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OPACX

Rochester® Pennsylvania Municipal Fund

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Overview

The strategy typically seeks investment-grade bonds the income of which is exempt from federal, Pennsylvania and, where applicable, local personal income taxes.

Inception Date
August 29, 1995
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940704
NAV
  • B
(as of 03/21/2019)
$10.75
Total Assets
(as of 02/28/2019)
$638.82 MM
Gross Expense Ratio
(as of 02/28/2019)
1.83%
Net Expense Ratio
(as of 02/28/2019)
1.80%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 02/28/2019
  • F
as of 12/31/2018
  • F

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • F
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (NAV)
10.50% 10.50% 3.98% 5.83% 8.42% 4.33%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (with sales charge)
9.50% 9.50% 3.98% 5.83% 8.42% 4.33%
Bloomberg Barclays Municipal Index
1.28% 1.28% 2.30% 3.82% 4.85% -
Cumulative
Annualized
ytd as of 2019-02-28
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (NAV)
2.18% 12.59% 4.66% 5.01% 7.63% 4.39%
Bloomberg Barclays Municipal Index
1.30% 4.13% 2.28% 3.44% 4.55% -
Cumulative
Annualized
ytd as of 2019-02-28
  • D
1 yr 3 yr 5 yr 10 yr since inception
Rochester® Pennsylvania Municipal Fund (with sales charge)
1.18% 11.59% 4.66% 5.01% 7.63% 4.39%
Bloomberg Barclays Municipal Index
1.30% 4.13% 2.28% 3.44% 4.55% -
Gross Expense Ratio: 1.83% | 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%
2018 10.50% 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® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
2/28/2009 0.00 0.00 0.00
3/31/2009 0.81 0.02 1.39
4/30/2009 7.60 2.02 1.88
5/31/2009 15.46 3.10 2.61
6/30/2009 13.90 2.13 3.20
7/31/2009 16.30 3.84 4.86
8/31/2009 22.88 5.61 5.95
9/30/2009 37.94 9.40 7.06
10/31/2009 33.24 7.11 7.59
11/30/2009 32.89 7.99 8.98
12/31/2009 34.99 8.36 7.28
1/31/2010 36.82 8.92 8.92
2/28/2010 38.55 9.98 9.32
3/31/2010 39.68 9.71 9.19
4/30/2010 42.58 11.05 10.33
5/31/2010 44.77 11.88 11.25
6/30/2010 43.93 11.95 13.00
7/31/2010 45.94 13.34 14.21
8/31/2010 49.92 15.94 15.67
9/30/2010 52.00 15.76 15.80
10/31/2010 52.95 15.44 16.21
11/30/2010 45.60 13.13 15.54
12/31/2010 41.46 10.93 14.30
1/31/2011 38.15 10.12 14.43
2/28/2011 42.20 11.87 14.72
3/31/2011 41.05 11.50 14.78
4/30/2011 42.88 13.50 16.24
5/31/2011 46.23 15.44 17.75
6/30/2011 48.85 15.84 17.41
7/31/2011 50.28 17.02 19.27
8/31/2011 50.97 19.02 21.01
9/30/2011 55.00 20.25 21.89
10/31/2011 53.83 19.80 22.03
11/30/2011 53.04 20.51 21.92
12/31/2011 57.44 22.81 23.26
1/31/2012 68.07 25.64 24.34
2/29/2012 67.70 25.77 24.31
3/31/2012 68.19 24.95 23.63
4/30/2012 67.10 26.39 25.00
5/31/2012 69.41 27.44 26.13
6/30/2012 69.84 27.31 26.18
7/31/2012 72.59 29.32 27.92
8/31/2012 73.70 29.47 28.01
9/30/2012 75.08 30.25 28.18
10/31/2012 75.92 30.62 28.44
11/30/2012 79.53 32.77 28.64
12/31/2012 77.14 31.13 28.45
1/31/2013 78.78 31.68 27.56
2/28/2013 79.52 32.08 28.20
3/31/2013 78.70 31.51 28.30
4/30/2013 80.88 32.95 29.60
5/31/2013 80.38 31.32 27.28
6/30/2013 70.64 27.61 25.32
7/31/2013 67.18 26.49 25.49
8/31/2013 58.43 24.69 24.84
9/30/2013 61.92 27.37 26.03
10/31/2013 63.40 28.37 27.05
11/30/2013 62.17 28.11 26.57
12/31/2013 59.79 27.78 25.86
1/31/2014 65.30 30.27 27.71
2/28/2014 69.89 31.80 28.39
3/31/2014 70.59 32.02 28.17
4/30/2014 72.44 33.61 29.26
5/31/2014 77.06 35.33 30.73
6/30/2014 75.10 35.45 30.80
7/31/2014 74.83 35.68 30.47
8/31/2014 79.35 37.33 31.91
9/30/2014 82.23 37.47 31.01
10/31/2014 82.40 38.41 32.30
11/30/2014 83.24 38.65 33.24
12/31/2014 84.33 39.35 33.36
1/31/2015 87.61 41.82 36.16
2/28/2015 87.81 40.36 34.88
3/31/2015 88.41 40.76 35.51
4/30/2015 86.67 40.02 35.02
5/31/2015 88.56 39.64 34.69
6/30/2015 84.34 39.51 33.23
7/31/2015 87.01 40.52 34.15
8/31/2015 88.13 40.79 33.96
9/30/2015 90.31 41.81 34.87
10/31/2015 90.11 42.38 34.89
11/30/2015 91.01 42.94 34.53
12/31/2015 91.61 43.95 34.10
1/31/2016 92.35 45.67 35.94
2/29/2016 92.21 45.90 36.91
3/31/2016 92.64 46.36 38.16
4/30/2016 92.92 47.43 38.69
5/31/2016 96.17 47.83 38.73
6/30/2016 100.65 50.18 41.22
7/31/2016 101.68 50.28 42.11
8/31/2016 102.40 50.48 41.95
9/30/2016 103.36 49.73 41.87
10/31/2016 103.37 48.16 40.78
11/30/2016 96.97 42.63 37.45
12/31/2016 97.29 44.31 37.65
1/31/2017 99.36 45.26 37.92
2/28/2017 102.54 46.27 38.84
3/31/2017 100.62 46.58 38.77
4/30/2017 108.43 47.65 39.84
5/31/2017 109.36 49.99 40.92
6/30/2017 108.11 49.45 40.78
7/31/2017 107.64 50.66 41.38
8/31/2017 109.10 51.81 42.65
9/30/2017 104.99 51.04 41.97
10/31/2017 99.65 51.40 42.05
11/30/2017 97.38 50.59 41.87
12/31/2017 97.52 52.17 42.52
1/31/2018 96.62 50.38 40.88
2/28/2018 98.29 49.93 39.55
3/31/2018 104.19 50.48 40.44
4/30/2018 106.94 49.94 39.40
5/31/2018 112.14 51.66 40.39
6/30/2018 115.37 51.79 40.22
7/31/2018 115.61 52.16 40.25
8/31/2018 120.11 52.55 41.15
9/30/2018 119.53 51.56 40.24
10/31/2018 117.27 50.63 39.14
11/30/2018 118.02 52.30 39.97
12/31/2018 119.85 54.12 42.54
1/31/2019 121.32 55.28 44.05
2/28/2019 124.86 56.12 43.97
Date Dividends
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
12/31/2018 0.0236
1/22/2019 0.0259
2/19/2019 0.0247

