56% 3.39%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.57% 0.65% 1.27% 1.54% 3.28% -
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (NAV)
1.75% -0.18% 0.22% 0.65% 2.56% 3.39%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.57% 0.65% 1.27% 1.54% 3.28% -
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Limited Term California Municipal Fund (with sales charge)
-2.25% -4.08% -0.40% 0.47% 2.56% 3.39%
Bloomberg Barclays Municipal 5 Yr (4-6) Index
-0.57% 0.65% 1.27% 1.54% 3.28% -
Gross Expense Ratio: 1.66% | Net Expense Ratio: 1.64%

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 contingent deferred sales charges (CDSC) for years 1-6 of 4%, 3%, 2%, 2%, 1% and 0%, respectively, where with sales charge is indicated. Class B 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® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index
2005 7.24% 0.95%
2006 4.89% 3.34%
2007 -0.74% 5.15%
2008 -13.54% 5.78%
2009 19.96% 7.40%
2010 2.81% 3.40%
2011 6.12% 6.93%
2012 6.12% 2.96%
2013 -3.57% 0.81%
2014 6.64% 3.19%
2015 -0.45% 2.43%
2016 1.43% -0.39%
2017 -1.80% 3.14%

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 contingent deferred sales charges (CDSC) for years 1-6 of 4%, 3%, 2%, 2%, 1% and 0%, respectively, where with sales charge is indicated. Class B 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® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index BBG Barclays Agg
3/31/2008 0.00 0.00 0.00
4/30/2008 0.62 -0.09 -0.21
5/31/2008 0.59 0.22 -0.94
6/30/2008 -0.29 -0.81 -1.02
7/31/2008 -0.58 0.59 -1.10
8/31/2008 0.55 1.95 -0.16
9/30/2008 -3.84 -0.15 -1.50
10/31/2008 -7.95 -0.14 -3.83
11/30/2008 -8.54 1.99 -0.70
12/31/2008 -13.02 3.77 3.01
1/31/2009 -8.51 6.94 2.10
2/28/2009 -7.02 5.57 1.71
3/31/2009 -7.58 6.04 3.13
4/30/2009 -4.59 7.16 3.62
5/31/2009 -1.03 7.09 4.37
6/30/2009 -2.24 6.84 4.96
7/31/2009 -1.08 8.84 6.66
8/31/2009 1.66 9.04 7.76
9/30/2009 5.32 10.85 8.89
10/31/2009 3.17 9.54 9.43
11/30/2009 3.79 11.50 10.85
12/31/2009 4.35 11.45 9.12
1/31/2010 5.05 12.13 10.78
2/28/2010 6.30 13.23 11.20
3/31/2010 6.34 12.31 11.06
4/30/2010 7.26 13.06 12.22
5/31/2010 7.90 13.84 13.16
6/30/2010 7.29 14.20 14.93
7/31/2010 7.89 15.91 16.16
8/31/2010 9.52 17.47 17.66
9/30/2010 9.86 17.08 17.78
10/31/2010 10.16 17.12 18.20
11/30/2010 8.60 16.42 17.52
12/31/2010 7.28 15.25 16.25
1/31/2011 6.13 14.87 16.39
2/28/2011 7.12 15.60 16.68
3/31/2011 7.17 15.96 16.74
4/30/2011 8.13 17.43 18.23
5/31/2011 9.16 18.85 19.77
6/30/2011 10.48 19.12 19.42
7/31/2011 11.10 20.22 21.31
8/31/2011 10.84 21.70 23.09
9/30/2011 11.83 21.47 23.98
10/31/2011 12.22 20.68 24.11
11/30/2011 12.58 21.62 24.01
12/31/2011 13.84 23.24 25.37
1/31/2012 15.65 24.50 26.47
2/29/2012 16.36 25.06 26.44
3/31/2012 16.04 23.96 25.75
4/30/2012 17.08 24.94 27.14
5/31/2012 17.77 25.47 28.29
6/30/2012 17.75 25.45 28.34
7/31/2012 19.08 26.41 30.11
8/31/2012 19.40 26.48 30.20
9/30/2012 19.70 27.16 30.38
10/31/2012 19.99 27.21 30.63
11/30/2012 21.26 27.71 30.84
12/31/2012 20.81 26.89 30.65
1/31/2013 21.20 27.50 29.74
2/28/2013 21.80 27.98 30.39
3/31/2013 21.35 27.95 30.49
4/30/2013 22.66 28.54 31.82
5/31/2013 21.87 27.79 29.46
6/30/2013 18.68 25.76 27.46
7/31/2013 17.86 26.54 27.64
8/31/2013 16.00 25.64 26.98
9/30/2013 16.94 26.86 28.18
10/31/2013 17.53 28.20 29.22
11/30/2013 17.37 28.12 28.74
12/31/2013 16.50 27.92 28.01
1/31/2014 18.22 29.27 29.90
2/28/2014 20.26 30.30 30.59
3/31/2014 20.56 29.20 30.37
