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OPACX

Rochester® Pennsylvania Municipal Fund

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Overview

The Strategy typically invests in Pennsylvania municipal bonds.

Inception Date
August 29, 1995
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940704
NAV
  • A
(as of 12/07/2018)
$10.43
Total Assets
(as of 10/31/2018)
$623.41 MM
Gross Expense Ratio
(as of 11/30/2018)
1.73%
Net Expense Ratio
(as of 11/30/2018)
1.80%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 11/30/2018
  • 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® Pennsylvania Municipal Fund (NAV)
10.52% 6.42% 4.12% 5.51% 5.58% 4.38%
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® Pennsylvania Municipal Fund (with sales charge)
9.52% 5.42% 4.12% 5.51% 5.58% 4.38%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (NAV)
9.64% 9.77% 3.79% 5.33% 7.36% 4.31%
Bloomberg Barclays Municipal Index
0.08% 1.13% 2.13% 3.52% 4.88% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (with sales charge)
8.64% 8.77% 3.79% 5.33% 7.36% 4.31%
Bloomberg Barclays Municipal Index
0.08% 1.13% 2.13% 3.52% 4.88% -
Gross Expense Ratio: 1.73% | Net Expense Ratio: 1.80%

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® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index
1996 3.41% 4.43%
1997 8.14% 9.19%
1998 3.67% 6.48%
1999 -6.80% -2.06%
2000 6.16% 11.68%
2001 5.72% 5.13%
2002 10.12% 9.60%
2003 8.98% 5.31%
2004 6.16% 4.48%
2005 8.15% 3.51%
2006 6.79% 4.84%
2007 -2.99% 3.36%
2008 -34.49% -2.47%
2009 47.25% 12.91%
2010 4.00% 2.38%
2011 10.48% 10.70%
2012 11.69% 6.78%
2013 -10.50% -2.55%
2014 14.53% 9.05%
2015 3.08% 3.30%
2016 2.30% 0.25%
2017 -0.56% 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® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
10/31/2008 0.00 0.00 0.00
11/30/2008 -2.07 0.32 3.25
12/31/2008 -10.53 1.78 7.11
1/31/2009 -3.12 5.51 6.16
2/28/2009 -1.61 6.06 5.76
3/31/2009 -1.11 6.08 7.23
4/30/2009 5.62 8.20 7.74
5/31/2009 13.15 9.34 8.53
6/30/2009 11.55 8.32 9.14
7/31/2009 13.94 10.13 10.90
8/31/2009 20.21 12.01 12.05
9/30/2009 35.01 16.03 13.23
10/31/2009 30.20 13.60 13.79
11/30/2009 29.90 14.54 15.26
12/31/2009 31.74 14.92 13.46
1/31/2010 33.45 15.52 15.19
2/28/2010 35.05 16.64 15.62
3/31/2010 36.07 16.36 15.48
4/30/2010 38.81 17.78 16.68
5/31/2010 40.86 18.66 17.66
6/30/2010 40.08 18.73 19.51
7/31/2010 41.82 20.21 20.79
8/31/2010 45.73 22.96 22.34
9/30/2010 47.54 22.77 22.47
10/31/2010 48.36 22.43 22.91
11/30/2010 41.13 19.98 22.20
12/31/2010 37.02 17.66 20.88
1/31/2011 33.72 16.79 21.02
2/28/2011 37.57 18.65 21.32
3/31/2011 36.37 18.26 21.39
4/30/2011 38.05 20.37 22.93
5/31/2011 41.20 22.43 24.54
6/30/2011 43.65 22.86 24.17
7/31/2011 44.94 24.11 26.14
8/31/2011 45.51 26.23 27.99
9/30/2011 49.31 27.54 28.92
10/31/2011 48.09 27.07 29.06
11/30/2011 47.23 27.82 28.94
12/31/2011 51.38 30.25 30.36
1/31/2012 61.51 33.26 31.51
2/29/2012 61.06 33.39 31.48
3/31/2012 61.29 32.52 30.75
4/30/2012 60.28 34.05 32.20
5/31/2012 62.40 35.17 33.40
6/30/2012 62.71 35.02 33.45
7/31/2012 65.25 37.16 35.29
8/31/2012 66.05 37.32 35.38
9/30/2012 67.28 38.15 35.57
10/31/2012 68.12 38.54 35.83
11/30/2012 71.32 40.82 36.05
12/31/2012 69.07 39.08 35.86
1/31/2013 70.54 39.66 34.91
2/28/2013 71.15 40.08 35.58
3/31/2013 70.10 39.48 35.69
4/30/2013 72.08 41.00 37.06
5/31/2013 71.47 39.28 34.62
6/30/2013 62.24 35.34 32.54
7/31/2013 58.84 34.16 32.72
8/31/2013 50.40 32.24 32.04
9/30/2013 53.63 35.09 33.29
10/31/2013 54.94 36.15 34.37
11/30/2013 53.68 35.87 33.86
12/31/2013 51.32 35.53 33.11
1/31/2014 56.44 38.17 35.07
2/28/2014 60.70 39.79 35.79
