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Rochester® AMT-Free Municipal Fund

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Overview

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

Inception Date
August 29, 1995
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683977300
NAV
  • C
(as of 05/17/2019)
$7.35
Total Assets
(as of 04/30/2019)
$2.03 BN
Gross Expense Ratio
(as of 04/30/2019)
1.80%
Net Expense Ratio
(as of 04/30/2019)
1.77%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 04/30/2019
  • D
as of 03/31/2019
  • D

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • D
Cumulative
Annualized
ytd as of 2019-03-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
4.40% 8.91% 5.28% 5.99% 9.21% 3.80%
Bloomberg Barclays Municipal Index
2.90% 5.38% 2.71% 3.73% 4.72% -
Cumulative
Annualized
ytd as of 2019-03-31
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (with sales charge)
3.40% 7.91% 5.28% 5.99% 9.21% 3.80%
Bloomberg Barclays Municipal Index
2.90% 5.38% 2.71% 3.73% 4.72% -
Cumulative
Annualized
ytd as of 2019-04-30
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (NAV)
5.09% 8.36% 5.39% 5.81% 8.63% 3.82%
Bloomberg Barclays Municipal Index
3.28% 6.16% 2.59% 3.56% 4.55% -
Cumulative
Annualized
ytd as of 2019-04-30
  • E
1 yr 3 yr 5 yr 10 yr since inception
Rochester® AMT-Free Municipal Fund (with sales charge)
4.09% 7.36% 5.39% 5.81% 8.63% 3.82%
Bloomberg Barclays Municipal Index
3.28% 6.16% 2.59% 3.56% 4.55% -
Gross Expense Ratio: 1.80% | Net Expense Ratio: 1.77%

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® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index
1996 4.35% 4.43%
1997 8.56% 9.19%
1998 5.14% 6.48%
1999 -5.74% -2.06%
2000 7.06% 11.68%
2001 1.69% 5.13%
2002 7.12% 9.60%
2003 6.86% 5.31%
2004 7.88% 4.48%
2005 6.93% 3.51%
2006 6.61% 4.84%
2007 -9.74% 3.36%
2008 -42.19% -2.47%
2009 41.85% 12.91%
2010 -0.47% 2.38%
2011 15.40% 10.70%
2012 18.18% 6.78%
2013 -7.42% -2.55%
2014 14.72% 9.05%
2015 4.43% 3.30%
2016 1.60% 0.25%
2017 5.37% 5.45%
2018 6.52% 1.28%