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 03/21/2019

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

(106.1% of assets as of 02/28/2019)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 9
Asset Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 107.6% 100.0% 7.6%
State Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Pennsylvania 77.1% 3.8% 73.3%
Puerto Rico 19.6% 0.3% 19.4%
Virgin Islands 1.1% 0.0% 1.1%
Northern Marianas 0.4% - -
Guam 0.3% 0.1% 0.2%
Credit Rating Allocation Rochester® Pennsylvania Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AA 20.4% 56.3% -35.9%
A 36.6% 18.2% 18.4%
BBB 19.8% 4.8% 15.0%
BB 6.2% 0.0% 6.2%
B 0.5% - -
CC 6.4% - -
C 0.2% - -
Unrated 17.5% 1.1% 16.4%
Analytics
(As of 02/28/2019)

Morningstar 02/28/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
52
Category
Muni Pennsylvania
Performance Statistics
3Y
5Y
Alpha
2.58
1.98
Beta
0.81
0.85
Information Ratio
0.56
0.42
R-Squared
30.07
31.06
Sharpe Ratio
0.70
0.94
Standard Deviation
5.00
4.52
Sortino Ratio
1.14
1.59
Tracking Error
4.21
3.78
Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
2.80%
Standardized Yield
2.17%
Unsubsidized Yield
2.16%
Taxable Equivalent Yield
3.79%
Interest Income 12/31/2018
Exposed to AMT
4.21%
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
8.50 yrs
5.99 yrs
Current Duration
6.90 yrs
6.60 yrs
Turnover Ratio
13%
-
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
2/19/2019
Per Share ($)
$0.0247
12-Month Distribution ($)
$0.2985
Distribution Sources
  • E
Net Income
99.60%
Net Profit from Sale
0.00%
Other Capital Sources
0.40%
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. Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds' historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 11/30/18. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5 or 10 years. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. Licensee shall provide a conspicuous credit notice as follows: From Lipper Fund Awards from Refinitiv, © 2019 Refinitiv. All rights reserved. Used under license. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Past performance does not guarantee results.
  5. 5. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  11. 11. 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.
  12. 12.

    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.

  13. 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>
  14. 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.
  15. 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, 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.
  16. 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.
  17. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  18. F. 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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