3/31/2014 61.27 40.02 35.56
4/30/2014 62.93 41.70 36.70
5/31/2014 67.19 43.53 38.26
6/30/2014 65.08 43.65 38.33
7/31/2014 64.87 43.91 37.98
8/31/2014 69.04 45.65 39.51
9/30/2014 71.50 45.80 38.56
10/31/2014 71.70 46.80 39.92
11/30/2014 72.39 47.05 40.92
12/31/2014 73.31 47.79 41.05
1/31/2015 76.13 50.41 44.00
2/28/2015 76.37 48.86 42.65
3/31/2015 76.66 49.29 43.31
4/30/2015 74.92 48.51 42.80
5/31/2015 76.75 48.10 42.45
6/30/2015 72.68 47.96 40.90
7/31/2015 75.07 49.03 41.88
8/31/2015 75.85 49.33 41.68
9/30/2015 77.95 50.41 42.64
10/31/2015 77.64 51.01 42.66
11/30/2015 78.22 51.61 42.28
12/31/2015 78.66 52.67 41.82
1/31/2016 79.24 54.49 43.77
2/29/2016 79.01 54.74 44.79
3/31/2016 79.29 55.23 46.12
4/30/2016 79.44 56.37 46.68
5/31/2016 82.35 56.79 46.72
6/30/2016 86.42 59.29 49.36
7/31/2016 87.43 59.38 50.30
8/31/2016 87.81 59.60 50.13
9/30/2016 88.76 58.80 50.04
10/31/2016 88.48 57.14 48.89
11/30/2016 82.59 51.28 45.37
12/31/2016 82.77 53.05 45.58
1/31/2017 84.58 54.06 45.86
2/28/2017 87.42 55.13 46.84
3/31/2017 85.34 55.47 46.77
4/30/2017 92.47 56.59 47.90
5/31/2017 93.23 59.08 49.04
6/30/2017 92.15 58.51 48.89
7/31/2017 91.61 59.79 49.53
8/31/2017 92.67 61.01 50.87
9/30/2017 88.77 60.19 50.15
10/31/2017 83.74 60.58 50.24
11/30/2017 81.54 59.72 50.04
12/31/2017 81.76 61.39 50.73
1/31/2018 80.63 59.49 49.00
2/28/2018 82.27 59.01 47.58
3/31/2018 87.41 59.60 48.53
4/30/2018 90.03 59.03 47.43
5/31/2018 94.52 60.85 48.48
6/30/2018 97.38 60.99 48.30
7/31/2018 97.50 61.38 48.33
8/31/2018 101.52 61.79 49.29
9/30/2018 100.88 60.75 48.32
10/31/2018 98.89 59.76 47.15
Date Dividends
12/30/2008 0.0461
1/27/2009 0.0475
2/24/2009 0.0471
3/24/2009 0.0481
4/21/2009 0.048
5/26/2009 0.0463
6/23/2009 0.0475
7/28/2009 0.046
8/25/2009 0.0474
9/22/2009 0.0471
10/27/2009 0.0451
11/24/2009 0.0469
12/30/2009 0.0449
1/26/2010 0.0472
2/23/2010 0.0468
3/23/2010 0.0488
4/27/2010 0.0471
5/25/2010 0.0486
6/22/2010 0.0486
7/27/2010 0.047
8/24/2010 0.0485
9/21/2010 0.0484
10/26/2010 0.0467
11/23/2010 0.0485
12/30/2010 0.0466
1/25/2011 0.0497
2/22/2011 0.0491
3/22/2011 0.049
4/26/2011 0.0485
5/24/2011 0.05
6/21/2011 0.0499
7/26/2011 0.0483
8/23/2011 0.0498
9/27/2011 0.0482
10/25/2011 0.0498
11/22/2011 0.0498
12/29/2011 0.0473
1/24/2012 0.0504
2/21/2012 0.0494
3/27/2012 0.0478
4/24/2012 0.0493
5/22/2012 0.0464
6/26/2012 0.0448
7/24/2012 0.0464
8/28/2012 0.0447
9/25/2012 0.0464
10/23/2012 0.0462
11/27/2012 0.0426
12/28/2012 0.0429
1/22/2013 0.0457
2/19/2013 0.0443
3/26/2013 0.0426
4/23/2013 0.0423
5/28/2013 0.0405
6/25/2013 0.0423
7/23/2013 0.0427
8/27/2013 0.0414
9/24/2013 0.0432
10/22/2013 0.0431
11/26/2013 0.0426
12/30/2013 0.0428
1/28/2014 0.0442
2/25/2014 0.0442
3/25/2014 0.0451
4/22/2014 0.0451
5/27/2014 0.0435
6/24/2014 0.0449
7/22/2014 0.0451
8/26/2014 0.0435
9/23/2014 0.0449
10/28/2014 0.0433
11/25/2014 0.0449
12/31/2014 0.0431
1/27/2015 0.045
2/24/2015 0.0448
3/24/2015 0.0448
4/21/2015 0.0448
5/26/2015 0.0434
6/23/2015 0.0449
7/28/2015 0.0435
8/25/2015 0.045
9/22/2015 0.045
10/27/2015 0.0434
11/24/2015 0.045
12/31/2015 0.043
1/26/2016 0.0454
2/23/2016 0.045
3/22/2016 0.045
4/26/2016 0.0436
5/24/2016 0.043
6/21/2016 0.043
7/26/2016 0.0414
8/23/2016 0.0399
9/27/2016 0.0383
10/25/2016 0.0398
11/22/2016 0.0399
12/30/2016 0.0378
1/24/2017 0.0409
2/21/2017 0.04
3/28/2017 0.0386
4/25/2017 0.0407
5/23/2017 0.0407
6/27/2017 0.0354
7/25/2017 0.0367
8/22/2017 0.0368
9/26/2017 0.0325
10/24/2017 0.034
11/21/2017 0.034
12/29/2017 0.028
1/23/2018 0.031
2/20/2018 0.0301
3/27/2018 0.0259
4/24/2018 0.027
5/22/2018 0.0269
6/26/2018 0.0235
7/24/2018 0.0248
8/28/2018 0.0234
9/25/2018 0.0247
10/23/2018 0.0247
11/27/2018 0.0235