4/30/2014 21.03 29.92 31.47
5/31/2014 22.86 30.78 32.97
6/30/2014 22.15 30.85 33.04
7/31/2014 21.45 31.03 32.70
8/31/2014 23.30 31.95 34.17
9/30/2014 24.05 31.88 33.26
10/31/2014 24.44 32.34 34.57
11/30/2014 24.81 32.43 35.52
12/31/2014 25.15 32.00 35.65
1/31/2015 26.36 34.00 38.49
2/28/2015 26.01 33.10 37.19
3/31/2015 25.68 33.00 37.83
4/30/2015 25.32 32.86 37.33
5/31/2015 25.30 32.41 37.00
6/30/2015 23.40 32.78 35.51
7/31/2015 22.63 33.48 36.45
8/31/2015 23.03 33.51 36.25
9/30/2015 24.18 34.32 37.17
10/31/2015 24.92 35.08 37.20
11/30/2015 25.28 34.94 36.83
12/31/2015 25.59 35.21 36.39
1/31/2016 26.02 36.76 38.27
2/29/2016 26.80 37.29 39.25
3/31/2016 27.18 36.76 40.53
4/30/2016 27.51 37.43 41.07
5/31/2016 27.93 37.14 41.10
6/30/2016 30.28 38.35 43.64
7/31/2016 30.63 38.87 44.55
8/31/2016 31.02 38.87 44.38
9/30/2016 31.36 38.32 44.30
10/31/2016 30.98 37.70 43.19
11/30/2016 27.75 34.01 39.81
12/31/2016 28.45 34.68 40.00
1/31/2017 28.93 36.09 40.28
2/28/2017 29.70 37.20 41.22
3/31/2017 28.84 37.24 41.15
4/30/2017 29.25 38.18 42.24
5/31/2017 29.65 39.55 43.33
6/30/2017 29.16 38.95 43.19
7/31/2017 29.56 39.98 43.80
8/31/2017 30.36 40.87 45.09
9/30/2017 29.04 39.89 44.40
10/31/2017 27.76 39.85 44.49
11/30/2017 26.41 38.27 44.30
12/31/2017 27.06 38.91 44.96
1/31/2018 27.04 38.59 43.29
2/28/2018 27.71 38.17 41.93
3/29/2018 29.21
Date Dividends
4/22/2008 0.0096
5/27/2008 0.009
6/24/2008 0.0095
7/22/2008 0.0097
8/26/2008 0.009
9/23/2008 0.0102
10/28/2008 0.0098
11/25/2008 0.0103
12/30/2008 0.0097
1/27/2009 0.0105
2/24/2009 0.0103
3/24/2009 0.0103
4/21/2009 0.0101
5/26/2009 0.0093
6/23/2009 0.0097
7/28/2009 0.0086
8/25/2009 0.01
9/22/2009 0.0105
10/27/2009 0.0099
11/24/2009 0.0105
12/30/2009 0.0098
1/26/2010 0.0108
2/23/2010 0.0107
3/23/2010 0.0108
4/27/2010 0.0101
5/25/2010 0.0105
6/22/2010 0.0103
7/27/2010 0.0096
8/24/2010 0.0109
9/21/2010 0.0109
10/26/2010 0.0102
11/23/2010 0.0109
12/30/2010 0.01
1/25/2011 0.0114
2/22/2011 0.0113
3/22/2011 0.0112
4/26/2011 0.0105
5/24/2011 0.0111
6/21/2011 0.011
7/26/2011 0.0101
8/23/2011 0.011
9/27/2011 0.0109
10/25/2011 0.0114
11/22/2011 0.0114
12/29/2011 0.0103
1/24/2012 0.0118
2/21/2012 0.0116
3/27/2012 0.0111
4/24/2012 0.0106
5/22/2012 0.0105
6/26/2012 0.01
7/24/2012 0.0096
8/28/2012 0.0091
9/25/2012 0.0095
10/23/2012 0.0082
11/27/2012 0.0079
12/28/2012 0.0079
1/22/2013 0.0089
2/19/2013 0.0079
3/26/2013 0.0076
4/23/2013 0.0081
5/28/2013 0.007
6/25/2013 0.0078
7/23/2013 0.0068
8/27/2013 0.006
9/24/2013 0.007
10/22/2013 0.0069
11/26/2013 0.006
12/30/2013 0.0061
1/28/2014 0.0076
2/25/2014 0.008
3/25/2014 0.008
4/22/2014 0.0085
5/27/2014 0.008
6/24/2014 0.0085
7/22/2014 0.0098
8/26/2014 0.0077
9/23/2014 0.0081
10/28/2014 0.0077
11/25/2014 0.0085
12/31/2014 0.0079
1/27/2015 0.0085
2/24/2015 0.0084
3/24/2015 0.0085
4/21/2015 0.0085
5/26/2015 0.0078
6/23/2015 0.0079
7/28/2015 0.0075
8/25/2015 0.0081
9/22/2015 0.0081
10/27/2015 0.0071
11/24/2015 0.0073
12/31/2015 0.0067
1/26/2016 0.0076
2/23/2016 0.0073
3/22/2016 0.0076
4/26/2016 0.0071
5/24/2016 0.0076
6/21/2016 0.0076
7/26/2016 0.007
8/23/2016 0.0075
9/27/2016 0.007
10/25/2016 0.0075
11/22/2016 0.0076
12/30/2016 0.0068
1/24/2017 0.0078
2/21/2017 0.0076
3/28/2017 0.0071
4/25/2017 0.0076
5/23/2017 0.0076
6/27/2017 0.0066
7/25/2017 0.0071
8/22/2017 0.0071
9/26/2017 0.0066
10/24/2017 0.0066
11/21/2017 0.0056
12/29/2017 0.0049
1/23/2018 0.0059
2/20/2018 0.0042
3/27/2018 0.0042

