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OPTAX

Rochester® AMT-Free Municipal Fund

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Overview

The Strategy typically invests in municipal bonds of issuers across the United States.

Inception Date
October 27, 1976
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683977102
NAV
  • A
(as of 11/16/2018)
$6.98
Total Assets
(as of 10/31/2018)
$1.86 BN
Gross Expense Ratio
(as of 10/31/2018)
1.03%
Net Expense Ratio
(as of 10/31/2018)
0.94%
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® AMT-Free Municipal Fund (NAV)
8.17% 7.09% 6.47% 7.31% 6.41% 5.81%
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® AMT-Free Municipal Fund (with sales charge)
3.03% 2.00% 4.76% 6.27% 5.90% 5.69%
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® AMT-Free Municipal Fund (NAV)
6.40% 6.60% 5.36% 6.71% 8.15% 5.76%
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® AMT-Free Municipal Fund (with sales charge)
1.35% 1.54% 3.67% 5.68% 7.63% 5.63%
Bloomberg Barclays Municipal Index
-1.01% -0.51% 1.90% 3.25% 4.80% -
Gross Expense Ratio: 1.03% | Net Expense Ratio: 0.94%

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 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Year Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index
1977 6.35% -
1978 -4.91% -
1979 -3.35% -
1980 -14.90% -
1981 -9.22% -
1982 43.75% -
1983 16.91% -
1984 10.60% -
1985 21.38% -
1986 19.75% -
1987 0.00% -
1988 10.03% -
1989 9.43% -
1990 5.93% -
1991 12.11% -
1992 9.20% 8.82%
1993 13.79% 12.28%
1994 -9.19% -5.17%
1995 18.28% 17.46%
1996 5.17% 4.43%
1997 9.38% 9.19%
1998 6.05% 6.48%
1999 -5.09% -2.06%
2000 7.98% 11.68%
2001 2.35% 5.13%
2002 8.04% 9.60%
2003 7.67% 5.31%
2004 8.69% 4.48%
2005 7.83% 3.51%
2006 7.40% 4.84%
2007 -9.11% 3.36%
2008 -41.59% -2.47%
2009 42.69% 12.91%
2010 0.30% 2.38%
2011 16.40% 10.70%
2012 18.97% 6.78%
2013 -6.66% -2.55%
2014 15.64% 9.05%
2015 5.19% 3.30%
2016 2.51% 0.25%
2017 5.96% 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, reinvested distributions and a 4.75% maximum sales charge where indicated. 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
10/31/2008 0.00 0.00 0.00
11/30/2008 -4.11 0.32 3.25
12/31/2008 -15.66 1.78 7.11
1/31/2009 -10.45 5.51 6.16
2/28/2009 -8.65 6.06 5.76
3/31/2009 -11.02 6.08 7.23
4/30/2009 -5.43 8.20 7.74
5/31/2009 3.33 9.34 8.53
6/30/2009 -0.56 8.32 9.14
7/31/2009 1.12 10.13 10.90
8/31/2009 10.77 12.01 12.05
9/30/2009 24.13 16.03 13.23
10/31/2009 18.84 13.60 13.79
11/30/2009 17.67 14.54 15.26
12/31/2009 20.34 14.92 13.46
1/31/2010 21.75 15.52 15.19
2/28/2010 23.24 16.64 15.62
3/31/2010 22.86 16.36 15.48
4/30/2010 26.05 17.78 16.68
5/31/2010 25.80 18.66 17.66
6/30/2010 24.57 18.73 19.51
7/31/2010 26.02 20.21 20.79
8/31/2010 31.12 22.96 22.34
9/30/2010 31.44 22.77 22.47
10/31/2010 32.49 22.43 22.91
11/30/2010 25.37 19.98 22.20
12/31/2010 20.70 17.66 20.88
1/31/2011 16.88 16.79 21.02
2/28/2011 20.02 18.65 21.32
3/31/2011 19.51 18.26 21.39
4/30/2011 22.23 20.37 22.93
5/31/2011 26.30 22.43 24.54
6/30/2011 29.32 22.86 24.17
7/31/2011 32.28 24.11 26.14
8/31/2011 32.40 26.23 27.99
9/30/2011 35.84 27.54 28.92
10/31/2011 36.38 27.07 29.06
11/30/2011 36.67 27.82 28.94
12/31/2011 40.49 30.25 30.36
1/31/2012 47.26 33.26 31.51
2/29/2012 48.86 33.39 31.48
3/31/2012 48.91 32.52 30.75
4/30/2012 52.55 34.05 32.20
5/31/2012 55.54 35.17 33.40
6/30/2012 56.24 35.02 33.45
7/31/2012 61.25 37.16 35.29
8/31/2012 62.70 37.32 35.38
9/30/2012 63.89 38.15 35.57
10/31/2012 66.05 38.54 35.83
11/30/2012 70.62 40.82 36.05
12/31/2012 67.14 39.08 35.86
1/31/2013 69.25 39.66 34.91
2/28/2013 69.71 40.08 35.58
3/31/2013 68.77 39.48 35.69
4/30/2013 71.63 41.00 37.06
5/31/2013 71.19 39.28 34.62
6/30/2013 60.95 35.34 32.54
7/31/2013 57.50 34.16 32.72