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 12/07/2018

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

(111.8% of assets as of 10/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 8
Asset Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 112.6% 100.0% 12.6%
State Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Pennsylvania 80.4% 3.9% 76.5%
Puerto Rico 18.9% 0.3% 18.6%
Virgin Islands 1.2% 0.0% 1.2%
Northern Marianas 0.4% - -
Guam 0.3% 0.2% 0.1%
Credit Rating Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AA 24.1% 53.5% -29.4%
A 38.7% 18.0% 20.8%
BBB 19.0% 4.8% 14.2%
BB 6.3% - -
B 0.5% - -
CC 9.6% - -
C 0.2% - -
Unrated 14.3% 1.3% 12.9%
Analytics
(As of 10/31/2018)

Morningstar 10/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
56
Category
Muni Pennsylvania
Performance Statistics
3Y
5Y
Alpha
2.15
1.93
Beta
0.81
0.98
Information Ratio
0.46
0.48
R-Squared
29.81
37.61
Sharpe Ratio
0.59
0.92
Standard Deviation
4.95
4.91
Sortino Ratio
0.96
1.63
Tracking Error
4.19
3.88
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
2.86%
Standardized Yield
2.35%
Taxable Equivalent Yield
4.10%
Interest Income 12/31/2017
Exposed to AMT
4.71%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.39 yrs
6.19 yrs
Current Duration
7.20 yrs
6.50 yrs
Turnover Ratio
13%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
11/27/2018
Per Share ($)
$0.0235
12-Month Distribution ($)
$0.3135
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
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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