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® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
4/30/2009 0.00 0.00 0.00
5/31/2009 9.46 1.06 0.73
6/30/2009 5.24 0.11 1.30
7/31/2009 6.95 1.79 2.93
8/31/2009 17.15 3.53 4.00
9/30/2009 31.27 7.24 5.09
10/31/2009 25.56 4.99 5.61
11/30/2009 24.25 5.86 6.98
12/31/2009 26.99 6.22 5.30
1/31/2010 28.41 6.77 6.91
2/28/2010 29.70 7.80 7.31
3/31/2010 29.41 7.55 7.18
4/30/2010 32.71 8.85 8.30
5/31/2010 32.36 9.67 9.21
6/30/2010 30.97 9.73 10.92
7/31/2010 32.42 11.10 12.10
8/31/2010 37.51 13.65 13.55
9/30/2010 37.97 13.47 13.67
10/31/2010 38.99 13.15 14.07
11/30/2010 31.19 10.89 13.42
12/31/2010 26.39 8.74 12.19
1/31/2011 22.30 7.94 12.32
2/28/2011 25.53 9.66 12.60
3/31/2011 24.91 9.29 12.67
4/30/2011 27.67 11.25 14.10
5/31/2011 31.64 13.15 15.59
6/30/2011 34.72 13.55 15.25
7/31/2011 37.95 14.71 17.08
8/31/2011 37.99 16.67 18.79
9/30/2011 41.49 17.88 19.65
10/31/2011 41.75 17.44 19.78
11/30/2011 41.97 18.13 19.68
12/31/2011 45.86 20.38 20.99
1/31/2012 52.84 23.16 22.05
2/29/2012 54.41 23.28 22.02
3/31/2012 54.59 22.48 21.36
4/30/2012 58.06 23.90 22.70
5/31/2012 61.07 24.92 23.81
6/30/2012 61.69 24.79 23.86
7/31/2012 66.80 26.77 25.57
8/31/2012 67.96 26.91 25.65
9/30/2012 69.33 27.68 25.82
10/31/2012 71.23 28.04 26.07
11/30/2012 76.10 30.15 26.27
12/31/2012 72.37 28.54 26.09
1/31/2013 74.45 29.07 25.21
2/28/2013 74.83 29.47 25.84
3/31/2013 73.75 28.91 25.94
4/30/2013 76.59 30.32 27.21
5/31/2013 76.01 28.73 24.94
6/30/2013 65.32 25.08 23.01
7/31/2013 61.40 23.99 23.18
8/31/2013 56.20 22.22 22.55
9/30/2013 60.60 24.85 23.71
10/31/2013 62.34 25.84 24.71
11/30/2013 61.22 25.58 24.24
12/31/2013 59.58 25.26 23.54
1/31/2014 64.69 27.70 25.36
2/28/2014 69.44 29.19 26.03
3/31/2014 70.20 29.41 25.82
4/30/2014 72.73 30.97 26.88
5/31/2014 76.99 32.65 28.32
6/30/2014 75.23 32.77 28.39
7/31/2014 75.26 33.00 28.07
8/31/2014 79.59 34.61 29.48
9/30/2014 80.87 34.75 28.60
10/31/2014 80.31 35.67 29.86
11/30/2014 81.61 35.91 30.79
12/31/2014 83.07 36.59 30.91
1/31/2015 86.40 39.01 33.65
2/28/2015 85.10 37.58 32.40
3/31/2015 85.45 37.98 33.01
4/30/2015 84.13 37.25 32.53
5/31/2015 84.35 36.87 32.21
6/30/2015 81.42 36.75 30.77
7/31/2015 82.22 37.74 31.68
8/31/2015 83.64 38.01 31.49
9/30/2015 86.40 39.01 32.38
10/31/2015 89.11 39.56 32.40
11/30/2015 89.94 40.12 32.05
12/31/2015 91.18 41.10 31.63
1/31/2016 92.18 42.79 33.44
2/29/2016 93.32 43.01 34.39
3/31/2016 95.03 43.46 35.62
4/30/2016 95.76 44.52 36.14
5/31/2016 97.23 44.91 36.17
6/30/2016 101.46 47.21 38.62
7/31/2016 102.18 47.30 39.50
8/31/2016 102.70 47.50 39.34
9/30/2016 102.78 46.77 39.26
10/31/2016 101.34 45.23 38.19
11/30/2016 93.41 39.81 34.92
12/31/2016 94.25 41.45 35.11
1/31/2017 95.18 42.39 35.38
2/28/2017 98.79 43.37 36.29
3/31/2017 105.89 43.69 36.22
4/30/2017 107.49 44.73 37.27
5/31/2017 109.97 47.02 38.32
6/30/2017 108.47 46.50 38.19
7/31/2017 108.62 47.68 38.78
8/31/2017 109.61 48.81 40.02
9/30/2017 107.15 48.05 39.36
10/31/2017 104.25 48.41 39.44
11/30/2017 102.44 47.62 39.26
12/31/2017 104.68 49.16 39.90
1/31/2018 104.88 47.40 38.29
2/28/2018 105.13 46.96 36.98
3/31/2018 108.99 47.51 37.85
4/30/2018 111.44 46.98 36.83
5/31/2018 114.18 48.66 37.81
6/30/2018 116.80 48.79 37.64
7/31/2018 117.99 49.15 37.67
8/31/2018 121.24 49.53 38.56
9/30/2018 119.98 48.57 37.66
10/31/2018 116.21 47.65 36.58
11/30/2018 116.95 49.28 37.39
12/31/2018 118.03 51.07 39.91
1/31/2019 119.39 52.21 41.40
2/28/2019 122.72 53.03 41.32
3/31/2019 127.61 55.45 44.03
4/30/2019 129.12 56.03 44.07
Date Dividends
5/26/2009 0.0388
6/23/2009 0.0395
7/28/2009 0.0388
8/25/2009 0.0396
9/22/2009 0.0393
10/27/2009 0.0331
11/24/2009 0.0343
12/30/2009 0.0331
1/26/2010 0.0344
2/23/2010 0.0342
3/23/2010 0.0342
4/27/2010 0.0333
5/25/2010 0.0322
6/22/2010 0.0322
7/27/2010 0.0313
8/24/2010 0.0322
9/21/2010 0.0321
10/26/2010 0.0311
11/23/2010 0.0302
12/30/2010 0.0292
1/25/2011 0.031
2/22/2011 0.0306
3/22/2011 0.0305
4/26/2011 0.0295
5/24/2011 0.0302
6/21/2011 0.0302
7/26/2011 0.0293
8/23/2011 0.0302
9/27/2011 0.0293
10/25/2011 0.0302
11/22/2011 0.0302
12/29/2011 0.0287
1/24/2012 0.0306
2/21/2012 0.03
3/27/2012 0.0291
4/24/2012 0.03
5/22/2012 0.0299
6/26/2012 0.0288
7/24/2012 0.0299
8/28/2012 0.0288
9/25/2012 0.0298
10/23/2012 0.0296
11/27/2012 0.0286
12/28/2012 0.0268
1/22/2013 0.0286
2/19/2013 0.0277
3/26/2013 0.0267
4/23/2013 0.0277
5/28/2013 0.0265
6/25/2013 0.0278
7/23/2013 0.0279
8/27/2013 0.0271
9/24/2013 0.0292
10/22/2013 0.0291
11/26/2013 0.0281
12/30/2013 0.0282
1/28/2014 0.0292
2/25/2014 0.0292
3/25/2014 0.0291
4/22/2014 0.0291
5/27/2014 0.0291
6/24/2014 0.03
7/22/2014 0.0301
8/26/2014 0.0291
9/23/2014 0.03
10/28/2014 0.029
11/25/2014 0.031
12/31/2014 0.0298
1/27/2015 0.0311
2/24/2015 0.0309
3/24/2015 0.031
4/21/2015 0.031
5/26/2015 0.03
6/23/2015 0.0311
7/28/2015 0.0301
8/25/2015 0.0311
9/22/2015 0.0311
10/27/2015 0.0301
11/24/2015 0.031
12/31/2015 0.0298
1/26/2016 0.0303
2/23/2016 0.03
3/22/2016 0.03
4/26/2016 0.029
5/24/2016 0.029
6/21/2016 0.029
7/26/2016 0.0279
8/23/2016 0.0269
9/27/2016 0.0259
10/25/2016 0.0269
11/22/2016 0.027
12/30/2016 0.0236
1/24/2017 0.0257
2/21/2017 0.0251
3/28/2017 0.0241
4/25/2017 0.0229
5/23/2017 0.0229
6/27/2017 0.0219
7/25/2017 0.0229
8/22/2017 0.0229
9/26/2017 0.0199
10/24/2017 0.021
11/21/2017 0.0211
12/29/2017 0.0184
1/23/2018 0.0208
2/20/2018 0.0201
3/27/2018 0.0181
4/24/2018 0.0189
5/22/2018 0.019
6/26/2018 0.0169
7/24/2018 0.0179
8/28/2018 0.0168
9/25/2018 0.0179
10/23/2018 0.0179
11/27/2018 0.0159
12/31/2018 0.0161
1/22/2019 0.0178
2/19/2019 0.0179
3/26/2019 0.0168
4/23/2019 0.0178

