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OPCBX

Rochester® North Carolina Municipal Fund

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Special Notice

On December 1, it was announced that the Board of Trustees approved a plan to liquidate the Fund. Please see footnotes on the bottom of this page and the prospectus for more information.

A special distribution was made on Monday December 4th to pay undistributed surplus investment income, if any, and to convert the Fund from a managed payout to a variable payout for the extent of the liquidation.

Effective as of the close of the New York Stock Exchange on March 24, 2016, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.

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Overview

The Strategy typically invests in North Carolina municipal bonds.

Inception Date
October 10, 2006
Investment Style
Single-State
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683837207
NAV
  • B
(as of 04/19/2018)
$9.66
Total Assets
(as of 03/31/2018)
$20.83 MM
Gross Expense Ratio
(as of 03/29/2018)
2.26%
Net Expense Ratio
(as of 03/29/2018)
1.94%
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® North Carolina Municipal Fund (NAV)
-4.39% -7.91% -1.58% -0.86% 2.29% 1.20%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% 4.19%
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® North Carolina Municipal Fund (with sales charge)
-9.16% -12.40% -2.47% -1.19% 2.29% 1.20%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% 4.19%
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® North Carolina Municipal Fund (NAV)
-4.39% -7.91% -1.58% -0.86% 2.29% 1.20%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% 4.19%
Cumulative
Annualized
ytd as of 2018-03-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® North Carolina Municipal Fund (with sales charge)
-9.16% -12.40% -2.47% -1.19% 2.29% 1.20%
Bloomberg Barclays Municipal Index
-1.11% 2.66% 2.25% 2.73% 4.40% 4.19%
Gross Expense Ratio: 2.26% | Net Expense Ratio: 1.92%

