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OMFCX

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
August 29, 1995
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683977300
NAV
  • A
(as of 10/19/2018)
$6.94
Total Assets
(as of 09/30/2018)
$1.92 BN
Gross Expense Ratio
(as of 09/30/2018)
1.78%
Net Expense Ratio
(as of 09/30/2018)
1.69%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 09/30/2018
  • E
as of 09/30/2018
  • E

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • E
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)
7.47% 6.19% 5.68% 6.50% 5.60% 3.73%
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)
6.47% 5.19% 5.68% 6.50% 5.60% 3.73%
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 (NAV)
7.47% 6.19% 5.68% 6.50% 5.60% 3.73%
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)
6.47% 5.19% 5.68% 6.50% 5.60% 3.73%
Bloomberg Barclays Municipal Index
-0.40% 0.35% 2.24% 3.54% 4.75% -
Gross Expense Ratio: 1.78% | Net Expense Ratio: 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 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%

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
9/30/2008 0.00 0.00 0.00
10/31/2008 -16.26 -1.02 -2.36
11/30/2008 -19.80 -0.71 0.82
12/31/2008 -29.47 0.74 4.58
1/31/2009 -25.11 4.43 3.66
2/28/2009 -23.61 4.98 3.26
3/31/2009 -25.58 5.00 4.70
4/30/2009 -20.91 7.09 5.20
5/31/2009 -13.58 8.23 5.96
6/30/2009 -16.84 7.21 6.57
7/31/2009 -15.43 9.01 8.29
8/31/2009 -7.36 10.87 9.41
9/30/2009 3.81 14.85 10.56
10/31/2009 -0.61 12.44 11.10
11/30/2009 -1.59 13.37 12.54
12/31/2009 0.64 13.75 10.78
1/31/2010 1.83 14.34 12.47
2/28/2010 3.07 15.45 12.89
3/31/2010 2.75 15.18 12.76
4/30/2010 5.42 16.57 13.93
5/31/2010 5.21 17.45 14.89
6/30/2010 4.18 17.52 16.69
7/31/2010 5.39 18.98 17.93
8/31/2010 9.66 21.71 19.45
9/30/2010 9.93 21.52 19.58
10/31/2010 10.81 21.18 20.00
11/30/2010 4.85 18.76 19.31
12/31/2010 0.94 16.46 18.03
1/31/2011 -2.25 15.60 18.17
2/28/2011 0.38 17.44 18.46
3/31/2011 -0.05 17.05 18.53
4/30/2011 2.22 19.14 20.03
5/31/2011 5.63 21.18 21.60
6/30/2011 8.15 21.60 21.24
7/31/2011 10.63 22.84 23.17
8/31/2011 10.73 24.95 24.97
9/30/2011 13.60 26.24 25.87
10/31/2011 14.06 25.77 26.01
11/30/2011 14.30 26.51 25.90
12/31/2011 17.49 28.92 27.28
1/31/2012 23.16 31.90 28.40
2/29/2012 24.50 32.03 28.37
3/31/2012 24.54 31.17 27.67
4/30/2012 27.58 32.69 29.08
5/31/2012 30.08 33.79 30.25
6/30/2012 30.66 33.64 30.30
7/31/2012 34.86 35.76 32.10
8/31/2012 36.07 35.92 32.19
9/30/2012 37.06 36.74 32.37
10/31/2012 38.87 37.12 32.63
11/30/2012 42.70 39.38 32.84
12/31/2012 39.78 37.66 32.65
1/31/2013 41.55 38.23 31.72
2/28/2013 41.93 38.65 32.38
3/31/2013 41.15 38.05 32.49
4/30/2013 43.53 39.57 33.83
5/31/2013 43.17 37.86 31.44
6/30/2013 34.61 33.96 29.41
7/31/2013 31.72 32.79 29.58
8/31/2013 27.40 30.89 28.92
9/30/2013 31.04 33.71 30.14
10/31/2013 32.54 34.76 31.19
11/30/2013 31.72 34.49 30.70
12/31/2013 30.47 34.14 29.96
1/31/2014 34.71 36.76 31.88
2/28/2014 38.65 38.36 32.59
3/31/2014 39.35 38.59 32.36
4/30/2014 41.49 40.26 33.48
5/31/2014 45.27 42.06 35.00
6/30/2014 43.71 42.19 35.07
7/31/2014 43.83 42.44 34.73
8/31/2014 47.67 44.16 36.21
9/30/2014 48.80 44.31 35.29
10/31/2014 48.44 45.30 36.62
11/30/2014 49.38 45.55 37.59
12/31/2014 50.88 46.28 37.72
1/31/2015 53.70 48.88 40.61
2/28/2015 52.73 47.34 39.28
3/31/2015 53.11 47.77 39.93
4/30/2015 52.12 46.99 39.43
5/31/2015 52.40 46.59 39.09
6/30/2015 50.08 46.45 37.58
7/31/2015 50.85 47.51 38.53
8/31/2015 52.10 47.80 38.33
9/30/2015 54.47 48.87 39.27
10/31/2015 56.80 49.47 39.29
11/30/2015 57.58 50.06 38.92
12/31/2015 58.70 51.11 38.47
1/31/2016 59.62 52.92 40.38
2/29/2016 60.66 53.16 41.38
3/31/2016 62.17 53.64 42.67
4/30/2016 62.87 54.77 43.22
5/31/2016 64.19 55.19 43.26
6/30/2016 68.02 57.66 45.83
7/31/2016 68.49 57.76 46.75
8/31/2016 69.02 57.97 46.59
9/30/2016 69.43 57.18 46.50
10/31/2016 68.11 55.53 45.38
11/30/2016 61.64 49.73 41.94
12/31/2016 62.67 51.49 42.14
1/31/2017 63.55 52.49 42.42
2/28/2017 66.65 53.55 43.38
3/31/2017 72.65 53.88 43.30
4/30/2017 73.85 55.00 44.41
5/31/2017 76.03 57.46 45.52
6/30/2017 75.13 56.89 45.37
7/31/2017 75.37 58.16 46.00
8/31/2017 76.31 59.36 47.31
9/30/2017 74.11 58.55 46.61
10/31/2017 72.05 58.94 46.69
11/30/2017 70.39 58.09 46.50
12/31/2017 72.37 59.74 47.18
1/31/2018 72.90 57.86 45.48
2/28/2018 72.96 57.39 44.10
3/31/2018 76.56 57.97 45.03
4/30/2018 78.46 57.41 43.95
5/31/2018 81.13 59.21 44.97
6/30/2018 83.44 59.35 44.80
7/31/2018 84.56 59.73 44.83
8/31/2018 87.41 60.14 45.76
9/30/2018 86.46 59.11 44.82
Date Dividends
10/28/2008 0.0382
11/25/2008 0.0395
12/30/2008 0.0391
1/27/2009 0.0401
2/24/2009 0.0399
3/24/2009 0.0399
4/21/2009 0.0399
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