8/31/2013 52.33 32.24 32.04
9/30/2013 56.69 35.09 33.29
10/31/2013 58.48 36.15 34.37
11/30/2013 57.50 35.87 33.86
12/31/2013 56.01 35.53 33.11
1/31/2014 61.07 38.17 35.07
2/28/2014 65.79 39.79 35.79
3/31/2014 66.63 40.02 35.56
4/30/2014 69.19 41.70 36.70
5/31/2014 73.70 43.53 38.26
6/30/2014 71.83 43.65 38.33
7/31/2014 71.97 43.91 37.98
8/31/2014 76.57 45.65 39.51
9/30/2014 77.92 45.80 38.56
10/31/2014 77.50 46.80 39.92
11/30/2014 78.61 47.05 40.92
12/31/2014 80.40 47.79 41.05
1/31/2015 83.79 50.41 44.00
2/28/2015 82.62 48.86 42.65
3/31/2015 83.07 49.29 43.31
4/30/2015 81.89 48.51 42.80
5/31/2015 82.22 48.10 42.45
6/30/2015 79.46 47.96 40.90
7/31/2015 80.37 49.03 41.88
8/31/2015 81.87 49.33 41.68
9/30/2015 84.70 50.41 42.64
10/31/2015 87.48 51.01 42.66
11/30/2015 88.41 51.61 42.28
12/31/2015 89.76 52.67 41.82
1/31/2016 90.85 54.49 43.77
2/29/2016 92.10 54.74 44.79
3/31/2016 93.91 55.23 46.12
4/30/2016 94.74 56.37 46.68
5/31/2016 96.32 56.79 46.72
6/30/2016 100.90 59.29 49.36
7/31/2016 101.46 59.38 50.30
8/31/2016 102.10 59.60 50.13
9/30/2016 102.59 58.80 50.04
10/31/2016 101.01 57.14 48.89
11/30/2016 93.27 51.28 45.37
12/31/2016 94.51 53.05 45.58
1/31/2017 95.56 54.06 45.86
2/28/2017 99.27 55.13 46.84
3/31/2017 106.44 55.47 46.77
4/30/2017 107.87 56.59 47.90
5/31/2017 110.48 59.08 49.04
6/30/2017 109.40 58.51 48.89
7/31/2017 109.69 59.79 49.53
8/31/2017 110.81 61.01 50.87
9/30/2017 108.18 60.19 50.15
10/31/2017 105.72 60.58 50.24
11/30/2017 103.74 59.72 50.04
12/31/2017 106.11 61.39 50.73
1/31/2018 106.74 59.49 49.00
2/28/2018 106.81 59.01 47.58
3/31/2018 111.11 59.60 48.53
4/30/2018 113.39 59.03 47.43
5/31/2018 116.58 60.85 48.48
6/30/2018 119.34 60.99 48.30
7/31/2018 120.68 61.38 48.33
8/31/2018 124.08 61.79 49.29
9/30/2018 122.95 60.75 48.32
10/31/2018 119.30 59.76 47.15
Date Dividends
11/25/2008 0.043
12/30/2008 0.043
1/27/2009 0.043
2/24/2009 0.043
3/24/2009 0.043
4/21/2009 0.043
5/26/2009 0.043
6/23/2009 0.043
7/28/2009 0.043
8/25/2009 0.043
9/22/2009 0.043
10/27/2009 0.038
11/24/2009 0.038
12/30/2009 0.038
1/26/2010 0.038
2/23/2010 0.038
3/23/2010 0.038
4/27/2010 0.038
5/25/2010 0.036
6/22/2010 0.036
7/27/2010 0.036
8/24/2010 0.036
9/21/2010 0.036
10/26/2010 0.036
11/23/2010 0.034
12/30/2010 0.034
1/25/2011 0.034
2/22/2011 0.034
3/22/2011 0.034
4/26/2011 0.034
5/24/2011 0.034
6/21/2011 0.034
7/26/2011 0.034
8/23/2011 0.034
9/27/2011 0.034
10/25/2011 0.034
11/22/2011 0.034
12/29/2011 0.034
1/24/2012 0.034
2/21/2012 0.034
3/27/2012 0.034
4/24/2012 0.034
5/22/2012 0.034
6/26/2012 0.034
7/24/2012 0.034
8/28/2012 0.034
9/25/2012 0.034
10/23/2012 0.034
11/27/2012 0.034
12/28/2012 0.032
1/22/2013 0.032
2/19/2013 0.032
3/26/2013 0.032
4/23/2013 0.032
5/28/2013 0.032
6/25/2013 0.032
7/23/2013 0.032
8/27/2013 0.032
9/24/2013 0.033
10/22/2013 0.033
11/26/2013 0.033
12/30/2013 0.033
1/28/2014 0.033
2/25/2014 0.033
3/25/2014 0.033
4/22/2014 0.033
5/27/2014 0.034
6/24/2014 0.034
7/22/2014 0.034
8/26/2014 0.034
9/23/2014 0.034
10/28/2014 0.034
11/25/2014 0.035
12/31/2014 0.035
1/27/2015 0.035
2/24/2015 0.035
3/24/2015 0.035
4/21/2015 0.035
5/26/2015 0.035
6/23/2015 0.035
7/28/2015 0.035
8/25/2015 0.035
9/22/2015 0.035
10/27/2015 0.035
11/24/2015 0.035
12/31/2015 0.035
1/26/2016 0.034
2/23/2016 0.034
3/22/2016 0.034
4/26/2016 0.034
5/24/2016 0.033
6/21/2016 0.033
7/26/2016 0.033
8/23/2016 0.031
9/27/2016 0.031
10/25/2016 0.031
11/22/2016 0.031
12/30/2016 0.029
1/24/2017 0.029
2/21/2017 0.029
3/28/2017 0.029
4/25/2017 0.027
5/23/2017 0.027
6/27/2017 0.027
7/25/2017 0.027
8/22/2017 0.027
9/26/2017 0.025
10/24/2017 0.025
11/21/2017 0.025
12/29/2017 0.024
1/23/2018 0.024
2/20/2018 0.024
3/27/2018 0.023
4/24/2018 0.023
5/22/2018 0.023
6/26/2018 0.022
7/24/2018 0.022
8/28/2018 0.022
9/25/2018 0.022
10/23/2018 0.022