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 5%, 4%, 3%, 3%, 2% and 1%, 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® North Carolina Municipal Fund Bloomberg Barclays Municipal Index
2007 -4.17% 3.36%
2008 -36.94% -2.47%
2009 44.16% 12.91%
2010 3.20% 2.38%
2011 11.79% 10.70%
2012 11.34% 6.78%
2013 -12.10% -2.55%
2014 13.41% 9.05%
2015 0.92% 3.30%
2016 2.76% 0.25%
2017 -2.73% 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 contingent deferred sales charges (CDSC) for years 1-6 of 5%, 4%, 3%, 3%, 2% and 1%, 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® North Carolina Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
3/31/2008 0.00 0.00 0.00
4/30/2008 1.51 1.17 -0.21
5/31/2008 2.92 1.78 -0.94
6/30/2008 1.20 0.63 -1.02
7/31/2008 -1.10 1.02 -1.10
8/31/2008 0.33 2.20 -0.16
9/30/2008 -9.88 -2.60 -1.50
10/31/2008 -23.76 -3.59 -3.83
11/30/2008 -25.28 -3.28 -0.70
12/31/2008 -31.64 -1.87 3.01
1/31/2009 -26.50 1.72 2.10
2/28/2009 -24.37 2.25 1.71
3/31/2009 -25.45 2.27 3.13
4/30/2009 -20.63 4.32 3.62
5/31/2009 -15.15 5.42 4.37
6/30/2009 -15.85 4.43 4.96
7/31/2009 -13.34 6.18 6.66
8/31/2009 -9.03 7.99 7.76
9/30/2009 0.57 11.87 8.89
10/31/2009 -2.05 9.52 9.43
11/30/2009 -2.42 10.43 10.85
12/31/2009 -1.45 10.80 9.12
1/31/2010 -0.31 11.38 10.78
2/28/2010 1.03 12.46 11.20
3/31/2010 1.94 12.19 11.06
4/30/2010 3.89 13.55 12.22
5/31/2010 4.89 14.40 13.16
6/30/2010 4.70 14.47 14.93
7/31/2010 6.30 15.90 16.16
8/31/2010 9.37 18.55 17.66
9/30/2010 10.27 18.36 17.78
10/31/2010 10.56 18.04 18.20
11/30/2010 5.30 15.68 17.52
12/31/2010 1.70 13.43 16.25
1/31/2011 -1.33 12.60 16.39
2/28/2011 0.54 14.39 16.68
3/31/2011 0.14 14.01 16.74
4/30/2011 1.59 16.05 18.23
5/31/2011 4.57 18.04 19.77
6/30/2011 6.27 18.45 19.42
7/31/2011 7.74 19.66 21.31
8/31/2011 8.79 21.70 23.09
9/30/2011 12.62 22.96 23.98
10/31/2011 11.62 22.50 24.11
11/30/2011 10.88 23.23 24.01
12/31/2011 13.70 25.57 25.37
1/31/2012 19.93 28.48 26.47
2/29/2012 20.28 28.60 26.44
3/31/2012 20.10 27.77 25.75
4/30/2012 21.78 29.24 27.14
5/31/2012 23.16 30.31 28.29
6/30/2012 23.04 30.17 28.34
7/31/2012 25.41 32.24 30.11
8/31/2012 25.73 32.39 30.20
9/30/2012 25.94 33.19 30.38
10/31/2012 26.45 33.56 30.63
11/30/2012 28.64 35.76 30.84
12/31/2012 26.59 34.09 30.65
1/31/2013 27.64 34.64 29.74
2/28/2013 28.10 35.05 30.39
3/31/2013 27.08 34.47 30.49
4/30/2013 28.82 35.94 31.82
5/31/2013 28.12 34.28 29.46
6/30/2013 21.91 30.48 27.46
7/31/2013 19.68 29.34 27.64
8/31/2013 12.66 27.49 26.98
9/30/2013 14.74 30.24 28.18
10/31/2013 14.82 31.27 29.22
11/30/2013 13.54 31.00 28.74
12/31/2013 11.27 30.66 28.01
1/31/2014 14.41 33.21 29.90
2/28/2014 17.86 34.77 30.59
3/31/2014 18.42 35.00 30.37
4/30/2014 19.93 36.62 31.47
5/31/2014 23.37 38.38 32.97
6/30/2014 21.61 38.50 33.04
7/31/2014 21.29 38.74 32.70
8/31/2014 24.89 40.42 34.17
9/30/2014 26.30 40.56 33.26
10/31/2014 26.26 41.53 34.57
11/30/2014 26.67 41.77 35.52
12/31/2014 27.02 42.49 35.65
1/31/2015 29.01 45.01 38.49
2/28/2015 28.85 43.52 37.19
3/31/2015 28.73 43.93 37.83
4/30/2015 27.65 43.18 37.33
5/31/2015 29.06 42.78 37.00
6/30/2015 25.79 42.65 35.51
7/31/2015 25.97 43.68 36.45
8/31/2015 25.36 43.97 36.25
9/30/2015 27.31 45.01 37.17
10/31/2015 28.17 45.59 37.20
11/30/2015 28.46 46.16 36.83
12/31/2015 29.16 47.19 36.39
1/31/2016 29.20 48.95 38.27
2/29/2016 30.94 49.18 39.25
3/31/2016 31.25 49.65 40.53
4/30/2016 31.60 50.76 41.07
5/31/2016 32.55 51.16 41.10
6/30/2016 35.99 53.57 43.64
7/31/2016 36.35 53.66 44.55
8/31/2016 36.76 53.87 44.38
9/30/2016 37.32 53.10 44.30
10/31/2016 36.65 51.49 43.19
11/30/2016 33.20 45.84 39.81
12/31/2016 33.73 47.56 40.00
1/31/2017 34.74 48.53 40.28
2/28/2017 36.35 49.56 41.22
3/31/2017 35.31 49.89 41.15
4/30/2017 36.87 50.97 42.24
5/31/2017 37.03 53.37 43.33
6/30/2017 36.31 52.82 43.19
7/31/2017 36.46 54.06 43.80
8/31/2017 37.20 55.23 45.09
9/30/2017 35.02 54.44 44.40
10/31/2017 32.41 54.82 44.49
11/30/2017 31.53 53.99 44.30
12/31/2017 31.07 55.60 44.96
1/31/2018 29.39 53.76 43.29
2/28/2018 25.48 53.31 41.93
3/29/2018 25.56
Date Dividends
4/22/2008 0.0467
5/27/2008 0.045
6/24/2008 0.0468
7/22/2008 0.0478
8/26/2008 0.0462
9/23/2008 0.0483
10/28/2008 0.0476
11/25/2008 0.0497
12/30/2008 0.0489
1/27/2009 0.0491
2/24/2009 0.0499
3/24/2009 0.0507
4/21/2009 0.05
5/26/2009 0.048
6/23/2009 0.0493
7/28/2009 0.0478
8/25/2009 0.049
9/22/2009 0.0488
10/27/2009 0.0467
11/24/2009 0.0486
12/30/2009 0.0465
1/26/2010 0.0491
2/23/2010 0.0486
3/23/2010 0.0485
4/27/2010 0.0468
5/25/2010 0.0484
6/22/2010 0.0484
7/27/2010 0.0467
8/24/2010 0.0483
9/21/2010 0.0481
10/26/2010 0.0444
11/23/2010 0.0464
12/30/2010 0.0445
1/25/2011 0.0476
2/22/2011 0.047
3/22/2011 0.0469
4/26/2011 0.0455
5/24/2011 0.0468
6/21/2011 0.0467
7/26/2011 0.0451
8/23/2011 0.0465
9/27/2011 0.0449
10/25/2011 0.0464
11/22/2011 0.0464
12/29/2011 0.0439
1/24/2012 0.0472
2/21/2012 0.0461
3/27/2012 0.0443
4/24/2012 0.0461
5/22/2012 0.046
6/26/2012 0.0413
7/24/2012 0.043
8/28/2012 0.0412
9/25/2012 0.043
10/23/2012 0.0379
11/27/2012 0.0361
12/28/2012 0.0364
1/22/2013 0.0394
2/19/2013 0.038
3/26/2013 0.0342
4/23/2013 0.036
5/28/2013 0.0342
6/25/2013 0.0361
7/23/2013 0.0364
8/27/2013 0.0352
9/24/2013 0.0367
10/22/2013 0.0358
11/26/2013 0.0339
12/30/2013 0.0331
1/28/2014 0.0359
2/25/2014 0.0398
3/25/2014 0.0401
4/22/2014 0.0414
5/27/2014 0.0402
6/24/2014 0.0416
7/22/2014 0.0417
8/26/2014 0.0401
9/23/2014 0.0415
10/28/2014 0.0398
11/25/2014 0.0415
12/31/2014 0.0397
1/27/2015 0.0417
2/24/2015 0.0395
3/24/2015 0.0395
4/21/2015 0.0396
5/26/2015 0.038
6/23/2015 0.0396
7/28/2015 0.0379
8/25/2015 0.0398
9/22/2015 0.0398
10/27/2015 0.0383
11/24/2015 0.0397
12/31/2015 0.0378
1/26/2016 0.0402
2/23/2016 0.0378
3/22/2016 0.0377
4/26/2016 0.0361
5/24/2016 0.0376
6/21/2016 0.0376
7/26/2016 0.036
8/23/2016 0.0344
9/27/2016 0.0327
10/25/2016 0.0345
11/22/2016 0.0346
12/30/2016 0.0324
1/24/2017 0.0357
2/21/2017 0.0347
3/28/2017 0.0332
4/25/2017 0.0347
5/23/2017 0.0346
6/27/2017 0.03
7/25/2017 0.0318
8/22/2017 0.0318
9/26/2017 0.0253
10/24/2017 0.0263
11/21/2017 0.0271
12/4/2017 0.0079
12/29/2017 0.0054
1/23/2018 0.0027
2/20/2018 0.0024
3/27/2018 0.0097