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 contingent deferred sales charges (CDSC) for years 1-6 of 4%, 3%, 2%, 2%, 1% and 0%, respectively, where with sales charge is indicated. Class B 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 04/19/2018

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

(101.2% of assets as of 03/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation
Asset Allocation Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
Municipal 103.0% 100.0% 3.0%
State Rochester® Limited Term California Municipal Fund Bloomberg Barclays Municipal 5 Yr (4-6) Index Overweight / Underweight
California 88.0% 15.4% 72.7%
Puerto Rico 13.1% 0.3% 12.9%
Guam 0.6% 0.1% 0.5%
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 5.7% 25.8% -20.1%
AA 24.2% 55.0% -30.8%
A 28.6% 15.4% 13.2%
BBB 19.2% 3.7% 15.5%
BB 6.7% - -
CCC 0.5% - -
CC 4.4% - -
C 0.4% - -
Unrated 13.3% 0.1% 13.3%
Analytics
(As of 03/31/2018)

Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
35
Category
Muni Single State Short
Performance Statistics
3Y
5Y
Alpha
-0.83
-0.71
Beta
0.73
0.87
Information Ratio
-0.48
-0.40
R-Squared
43.23
49.28
Sharpe Ratio
-0.11
0.11
Standard Deviation
2.77
3.07
Sortino Ratio
-0.04
0.04
Tracking Error
2.19
2.22
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
3/27/2018
Per Share ($)
$0.0042
12-Month Distribution ($)
$0.0741
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
4.19 yrs
4.38 yrs
Current Duration
3.50 yrs
4.00 yrs
Turnover Ratio
21.00%
-
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
1.58%
Standardized Yield
0.47%
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Interest Income 12/31/2017
Exposed to AMT
9.77%
Team
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. Available to investors only in certain states.
  2. 2. 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.
  3. 3. 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. 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 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.
  5. 5. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  6. 6. Access index definitions.
  7. 7. 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.
  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. Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.
  11. B. 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.
  12. 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 and reinvested distributions and contingent deferred sales charges (CDSC) for years 1-6 of 4%, 3%, 2%, 2%, 1% and 0%, respectively, where with sales charge is indicated. Class B 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.
  13. D. "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.
  14. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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