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, reinvested distributions and a 4.75% maximum sales charge where indicated. 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

(100.0% of assets as of 10/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 107.5% 100.0% 7.5%
State Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Puerto Rico 10.6% 0.3% 10.3%
California 10.3% 16.8% -6.5%
New York 9.0% 15.5% -6.5%
Illinois 8.5% 4.6% 3.9%
Pennsylvania 8.1% 3.9% 4.2%
New Jersey 7.3% 3.8% 3.5%
Florida 5.6% 4.4% 1.2%
Alabama 5.5% 0.9% 4.6%
Ohio 4.5% 2.4% 2.1%
Texas 3.2% 9.5% -6.3%
Colorado 3.0% 2.0% 1.0%
Louisiana 2.7% 1.0% 1.6%
Michigan 2.6% 1.7% 0.9%
Kentucky 2.5% 0.7% 1.8%
Arizona 2.4% 1.7% 0.7%
Washington 2.1% 3.2% -1.1%
Massachusetts 1.5% 4.0% -2.5%
Indiana 1.4% 0.9% 0.5%
Wisconsin 1.3% 1.4% 0.0%
Missouri 1.2% 0.7% 0.5%
Credit Rating Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 3.8% 22.4% -18.6%
AA 30.3% 53.5% -23.2%
A 26.5% 18.0% 8.5%
BBB 17.0% 4.8% 12.2%
BB 0.8% - -
B 1.8% - -
CCC 0.5% - -
CC 8.5% - -
C 0.5% - -
Unrated 17.9% 1.3% 16.6%
Analytics
(As of 10/31/2018)

Morningstar 10/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
155
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
3.45
3.09
Beta
0.95
1.10
Information Ratio
1.12
1.16
R-Squared
51.42
56.70
Sharpe Ratio
0.98
1.34
Standard Deviation
4.44
4.49
Sortino Ratio
1.53
2.46
Tracking Error
3.10
2.99
Yields
Dividend Yield (with sales charge)
3.58%
Dividend Yield (w/o sales charge)
3.76%
Standardized Yield
3.05%
Unsubsidized Yield
3.04%
Taxable Equivalent Yield
5.15%
Interest Income 12/31/2017
Exposed to AMT
0.0%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.01 yrs
6.19 yrs
Current Duration
7.20 yrs
6.50 yrs
Turnover Ratio
20%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
10/23/2018
Per Share ($)
$0.0220
12-Month Distribution ($)
$0.2760
Distribution Sources
  • D
Net Income
83.40%
Net Profit from Sale
0.00%
Other Capital Sources
16.60%
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 is not the result of a fee waiver or expense reimbursement.
  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 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. 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.
  11. 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.
  12. 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, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  13. 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.
  14. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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