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 5%, 4%, 3%, 3%, 2% and 1%, 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

(64.3% of assets as of 03/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation
Asset Allocation Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 64.4% 100.0% -35.6%
State Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
North Carolina 64.4% 1.4% 62.9%
Credit Rating Allocation Rochester® North Carolina Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 9.6% 21.9% -12.3%
AA 49.2% 55.1% -5.8%
A 5.5% 18.0% -12.5%
Analytics
(As of 03/31/2018)

Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
213
Category
Muni Single State Long
Performance Statistics
3Y
5Y
Alpha
-3.39
-3.91
Beta
0.77
1.19
Information Ratio
-1.11
-0.91
R-Squared
36.17
54.28
Sharpe Ratio
-0.49
-0.18
Standard Deviation
4.14
5.75
Sortino Ratio
-0.17
-0.07
Tracking Error
3.44
3.97
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
3/27/2018
Per Share ($)
$0.0097
12-Month Distribution ($)
$0.2698
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
0.62 yrs
5.98 yrs
Current Duration
0.50 yrs
6.30 yrs
Turnover Ratio
7.00%
-
Distribution Sources
  • E
Net Income
28.50%
Net Profit from Sale
0.00%
Other Capital Sources
71.50%
Interest Income 12/31/2017
Exposed to AMT
8.6%
Team
Documents
  1. 1. 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.
  2. 2. Existing shareholders can continue to purchase shares in the following types of retirement plans and accounts: defined contribution plans, including 401(k) (including “Single K”), 403(b) custodial plans, and pension and profit sharing plans; defined benefit plans; and SIMPLE IRAs and SEP IRAs until February 9, 2018. The Funds reserve the right, in their discretion, to modify the extent to which sales of shares are limited prior to the Funds’ liquidation. Existing shareholders can continue to purchase shares through dividend and capital gain reinvestment.
  3. 3. The Board of Trustees has approved a plan to liquidate the Fund, to take place on or about May 18, 2018 (the “Liquidation Date”).  Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed.  Subject to certain exceptions, redemptions made beginning January 12, 2018 through the Liquidation Date will not be subject to any contingent deferred sales charges. Shareholders should consult their tax advisors for information about the tax consequences of the liquidation.  In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the Liquidation Date, the Fund may deviate from its investment objectives and strategies as the Liquidation date approaches.
  4. 4. 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.
  5. 5. 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.
  6. 6. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  7. 7. Access index definitions.
  8. 8. 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.
  9. 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.
  10. 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.
  11. 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 5%, 4%, 3%, 3%, 2% and 1%, 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.
  12. 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.
  13. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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