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 10/19/2018

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

(102.3% of assets as of 09/30/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 109.3% 100.0% 9.3%
State Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Puerto Rico 10.5% 0.3% 10.2%
California 10.2% 16.9% -6.7%
New York 8.9% 15.5% -6.6%
Illinois 8.5% 4.6% 3.9%
Pennsylvania 8.5% 3.9% 4.6%
New Jersey 6.8% 3.8% 3.0%
Florida 5.7% 4.4% 1.4%
Alabama 5.4% 0.9% 4.6%
Ohio 4.9% 2.4% 2.5%
Texas 3.2% 9.4% -6.3%
Michigan 3.1% 1.7% 1.4%
Colorado 2.9% 1.9% 1.0%
Louisiana 2.6% 1.0% 1.6%
Kentucky 2.5% 0.6% 1.8%
Arizona 2.3% 1.7% 0.7%
Washington 2.1% 3.2% -1.1%
Indiana 1.4% 0.9% 0.5%
Massachusetts 1.4% 4.0% -2.6%
Missouri 1.3% 0.7% 0.5%
Wisconsin 1.3% 1.4% -0.1%
Credit Rating Allocation Rochester® AMT-Free Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 3.7% 22.2% -18.5%
AA 31.5% 53.7% -22.2%
A 27.4% 18.0% 9.4%
BBB 15.9% 4.9% 11.1%
BB 1.2% - -
B 1.7% - -
CCC 0.5% - -
CC 8.5% - -
C 0.5% - -
Unrated 18.5% 1.2% 17.2%
Analytics
(As of 09/30/2018)

Morningstar 09/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
159
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
3.48
2.69
Beta
0.91
1.06
Information Ratio
1.12
1.02
R-Squared
49.42
55.43
Sharpe Ratio
1.11
1.35
Standard Deviation
4.28
4.34
Sortino Ratio
1.73
2.45
Tracking Error
3.05
2.91
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
3.03%
Standardized Yield
2.04%
Interest Income 12/31/2017
Exposed to AMT
0.0%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
9.12 yrs
6.15 yrs
Current Duration
7.40 yrs
6.40 yrs
Turnover Ratio
20%
-
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
9/25/2018
Per Share ($)
$0.0179
12-Month Distribution ($)
$0.2268
Distribution Sources
  • D
Net Income
86.50%
Net Profit from Sale
0.00%
Other Capital Sources
13.50%
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. 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.
  11. 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.
  12. 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.
  13. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. E. 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.
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