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 05/17/2019

Date 2014 2015 2016 2017 2018
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

(97.8% of assets as of 04/30/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 103.9% 100.0% 3.9%
State Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Puerto Rico 10.8% 0.3% 10.6%
California 9.8% 17.0% -7.2%
New York 9.0% 15.3% -6.3%
New Jersey 7.8% 3.7% 4.1%
Illinois 7.0% 4.8% 2.2%
Pennsylvania 6.4% 3.8% 2.6%
Alabama 6.3% 0.8% 5.4%
Florida 4.8% 4.4% 0.5%
Ohio 4.3% 2.4% 1.8%
Texas 3.4% 9.5% -6.1%
Colorado 3.4% 2.0% 1.4%
Michigan 3.2% 1.7% 1.5%
Kentucky 2.5% 0.8% 1.7%
Arizona 2.3% 1.7% 0.6%
Washington 1.9% 3.2% -1.3%
Louisiana 1.8% 1.0% 0.8%
Massachusetts 1.4% 3.9% -2.5%
Indiana 1.4% 0.8% 0.6%
Wisconsin 1.4% 1.4% 0.1%
Missouri 1.3% 0.7% 0.6%
Credit Rating Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 3.0% 19.6% -16.6%
AA 29.5% 56.0% -26.5%
A 26.8% 18.4% 8.4%
BBB 14.2% 4.8% 9.4%
BB 1.4% - -
B 2.1% - -
CCC 0.4% - -
CC 5.1% - -
C 0.5% - -
Unrated 20.8% 1.1% 19.7%
Analytics
(As of 04/30/2019)

Morningstar 04/30/2019 (based on risk adjusted performance)
  • B
Overall Rating
Number of Funds
154
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
2.80
2.24
Beta
0.95
0.98
Information Ratio
0.88
0.78
R-Squared
51.11
50.60
Sharpe Ratio
0.89
1.20
Standard Deviation
4.58
4.13
Sortino Ratio
1.37
1.99
Tracking Error
3.19
2.90
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
2.95%
Standardized Yield
2.14%
Taxable Equivalent Yield
3.61%
Interest Income 12/31/2018
Exposed to AMT
0.0%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
8.59 yrs
5.76 yrs
Current Duration
6.80 yrs
6.14 yrs
Turnover Ratio
20%
-
Dividends
  • F
Est. Frequency
Monthly
Last Pay Date
4/23/2019
Per Share ($)
$0.0178
12-Month Distribution ($)
$0.2087
Distribution Sources
  • F
Net Income
89.50%
Net Profit from Sale
0.00%
Other Capital Sources
10.50%
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 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.
  4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  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. 10.

    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.

  11. 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>
  12. 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. Oppenheimer Rochester AMT-Free Municipal Fund was rated against the following numbers of High Yield Muni funds over the following time periods: the fund was rated 4 stars among 154 funds in the last three years, 4 stars among 131 in the last five years, and 4 stars among 83 in the last ten years. <strong>Past performance does not guarantee future results.</strong>
  13. C. 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.
  14. D. 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.
  15. E. "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.
  16. F. There is no guarantee of the payment of any dividend or other distributions at any level.
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